Fortuna Mining (NYSE:FSM) Shares Gap Down – Time to Sell?

Fortuna Mining Corp. (NYSE:FSM) (TSE:FVI)’s share price gapped down before the market opened on Friday . The stock had previously closed at $11.49, but opened at $10.25. Fortuna Mining shares last traded at $10.5790, with a volume of 1,550,362 shares trading hands.

Analyst Upgrades and Downgrades

FSM has been the subject of a number of research analyst reports. Weiss Ratings reiterated a “buy (b)” rating on shares of Fortuna Mining in a report on Monday, December 29th. National Bankshares raised shares of Fortuna Mining from a “sector perform” rating to an “outperform” rating in a research report on Monday, November 24th. Scotiabank lifted their price objective on shares of Fortuna Mining from $11.00 to $14.00 and gave the company an “outperform” rating in a research note on Monday, January 26th. Wall Street Zen raised shares of Fortuna Mining from a “hold” rating to a “buy” rating in a research note on Tuesday, December 23rd. Finally, BMO Capital Markets restated an “outperform” rating on shares of Fortuna Mining in a report on Friday, January 16th. Four research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Fortuna Mining currently has an average rating of “Hold” and an average target price of $11.00.

Fortuna Mining Price Performance

The business has a 50-day moving average price of $10.11 and a two-hundred day moving average price of $8.65. The company has a quick ratio of 2.73, a current ratio of 3.30 and a debt-to-equity ratio of 0.11. The company has a market capitalization of $2.99 billion, a price-to-earnings ratio of 13.58 and a beta of 0.89.

Fortuna Mining (NYSE:FSM) (TSE:FVI) last announced its quarterly earnings results on Wednesday, November 5th. The basic materials company reported $0.15 EPS for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.08). Fortuna Mining had a net margin of 21.48% and a return on equity of 12.42%. The business had revenue of $246.75 million for the quarter, compared to the consensus estimate of $242.19 million. As a group, research analysts anticipate that Fortuna Mining Corp. will post 0.51 EPS for the current year.

Institutional Investors Weigh In On Fortuna Mining

Institutional investors and hedge funds have recently made changes to their positions in the business. Geneos Wealth Management Inc. boosted its stake in Fortuna Mining by 100.0% during the 2nd quarter. Geneos Wealth Management Inc. now owns 4,000 shares of the basic materials company’s stock valued at $26,000 after purchasing an additional 2,000 shares during the last quarter. Advisory Services Network LLC bought a new position in shares of Fortuna Mining in the third quarter valued at approximately $27,000. EverSource Wealth Advisors LLC boosted its position in shares of Fortuna Mining by 126.8% during the second quarter. EverSource Wealth Advisors LLC now owns 4,813 shares of the basic materials company’s stock valued at $31,000 after buying an additional 2,691 shares during the last quarter. Osaic Holdings Inc. grew its holdings in Fortuna Mining by 96.7% during the second quarter. Osaic Holdings Inc. now owns 6,116 shares of the basic materials company’s stock worth $40,000 after buying an additional 3,006 shares in the last quarter. Finally, Farther Finance Advisors LLC bought a new stake in Fortuna Mining during the second quarter worth $42,000. Institutional investors and hedge funds own 33.80% of the company’s stock.

Fortuna Mining Company Profile

Fortuna Mining Corp. engages in the precious and base metal mining in Argentina, Burkina Faso, Mexico, Peru, and Côte d’Ivoire. It operates through Mansfield, Sanu, Sango, Cuzcatlan, Bateas, and Corporate segments. The company primarily explores for silver, lead, zinc, and gold. Its flagship project is the Séguéla gold mine, which consists of approximately 62,000 hectares and is located in the Worodougou Region of the Woroba District, Côte d’Ivoire. The company was formerly known as Fortuna Silver Mines Inc and changed its name to Fortuna Mining Corp.