Wall Street Zen Downgrades Fortuna Mining (NYSE:FSM) to Hold

Fortuna Mining (NYSE:FSM) (TSE:FVI) was downgraded by analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Saturday.

Several other research firms have also weighed in on FSM. National Bank Financial raised Fortuna Mining from a “sector perform” rating to an “outperform” rating in a research note on Monday, November 24th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Fortuna Mining in a research report on Monday, December 29th. Scotiabank upped their price target on shares of Fortuna Mining from $11.00 to $14.00 and gave the company an “outperform” rating in a report on Monday, January 26th. BMO Capital Markets restated an “outperform” rating on shares of Fortuna Mining in a research note on Friday, January 16th. Finally, Zacks Research upgraded shares of Fortuna Mining from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, February 3rd. One equities research analyst has rated the stock with a Strong Buy rating and four have issued a Buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Buy” and an average price target of $11.00.

Fortuna Mining Price Performance

Shares of FSM opened at $11.06 on Friday. Fortuna Mining has a twelve month low of $4.13 and a twelve month high of $12.54. The company has a current ratio of 3.30, a quick ratio of 2.73 and a debt-to-equity ratio of 0.11. The stock’s 50 day moving average is $10.31 and its two-hundred day moving average is $8.91. The firm has a market capitalization of $3.37 billion, a PE ratio of 15.35 and a beta of 0.88.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Royal Bank of Canada boosted its holdings in Fortuna Mining by 98.8% in the first quarter. Royal Bank of Canada now owns 1,159,522 shares of the basic materials company’s stock worth $7,074,000 after purchasing an additional 576,264 shares in the last quarter. Goldman Sachs Group Inc. lifted its position in shares of Fortuna Mining by 19.6% in the first quarter. Goldman Sachs Group Inc. now owns 8,368,272 shares of the basic materials company’s stock worth $51,046,000 after buying an additional 1,368,600 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of Fortuna Mining by 189.0% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 840,496 shares of the basic materials company’s stock worth $5,127,000 after acquiring an additional 549,665 shares in the last quarter. TD Asset Management Inc boosted its stake in shares of Fortuna Mining by 11.2% during the 2nd quarter. TD Asset Management Inc now owns 2,294,955 shares of the basic materials company’s stock worth $14,986,000 after acquiring an additional 231,104 shares in the last quarter. Finally, Ritholtz Wealth Management acquired a new position in shares of Fortuna Mining during the 2nd quarter valued at about $109,000. Institutional investors own 33.80% of the company’s stock.

About Fortuna Mining

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.