Fortuna Mining Sees Unusually Large Options Volume (NYSE:FSM)

Fortuna Mining Corp. (NYSE:FSM) (TSE:FVI) saw unusually large options trading on Tuesday. Stock investors purchased 7,100 call options on the company. This represents an increase of 82% compared to the average volume of 3,900 call options.

Fortuna Mining Stock Down 6.4%

FSM stock opened at $10.34 on Wednesday. The stock has a market cap of $3.16 billion, a P/E ratio of 14.36 and a beta of 0.88. 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 fifty day simple moving average is $10.36 and its two-hundred day simple moving average is $9.00. Fortuna Mining has a 1-year low of $4.13 and a 1-year high of $12.54.

Institutional Investors Weigh In On Fortuna Mining

Several large investors have recently modified their holdings of FSM. Royal Bank of Canada lifted its stake 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 valued at $7,074,000 after purchasing an additional 576,264 shares during the last quarter. Goldman Sachs Group Inc. increased its position in 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 raised its stake in shares of Fortuna Mining by 189.0% in the first 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 valued at $5,127,000 after buying an additional 549,665 shares during the period. Ritholtz Wealth Management purchased a new position in shares of Fortuna Mining during the 2nd quarter valued at $109,000. Finally, Drive Wealth Management LLC bought a new position in shares of Fortuna Mining during the 2nd quarter worth $95,000. Hedge funds and other institutional investors own 33.80% of the company’s stock.

Analyst Upgrades and Downgrades

FSM has been the subject of a number of analyst reports. National Bank Financial upgraded shares of Fortuna Mining from a “sector perform” rating to an “outperform” rating in a report on Monday, November 24th. Weiss Ratings reiterated a “buy (b)” rating on shares of Fortuna Mining in a research note on Monday, December 29th. Wall Street Zen lowered Fortuna Mining from a “buy” rating to a “hold” rating in a report on Saturday. Scotiabank upped their price target on Fortuna Mining from $11.00 to $14.00 and gave the stock an “outperform” rating in a report on Monday, January 26th. Finally, Zacks Research raised Fortuna Mining from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, February 3rd. One research analyst has rated the stock with a Strong Buy rating and four have given a Buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $11.00.

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.