Fortuna Mining (NYSE:FSM) Shares Gap Down – Here’s What Happened

Fortuna Mining Corp. (NYSE:FSM) (TSE:FVI)’s share price gapped down before the market opened on Thursday . The stock had previously closed at $10.43, but opened at $9.61. Fortuna Mining shares last traded at $10.1820, with a volume of 1,043,149 shares.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the company. Scotiabank upped their target price on Fortuna Mining from $11.00 to $14.00 and gave the stock an “outperform” rating in a research note on Monday, January 26th. Zacks Research raised Fortuna Mining from a “hold” rating to a “strong-buy” rating in a report on Tuesday, February 3rd. Wall Street Zen raised Fortuna Mining from a “hold” rating to a “buy” rating in a report on Saturday, March 14th. BMO Capital Markets restated an “outperform” rating on shares of Fortuna Mining in a research report on Friday, January 16th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Fortuna Mining in a research note on Monday, December 29th. One analyst has rated the stock with a Strong Buy rating and four have issued a Buy rating to the stock. According to data from MarketBeat.com, Fortuna Mining presently has an average rating of “Buy” and a consensus target price of $11.00.

Fortuna Mining Stock Performance

The company has a 50 day simple moving average of $10.93 and a 200-day simple moving average of $9.80. The company has a debt-to-equity ratio of 0.11, a current ratio of 2.98 and a quick ratio of 2.50. The stock has a market cap of $3.13 billion, a P/E ratio of 11.41 and a beta of 1.01.

Fortuna Mining (NYSE:FSM) (TSE:FVI) last announced its quarterly earnings data on Wednesday, February 18th. The basic materials company reported $0.22 EPS for the quarter, missing the consensus estimate of $0.23 by ($0.01). The firm had revenue of $270.20 million for the quarter. Fortuna Mining had a net margin of 27.59% and a return on equity of 14.02%. On average, equities analysts expect that Fortuna Mining Corp. will post 0.51 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the business. Geneos Wealth Management Inc. boosted its stake in shares of Fortuna Mining by 100.0% in 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 in the last quarter. Advisory Services Network LLC bought a new position in shares of Fortuna Mining during the 3rd quarter valued at $27,000. IFP Advisors Inc purchased a new position in Fortuna Mining in the 4th quarter worth $29,000. EverSource Wealth Advisors LLC lifted its stake in Fortuna Mining by 126.8% in the second quarter. EverSource Wealth Advisors LLC now owns 4,813 shares of the basic materials company’s stock worth $31,000 after purchasing an additional 2,691 shares during the last quarter. Finally, Osaic Holdings Inc. lifted its stake in Fortuna Mining by 96.7% in the second quarter. Osaic Holdings Inc. now owns 6,116 shares of the basic materials company’s stock worth $40,000 after purchasing an additional 3,006 shares during the last quarter. 33.80% of the stock is owned by hedge funds and other institutional investors.

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.