Shares of Fortuna Silver Mines Inc. (NYSE:FSM) shot up 6% during trading on Wednesday . The stock traded as high as $8.03 and last traded at $7.99, with a volume of 1,976,713 shares. The stock had previously closed at $7.54.

Several research firms recently commented on FSM. BMO Capital Markets reaffirmed a “market perform” rating and set a $11.50 target price (up from $9.00) on shares of Fortuna Silver Mines in a report on Saturday, August 13th. Canaccord Genuity reaffirmed a “hold” rating and set a $12.25 target price (up from $11.75) on shares of Fortuna Silver Mines in a report on Thursday, August 11th. Zacks Investment Research raised Fortuna Silver Mines from a “hold” rating to a “strong-buy” rating and set a $9.75 target price on the stock in a report on Thursday, July 28th. Finally, Scotiabank reaffirmed a “sector perform” rating and set a $6.25 target price (up from $5.60) on shares of Fortuna Silver Mines in a report on Tuesday, June 14th. Four research analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the company. Fortuna Silver Mines has an average rating of “Buy” and a consensus target price of $9.00.

The firm’s market cap is $1.16 billion. The company’s 50 day moving average is $8.48 and its 200 day moving average is $6.65.

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Several hedge funds and other institutional investors have recently added to or reduced their stakes in FSM. UBS Group AG boosted its position in Fortuna Silver Mines by 10,608.4% in the first quarter. UBS Group AG now owns 385,501 shares of the company’s stock valued at $1,504,000 after buying an additional 381,901 shares in the last quarter. Gabelli Funds LLC boosted its position in Fortuna Silver Mines by 80.0% in the second quarter. Gabelli Funds LLC now owns 450,000 shares of the company’s stock valued at $3,141,000 after buying an additional 200,000 shares in the last quarter. Feltz Wealth PLAN Inc. acquired a new position in Fortuna Silver Mines during the second quarter valued at about $135,000. Royal Bank of Canada boosted its position in Fortuna Silver Mines by 144.5% in the first quarter. Royal Bank of Canada now owns 44,388 shares of the company’s stock valued at $173,000 after buying an additional 26,235 shares in the last quarter. Finally, A.R.T. Advisors LLC acquired a new position in Fortuna Silver Mines during the first quarter valued at about $110,000. 47.02% of the stock is owned by institutional investors and hedge funds.

About Fortuna Silver Mines

Fortuna Silver Mines Inc is a Canada-based mining company engaged in silver mining and related activities in Latin America, including exploration, extraction and processing. The Company operates the Caylloma silver, lead, and zinc mine (Caylloma) in southern Peru and the San Jose silver and gold mine (San Jose) in southern Mexico.

5 Day Chart for NYSE:FSM

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