Fortuna Silver Mines Inc. (FSM) Stock Rating Lowered by Zacks Investment Research
Fortuna Silver Mines Inc. (NYSE:FSM) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Tuesday.
According to Zacks, “Fortuna Silver Mines Inc. is engaged in the exploration, mining and development of silver and base metal properties in Latin America. Its core assets include the Caylloma Ag-Pb-Zn-Cu Mine located in Arequipa, Peru and the San Jose Ag – Au Project located in Oaxaca, Mexico. Fortuna Silver Mines Inc. is headquartered in Lima, Peru. “
Several other brokerages have also issued reports on FSM. 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 research report on Tuesday, June 14th. 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 research report on Thursday, August 11th. Finally, 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 research report on Saturday, August 13th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $9.00.
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Fortuna Silver Mines (NYSE:FSM) traded down 3.43% on Tuesday, reaching $6.19. The company had a trading volume of 810,614 shares. The stock’s market capitalization is $899.57 million. Fortuna Silver Mines has a 1-year low of $2.00 and a 1-year high of $9.75. The stock’s 50 day moving average is $7.56 and its 200-day moving average is $6.95.
A number of hedge funds have recently bought and sold shares of FSM. Van ECK Associates Corp raised its stake in Fortuna Silver Mines by 85.8% in the second quarter. Van ECK Associates Corp now owns 19,508,177 shares of the company’s stock valued at $136,214,000 after buying an additional 9,010,574 shares during the period. Sprott Inc. raised its stake in Fortuna Silver Mines by 9.8% in the second quarter. Sprott Inc. now owns 3,780,890 shares of the company’s stock valued at $26,391,000 after buying an additional 338,485 shares during the period. Hillsdale Investment Management Inc. raised its stake in Fortuna Silver Mines by 38.9% in the second quarter. Hillsdale Investment Management Inc. now owns 1,434,200 shares of the company’s stock valued at $10,014,000 after buying an additional 401,800 shares during the period. Mackenzie Financial Corp bought a new stake in Fortuna Silver Mines during the second quarter valued at approximately $9,047,000. Finally, AGF Investments Inc. raised its stake in Fortuna Silver Mines by 3.8% in the second quarter. AGF Investments Inc. now owns 475,407 shares of the company’s stock valued at $3,322,000 after buying an additional 17,600 shares during the period. 47.02% of the stock is currently owned by hedge funds and other institutional investors.
Fortuna Silver Mines Company Profile
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.
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