Zacks Investment Research Lowers Fortuna Silver Mines Inc. (FSM) to Sell
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. “
Other research analysts also recently issued research reports about the stock. Canaccord Genuity restated a “hold” rating and issued a $12.25 price target (up previously from $11.75) on shares of Fortuna Silver Mines in a research report on Thursday, August 11th. BMO Capital Markets restated a “market perform” rating and issued a $11.50 price target (up previously from $9.00) on shares of Fortuna Silver Mines in a research report on Saturday, August 13th. Finally, Scotiabank restated a “sector perform” rating and issued a $6.25 price target (up previously from $5.60) on shares of Fortuna Silver Mines in a research report on Tuesday, June 14th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and two have given a buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $9.00.
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Fortuna Silver Mines (NYSE:FSM) traded down 3.43% on Tuesday, reaching $6.19. 810,614 shares of the company were exchanged. Fortuna Silver Mines has a 12-month low of $2.00 and a 12-month high of $9.75. The company’s 50-day moving average price is $7.56 and its 200-day moving average price is $6.95. The stock’s market capitalization is $899.57 million.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Van ECK Associates Corp increased its position 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 worth $136,214,000 after buying an additional 9,010,574 shares during the last quarter. Mackenzie Financial Corp acquired a new stake in shares of Fortuna Silver Mines during the second quarter worth approximately $9,047,000. Ingalls & Snyder LLC acquired a new stake in shares of Fortuna Silver Mines during the second quarter worth approximately $3,170,000. Hillsdale Investment Management Inc. raised its stake in shares of 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 worth $10,014,000 after buying an additional 401,800 shares during the period. Finally, Spark Investment Management LLC raised its stake in shares of Fortuna Silver Mines by 709.6% in the second quarter. Spark Investment Management LLC now owns 453,400 shares of the company’s stock worth $3,167,000 after buying an additional 397,400 shares during the period. Institutional investors own 47.02% of the company’s stock.
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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