Canaccord Genuity started coverage on shares of Fortuna Silver Mines Inc. (NYSE:FSM) (TSE:FVI) in a report released on Thursday. The firm set a “buy” rating on the basic materials company’s stock.

FSM has been the topic of several other reports. BidaskClub cut shares of Fortuna Silver Mines from a “hold” rating to a “sell” rating in a research note on Saturday, August 5th. Zacks Investment Research raised shares of Fortuna Silver Mines from a “sell” rating to a “hold” rating in a research note on Tuesday, July 25th. ValuEngine cut shares of Fortuna Silver Mines from a “buy” rating to a “hold” rating in a research note on Wednesday, May 17th. Finally, National Bank Financial reaffirmed an “outperform” rating on shares of Fortuna Silver Mines in a research note on Monday, May 15th. One research analyst has rated the stock with a sell rating, three have given a hold rating, three have given a buy rating and two have given a strong buy rating to the company’s stock. Fortuna Silver Mines presently has an average rating of “Buy” and a consensus price target of $7.83.

Fortuna Silver Mines (FSM) opened at 5.07 on Thursday. The stock’s 50 day moving average price is $4.69 and its 200 day moving average price is $4.88. Fortuna Silver Mines has a 12 month low of $4.11 and a 12 month high of $8.36. The firm has a market capitalization of $807.26 million, a P/E ratio of 19.80 and a beta of 0.22.

Fortuna Silver Mines (NYSE:FSM) (TSE:FVI) last issued its quarterly earnings data on Monday, August 14th. The basic materials company reported $0.06 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.04 by $0.02. The firm had revenue of $63.90 million for the quarter, compared to analysts’ expectations of $58 million. Fortuna Silver Mines had a net margin of 15.97% and a return on equity of 9.08%. The company’s quarterly revenue was up 43.6% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.01) earnings per share. On average, analysts forecast that Fortuna Silver Mines will post $0.27 earnings per share for the current year.

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Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Dynamic Technology Lab Private Ltd bought a new stake in shares of Fortuna Silver Mines during the second quarter valued at approximately $1,021,000. Raffles Associates LP bought a new stake in shares of Fortuna Silver Mines during the second quarter valued at approximately $244,000. Bank of Nova Scotia grew its stake in shares of Fortuna Silver Mines by 103.6% during the second quarter. Bank of Nova Scotia now owns 44,498 shares of the basic materials company’s stock valued at $218,000 after purchasing an additional 22,645 shares during the last quarter. The Manufacturers Life Insurance Company grew its stake in shares of Fortuna Silver Mines by 3.4% during the second quarter. The Manufacturers Life Insurance Company now owns 1,286,645 shares of the basic materials company’s stock valued at $6,289,000 after purchasing an additional 42,540 shares during the last quarter. Finally, Bluefin Trading LLC grew its stake in shares of Fortuna Silver Mines by 14.4% during the second quarter. Bluefin Trading LLC now owns 432,142 shares of the basic materials company’s stock valued at $2,113,000 after purchasing an additional 54,478 shares during the last quarter. 41.60% of the stock is currently owned by institutional investors and hedge funds.

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.

Analyst Recommendations for Fortuna Silver Mines (NYSE:FSM)

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