Fortuna Mining (NYSE:FSM) Shares Down 5.8% – Here’s Why

Fortuna Mining Corp. (NYSE:FSM) (TSE:FVI) dropped 5.8% on Friday . The stock traded as low as $9.28 and last traded at $9.24. Approximately 2,616,071 shares were traded during mid-day trading, a decline of 61% from the average daily volume of 6,713,012 shares. The stock had previously closed at $9.81.

Analyst Ratings Changes

A number of analysts have commented on the company. Weiss Ratings reiterated a “buy (b)” rating on shares of Fortuna Mining in a research report on Monday, December 29th. National Bankshares upgraded shares of Fortuna Mining from a “sector perform” rating to an “outperform” rating in a research report on Monday, November 24th. Wall Street Zen raised shares of Fortuna Mining from a “hold” rating to a “buy” rating in a research note on Tuesday, December 23rd. Finally, Scotiabank upgraded shares of Fortuna Mining from a “sector perform” rating to an “outperform” rating and lifted their target price for the stock from $10.50 to $11.00 in a research report on Monday, November 24th. Four equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Fortuna Mining has an average rating of “Hold” and an average target price of $9.50.

Fortuna Mining Trading Down 2.8%

The firm has a market cap of $2.93 billion, a price-to-earnings ratio of 13.24 and a beta of 0.89. The business has a 50 day moving average of $9.12 and a 200 day moving average of $8.08. The company has a quick ratio of 2.73, a current ratio of 3.30 and a debt-to-equity ratio of 0.11.

Fortuna Mining (NYSE:FSM) (TSE:FVI) last posted its quarterly earnings data on Wednesday, November 5th. The basic materials company reported $0.15 earnings per share for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.08). Fortuna Mining had a net margin of 21.48% and a return on equity of 12.42%. The firm had revenue of $246.75 million during the quarter, compared to analyst estimates of $242.19 million. On average, research analysts forecast that Fortuna Mining Corp. will post 0.51 earnings per share for the current fiscal year.

Institutional Trading of Fortuna Mining

Institutional investors have recently added to or reduced their stakes in the business. Swiss Life Asset Management Ltd acquired a new position in shares of Fortuna Mining in the 3rd quarter valued at approximately $126,000. Advisory Services Network LLC acquired a new stake in shares of Fortuna Mining during the third quarter worth $27,000. NewEdge Advisors LLC lifted its position in shares of Fortuna Mining by 2.1% in the 3rd quarter. NewEdge Advisors LLC now owns 198,815 shares of the basic materials company’s stock worth $1,781,000 after buying an additional 4,100 shares during the last quarter. PharVision Advisers LLC acquired a new position in shares of Fortuna Mining in the 3rd quarter valued at about $227,000. Finally, XTX Topco Ltd boosted its holdings in shares of Fortuna Mining by 75.8% in the 3rd quarter. XTX Topco Ltd now owns 145,707 shares of the basic materials company’s stock valued at $1,306,000 after buying an additional 62,818 shares during the period. 33.80% of the stock is owned by hedge funds and other institutional investors.

About Fortuna Mining

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.