Cubist Systematic Strategies LLC Has $12.71 Million Stake in Fortuna Mining Corp. $FSM

Key Points

• Cubist Systematic Strategies LLC significantly increased its holdings in Fortuna Mining Corp. by 424.0% in the first quarter, now owning approximately 2,083,146 shares worth $12.7 million.
• Recent analyst ratings indicate a cautious sentiment towards Fortuna Mining, with analysts downgrading it from a "strong-buy" to a "hold" rating and setting an average price target of $8.00.
• Fortuna Mining Corp. reported earnings of $0.14 per share for the last quarter, missing expectations, while revenue was higher than anticipated at $230.42 million.

Cubist Systematic Strategies LLC lifted its holdings in Fortuna Mining Corp. (NYSE:FSM - Free Report) TSE: FVI by 424.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,083,146 shares of the basic materials company's stock after purchasing an additional 1,685,634 shares during the period. Cubist Systematic Strategies LLC owned 0.68% of Fortuna Mining worth $12,706,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of the business. Virtus Advisers LLC acquired a new stake in shares of Fortuna Mining in the 1st quarter valued at $58,000. PCG Wealth Advisors LLC acquired a new stake in shares of Fortuna Mining in the 1st quarter valued at $61,000. Cambridge Investment Research Advisors Inc. lifted its stake in shares of Fortuna Mining by 16.9% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 73,951 shares of the basic materials company's stock valued at $451,000 after purchasing an additional 10,690 shares during the last quarter. Quarry LP bought a new position in Fortuna Mining in the 1st quarter worth $82,000. Finally, FORA Capital LLC bought a new position in Fortuna Mining in the 1st quarter worth $85,000. Institutional investors and hedge funds own 33.80% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages recently commented on FSM. National Bankshares reiterated a "sector perform" rating on shares of Fortuna Mining in a report on Tuesday, June 24th. Zacks Research downgraded shares of Fortuna Mining from a "strong-buy" rating to a "hold" rating in a report on Friday, August 15th. Scotiabank lifted their target price on shares of Fortuna Mining from $7.50 to $8.00 and gave the stock a "sector perform" rating in a report on Wednesday, August 6th. CIBC lifted their target price on shares of Fortuna Mining from $7.00 to $8.00 and gave the stock an "underperformer" rating in a report on Tuesday, July 15th. Finally, BMO Capital Markets reiterated an "outperform" rating on shares of Fortuna Mining in a report on Friday, August 8th. One equities research analyst has rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $8.00.

Fortuna Mining Price Performance

NYSE FSM traded down $0.15 on Thursday, reaching $7.63. The company's stock had a trading volume of 13,309,180 shares, compared to its average volume of 14,838,937. Fortuna Mining Corp. has a 52 week low of $4.13 and a 52 week high of $8.07. The company has a current ratio of 2.71, a quick ratio of 2.15 and a debt-to-equity ratio of 0.13. The firm has a market cap of $2.34 billion, a PE ratio of 15.26 and a beta of 0.85. The business has a 50-day moving average price of $6.90 and a 200 day moving average price of $6.21.

Fortuna Mining (NYSE:FSM - Get Free Report) TSE: FVI last announced its quarterly earnings results on Wednesday, August 6th. The basic materials company reported $0.14 EPS for the quarter, missing analysts' consensus estimates of $0.22 by ($0.08). The business had revenue of $230.42 million for the quarter, compared to the consensus estimate of $220.00 million. Fortuna Mining had a return on equity of 12.74% and a net margin of 14.36%. Sell-side analysts expect that Fortuna Mining Corp. will post 0.51 EPS for the current year.

Fortuna Mining Profile

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.