Fortuna Mining (NYSE:FSM) Given New $8.00 Price Target at Scotiabank

Key Points

• Scotiabank has raised its price target for Fortuna Mining (NYSE:FSM) from $7.50 to $8.00, indicating a potential upside of 13.23% from the last closing price.
• Fortuna Mining received a mixture of ratings from analysts, with one upgrading it to a strong-buy and a consensus rating still positioned at hold.
• The company's stock has a market capitalization of $2.17 billion and has shown recent trading activity with over 8 million shares exchanged in mid-day trading.

Fortuna Mining (NYSE:FSM - Get Free Report) TSE: FVI had its price objective raised by equities researchers at Scotiabank from $7.50 to $8.00 in a research note issued on Wednesday,Benzinga reports. The brokerage presently has a "sector perform" rating on the basic materials company's stock. Scotiabank's price objective suggests a potential upside of 21.58% from the stock's current price.

FSM has been the topic of several other reports. National Bankshares reissued a "sector perform" rating on shares of Fortuna Mining in a research note on Tuesday, June 24th. Wall Street Zen raised Fortuna Mining from a "buy" rating to a "strong-buy" rating in a research note on Friday, July 18th. Finally, CIBC lifted their price target on Fortuna Mining from $7.00 to $8.00 and gave the stock an "underperformer" rating in a research note on Tuesday, July 15th. One research analyst has rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $8.00.

Fortuna Mining Price Performance

Shares of NYSE:FSM traded up $0.36 during trading on Wednesday, reaching $6.58. The company had a trading volume of 11,460,404 shares, compared to its average volume of 11,366,383. The company has a fifty day moving average of $6.70 and a two-hundred day moving average of $5.93. Fortuna Mining has a 12 month low of $4.12 and a 12 month high of $7.55. 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 stock has a market capitalization of $2.02 billion, a P/E ratio of 13.16 and a beta of 0.85.

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of FSM. Optiver Holding B.V. purchased a new position in shares of Fortuna Mining during the fourth quarter valued at approximately $26,000. Farther Finance Advisors LLC purchased a new position in Fortuna Mining during the 2nd quarter valued at $42,000. Bank of Nova Scotia bought a new position in Fortuna Mining in the 4th quarter worth $46,000. TD Waterhouse Canada Inc. raised its holdings in Fortuna Mining by 24.4% in the 4th quarter. TD Waterhouse Canada Inc. now owns 12,440 shares of the basic materials company's stock worth $53,000 after purchasing an additional 2,440 shares in the last quarter. Finally, Dark Forest Capital Management LP purchased a new stake in shares of Fortuna Mining in the 4th quarter worth about $57,000. Institutional investors own 33.80% of the company's stock.

Fortuna Mining Company 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.