Scotiabank Forecasts Strong Price Appreciation for Fortuna Mining (NYSE:FSM) Stock

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 target increased by equities researchers at Scotiabank from $7.50 to $8.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage presently has a "sector perform" rating on the basic materials company's stock. Scotiabank's price objective would suggest a potential upside of 20.21% from the stock's current price.

A number of other equities research analysts also recently commented on FSM. CIBC increased their price objective on Fortuna Mining from $7.00 to $8.00 and gave the company an "underperformer" rating in a research report on Tuesday, July 15th. National Bankshares reaffirmed a "sector perform" rating on shares of Fortuna Mining in a report on Tuesday, June 24th. Finally, Wall Street Zen raised Fortuna Mining from a "buy" rating to a "strong-buy" rating in a research note on Friday, July 18th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, one has given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $8.00.

Fortuna Mining Price Performance

Shares of NYSE FSM traded up $0.44 during mid-day trading on Wednesday, reaching $6.66. 6,802,464 shares of the company traded hands, compared to its average volume of 14,894,688. Fortuna Mining has a fifty-two week low of $4.12 and a fifty-two week high of $7.55. The firm has a market cap of $2.04 billion, a PE ratio of 13.33 and a beta of 0.85. The stock has a fifty day simple moving average of $6.68 and a 200-day simple moving average of $5.90. The company has a debt-to-equity ratio of 0.12, a current ratio of 2.04 and a quick ratio of 1.56.

Fortuna Mining (NYSE:FSM - Get Free Report) TSE: FVI last released its 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). Fortuna Mining had a return on equity of 12.85% and a net margin of 14.36%. The business had revenue of $230.42 million during the quarter, compared to the consensus estimate of $220.00 million. Equities research analysts anticipate that Fortuna Mining will post 0.51 EPS for the current fiscal year.

Institutional Trading of Fortuna Mining

Several institutional investors have recently made changes to their positions in FSM. Optiver Holding B.V. bought a new position in shares of Fortuna Mining during the 4th quarter valued at $26,000. Farther Finance Advisors LLC acquired a new stake in shares of Fortuna Mining in the second quarter worth about $42,000. Bank of Nova Scotia acquired a new stake in shares of Fortuna Mining in the fourth quarter worth about $46,000. TD Waterhouse Canada Inc. increased its holdings in shares of Fortuna Mining by 24.4% during the 4th quarter. TD Waterhouse Canada Inc. now owns 12,440 shares of the basic materials company's stock valued at $53,000 after acquiring an additional 2,440 shares during the last quarter. Finally, Dark Forest Capital Management LP bought a new position in shares of Fortuna Mining in the 4th quarter valued at approximately $57,000. 33.80% of the stock is currently owned by institutional investors and hedge funds.

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.