Fortuna Mining (NYSE:FSM) Sets New 52-Week High - Here's What Happened

Key Points

• Fortuna Mining shares reached a new 52-week high of $8.17, indicating significant trading activity with over 4.1 million shares exchanged.
• Several analysts have downgraded their ratings on Fortuna Mining, with CIBC setting a new price target of $8.00 while maintaining an "underperform" rating.
• Fortuna Mining reported earnings of $0.14 per share, missing expectations, but exceeded revenue forecasts with $230.42 million for the latest quarter.

Shares of Fortuna Mining Corp. (NYSE:FSM - Get Free Report) TSE: FVI reached a new 52-week high during mid-day trading on Thursday . The company traded as high as $8.16 and last traded at $8.17, with a volume of 4112330 shares trading hands. The stock had previously closed at $7.88.

Analysts Set New Price Targets

A number of equities analysts have issued reports on FSM shares. Wall Street Zen downgraded Fortuna Mining from a "strong-buy" rating to a "hold" rating in a research note on Saturday, August 9th. BMO Capital Markets restated an "outperform" rating on shares of Fortuna Mining in a research note on Friday, August 8th. National Bankshares restated a "sector perform" rating on shares of Fortuna Mining in a research note on Tuesday, June 24th. Scotiabank boosted their target price on Fortuna Mining from $7.50 to $8.00 and gave the stock a "sector perform" rating in a research note on Wednesday, August 6th. Finally, Zacks Research downgraded Fortuna Mining from a "strong-buy" rating to a "hold" rating in a research note on Friday, August 15th. One equities research analyst has rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Hold" and an average target price of $8.00.

Fortuna Mining Trading Down 3.5%

The company has a quick ratio of 2.15, a current ratio of 2.71 and a debt-to-equity ratio of 0.13. The firm has a 50 day moving average of $7.12 and a 200 day moving average of $6.42. The firm has a market cap of $2.43 billion, a PE ratio of 15.84 and a beta of 0.85.

Fortuna Mining (NYSE:FSM - Get Free Report) TSE: FVI last posted 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). Fortuna Mining had a net margin of 14.36% and a return on equity of 12.74%. The firm had revenue of $230.42 million during the quarter, compared to analysts' expectations of $220.00 million. Equities analysts anticipate that Fortuna Mining Corp. will post 0.51 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Osaic Holdings Inc. grew its position in Fortuna Mining by 96.7% in the second quarter. Osaic Holdings Inc. now owns 6,116 shares of the basic materials company's stock worth $40,000 after acquiring an additional 3,006 shares in the last quarter. Marex Group plc purchased a new position in Fortuna Mining in the second quarter worth $68,000. Geneos Wealth Management Inc. grew its position in Fortuna Mining by 100.0% in the second quarter. Geneos Wealth Management Inc. now owns 4,000 shares of the basic materials company's stock worth $26,000 after acquiring an additional 2,000 shares in the last quarter. Tower Research Capital LLC TRC grew its position in Fortuna Mining by 1,065.2% in the second quarter. Tower Research Capital LLC TRC now owns 84,781 shares of the basic materials company's stock worth $554,000 after acquiring an additional 77,505 shares in the last quarter. Finally, State of Tennessee Department of Treasury grew its position in Fortuna Mining by 73.5% in the second quarter. State of Tennessee Department of Treasury now owns 83,752 shares of the basic materials company's stock worth $547,000 after acquiring an additional 35,469 shares in the last quarter. 33.80% of the stock is currently 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.