Fortuna Mining (NYSE:FSM) Reaches New 52-Week High - Here's Why

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.

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

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on FSM shares. CIBC upped their price target on Fortuna Mining from $7.00 to $8.00 and gave the company an "underperformer" rating in a report on Tuesday, July 15th. Wall Street Zen cut shares of Fortuna Mining from a "strong-buy" rating to a "hold" rating in a research note on Saturday, August 9th. National Bankshares reaffirmed a "sector perform" rating on shares of Fortuna Mining in a report on Tuesday, June 24th. Scotiabank lifted their price target on Fortuna Mining from $7.50 to $8.00 and gave the stock a "sector perform" rating in a research report on Wednesday, August 6th. Finally, Zacks Research downgraded shares of Fortuna Mining from a "strong-buy" rating to a "hold" rating in a report on Friday, August 15th. One analyst has rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $8.00.

Fortuna Mining Trading Up 6.1%

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 company's 50-day moving average price is $7.02 and its 200-day moving average price is $6.31. The firm has a market cap of $2.57 billion, a price-to-earnings ratio of 16.73 and a beta of 0.85.

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

Institutional Investors Weigh In On Fortuna Mining

A number of institutional investors and hedge funds have recently made changes to their positions in FSM. Sumitomo Mitsui Trust Group Inc. purchased a new stake in Fortuna Mining in the 1st quarter valued at approximately $445,000. Cambridge Investment Research Advisors Inc. lifted its stake in shares of Fortuna Mining by 16.9% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 73,951 shares of the basic materials company's stock valued at $451,000 after buying an additional 10,690 shares during the period. Bank of America Corp DE boosted its holdings in shares of Fortuna Mining by 15.4% during the fourth quarter. Bank of America Corp DE now owns 927,264 shares of the basic materials company's stock worth $3,978,000 after purchasing an additional 123,720 shares during the last quarter. Nuveen Asset Management LLC grew its holdings in Fortuna Mining by 29.0% in the 4th quarter. Nuveen Asset Management LLC now owns 303,857 shares of the basic materials company's stock valued at $1,304,000 after buying an additional 68,350 shares during the period. Finally, BNP Paribas Financial Markets purchased a new stake in Fortuna Mining in the fourth quarter valued at approximately $801,000. 33.80% of the stock is owned by hedge funds and other institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.