Fortuna Mining (NYSE:FSM) Sets New 1-Year High - What's Next?

Key Points

• Fortuna Mining shares reached a new 52-week high of $9.26, closing at $9.22 with a trading volume of 510,888 shares.
• Analyst ratings on Fortuna Mining vary, with Zacks downgrading the stock to a "hold" while Weiss Ratings maintained a "buy" rating; the average target price is $8.00.
• The company reported earnings per share (EPS) of $0.14, missing the consensus estimate of $0.22, despite generating $230.42 million in revenue for the quarter.

Shares of Fortuna Mining Corp. (NYSE:FSM - Get Free Report) TSE: FVI hit a new 52-week high during trading on Monday . The company traded as high as $9.26 and last traded at $9.22, with a volume of 510888 shares changing hands. The stock had previously closed at $8.93.

Analyst Upgrades and Downgrades

Several research firms have commented on FSM. Zacks Research downgraded Fortuna Mining from a "strong-buy" rating to a "hold" rating in a report on Friday, August 15th. Weiss Ratings restated a "buy (b-)" rating on shares of Fortuna Mining in a research note on Saturday, September 27th. CIBC raised their target price on shares of Fortuna Mining from $7.00 to $8.00 and gave the stock an "underperformer" rating in a research note on Tuesday, July 15th. National Bankshares reissued a "sector perform" rating on shares of Fortuna Mining in a research note on Tuesday, June 24th. Finally, Scotiabank boosted their price target on shares of Fortuna Mining from $7.50 to $8.00 and gave the stock a "sector perform" rating in a research note on Wednesday, August 6th. Two investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Fortuna Mining presently has an average rating of "Hold" and an average price target of $8.00.

Fortuna Mining Stock Performance

The firm has a 50 day moving average of $7.63 and a 200-day moving average of $6.75. The company has a market cap of $2.75 billion, a P/E ratio of 17.95 and a beta of 0.84. The company has a quick ratio of 2.15, a current ratio of 2.71 and a debt-to-equity ratio of 0.13.

Fortuna Mining (NYSE:FSM - Get Free Report) TSE: FVI last announced its earnings results on Wednesday, August 6th. The basic materials company reported $0.14 earnings per share (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 company had revenue of $230.42 million for the quarter, compared to the consensus estimate of $220.00 million. As a group, sell-side analysts anticipate that Fortuna Mining Corp. will post 0.51 EPS for the current fiscal year.

Institutional Trading of Fortuna Mining

Several large investors have recently added to or reduced their stakes in FSM. Geneos Wealth Management Inc. increased its stake in shares of 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 during the period. EverSource Wealth Advisors LLC increased its stake in shares of Fortuna Mining by 126.8% during the second quarter. EverSource Wealth Advisors LLC now owns 4,813 shares of the basic materials company's stock worth $31,000 after purchasing an additional 2,691 shares in the last quarter. Osaic Holdings Inc. raised its holdings in shares of Fortuna Mining by 96.7% during the second quarter. Osaic Holdings Inc. now owns 6,116 shares of the basic materials company's stock valued at $40,000 after acquiring an additional 3,006 shares during the last quarter. Farther Finance Advisors LLC acquired a new stake in Fortuna Mining during the 2nd quarter worth $42,000. Finally, Virtus Advisers LLC purchased a new stake in Fortuna Mining during the 1st quarter valued at about $58,000. Hedge funds and other 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.

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