Fortuna Mining (NYSE:FSM) Share Price Passes Above 200-Day Moving Average - Time to Sell?

Fortuna Mining Corp. (NYSE:FSM - Get Free Report) TSE: FVI shares passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $5.44 and traded as high as $6.57. Fortuna Mining shares last traded at $6.49, with a volume of 12,484,185 shares.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on FSM. National Bankshares reiterated a "sector perform" rating on shares of Fortuna Mining in a report on Tuesday, June 24th. National Bank Financial upgraded Fortuna Mining to a "hold" rating in a report on Friday, March 21st. Finally, Scotiabank lifted their price objective on Fortuna Mining from $6.00 to $7.00 and gave the stock a "sector perform" rating in a report on Monday, April 14th. Two analysts have rated the stock with a sell rating and three have given a hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $7.00.

Fortuna Mining Stock Performance

The stock has a market cap of $1.96 billion, a PE ratio of 12.50 and a beta of 0.93. The company has a fifty day moving average price of $6.23 and a 200 day moving average price of $5.46. The company has a quick ratio of 1.56, a current ratio of 2.04 and a debt-to-equity ratio of 0.12.

Fortuna Mining (NYSE:FSM - Get Free Report) TSE: FVI last announced its quarterly earnings results on Wednesday, May 7th. The basic materials company reported $0.20 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.21 by ($0.01). Fortuna Mining had a net margin of 14.28% and a return on equity of 12.94%. The business had revenue of $290.15 million for the quarter, compared to analysts' expectations of $291.00 million. Analysts expect that Fortuna Mining Corp. will post 0.51 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of FSM. Optiver Holding B.V. purchased a new position in Fortuna Mining during the 4th quarter valued at about $26,000. Generali Investments CEE investicni spolecnost a.s. purchased a new position in Fortuna Mining during the 4th quarter valued at about $34,000. Bank of Nova Scotia purchased a new position in Fortuna Mining during the 4th quarter valued at about $46,000. TD Waterhouse Canada Inc. increased its holdings in 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 purchasing an additional 2,440 shares during the period. Finally, Dark Forest Capital Management LP purchased a new position in Fortuna Mining during the 4th quarter valued at about $57,000. Hedge funds and other institutional investors own 33.80% of the company's stock.

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.