Fortuna Mining (NYSE:FSM) Stock Passes Above 200-Day Moving Average - Here's Why

Key Points

• Fortuna Mining Corp. shares have crossed above their 200-day moving average of $6.49, trading as high as $8.24 on Friday, indicating positive market momentum.
• The company reported $0.14 earnings per share for the last quarter, missing the consensus estimate of $0.22, while also achieving revenue of $230.42 million, surpassing expectations of $220.00 million.
• Recent analyst ratings show a shift, with one "Buy," four "Hold," and one "Sell," resulting in an average price target of $8.00 for Fortuna Mining.

Fortuna Mining Corp. (NYSE:FSM - Get Free Report) TSE: FVI shares passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $6.49 and traded as high as $8.24. Fortuna Mining shares last traded at $8.16, with a volume of 31,706,092 shares traded.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. National Bankshares reiterated a "sector perform" rating on shares of Fortuna Mining in a report on Tuesday, June 24th. BMO Capital Markets reiterated an "outperform" rating on shares of Fortuna Mining in a research note on Friday, August 8th. CIBC increased their price objective on Fortuna Mining from $7.00 to $8.00 and gave the stock an "underperformer" rating in a research report on Tuesday, July 15th. Wall Street Zen cut Fortuna Mining from a "strong-buy" rating to a "hold" rating in a research note on Saturday, August 9th. Finally, Zacks Research lowered Fortuna Mining from a "strong-buy" rating to a "hold" rating in a report on Friday, August 15th. One investment analyst has rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock has an average rating of "Hold" and an average price target of $8.00.

Fortuna Mining Trading Up 2.2%

The firm's 50-day simple moving average is $7.27 and its 200 day simple moving average is $6.55. The company has a current ratio of 2.71, a quick ratio of 2.15 and a debt-to-equity ratio of 0.13. The stock has a market cap of $2.67 billion, a P/E ratio of 17.45 and a beta of 0.85.

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 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.22 by ($0.08). The company had revenue of $230.42 million during the quarter, compared to analysts' expectations of $220.00 million. Fortuna Mining had a return on equity of 12.74% and a net margin of 14.36%. As a group, equities research analysts anticipate that Fortuna Mining Corp. will post 0.51 earnings per share for the current year.

Institutional Trading of Fortuna Mining

Hedge funds have recently bought and sold shares of the business. Mackenzie Financial Corp increased its position in shares of Fortuna Mining by 224.6% during the fourth quarter. Mackenzie Financial Corp now owns 4,720,375 shares of the basic materials company's stock valued at $20,240,000 after buying an additional 3,266,096 shares during the period. Nuveen LLC purchased a new position in Fortuna Mining in the first quarter worth about $17,032,000. Connor Clark & Lunn Investment Management Ltd. raised its stake in Fortuna Mining by 123.9% during the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 4,859,600 shares of the basic materials company's stock valued at $29,553,000 after purchasing an additional 2,688,900 shares during the period. Jump Financial LLC bought a new position in shares of Fortuna Mining during the 1st quarter valued at approximately $14,076,000. Finally, Acadian Asset Management LLC increased its stake in Fortuna Mining by 44.8% in the 2nd quarter. Acadian Asset Management LLC now owns 7,021,169 shares of the basic materials company's stock worth $45,815,000 after buying an additional 2,171,847 shares during the period. Institutional investors and hedge funds 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.