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

Key Points

• Technical breakout: Fortuna Mining shares crossed above their 200-day moving average of $9.88, trading as high as $10.62 and last at $10.474 with about 3.97 million shares changing hands.
• Analyst upgrades and targets: Multiple firms have raised ratings (BMO, Wall Street Zen, Weiss, Zacks) and the stock carries a consensus "Buy" rating with an average price target of $11, while Scotiabank lifted its target to $14.
• Solid fundamentals despite a slight EPS miss: The company has a $3.2 billion market cap, a PE of 11.64, strong liquidity (current ratio 2.98) and low debt (debt/equity 0.11); quarterly EPS was $0.22 (missed by $0.01) but net margin was 27.6% and ROE 14.0%.

Shares of Fortuna Mining Corp. (NYSE:FSM - Get Free Report) TSE: FVI crossed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $9.88 and traded as high as $10.62. Fortuna Mining shares last traded at $10.4740, with a volume of 3,966,964 shares traded.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on FSM shares. BMO Capital Markets reissued an "outperform" rating on shares of Fortuna Mining in a research note on Friday, January 16th. Wall Street Zen raised Fortuna Mining from a "hold" rating to a "buy" rating in a research note on Saturday, March 14th. Weiss Ratings reissued a "buy (b)" rating on shares of Fortuna Mining in a research note on Monday, December 29th. Zacks Research raised Fortuna Mining from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, February 3rd. Finally, Scotiabank increased their target price on Fortuna Mining from $11.00 to $14.00 and gave the stock an "outperform" rating in a research note on Monday, January 26th. One research analyst has rated the stock with a Strong Buy rating and four have assigned a Buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus price target of $11.00.

Fortuna Mining Stock Up 0.3%

The stock has a market capitalization of $3.20 billion, a PE ratio of 11.64 and a beta of 1.01. The firm has a 50 day moving average of $10.85 and a two-hundred day moving average of $9.88. The company has a current ratio of 2.98, a quick ratio of 2.50 and a debt-to-equity ratio of 0.11.

Fortuna Mining (NYSE:FSM - Get Free Report) TSE: FVI last released its quarterly earnings data on Wednesday, February 18th. The basic materials company reported $0.22 earnings per share for the quarter, missing the consensus estimate of $0.23 by ($0.01). Fortuna Mining had a net margin of 27.59% and a return on equity of 14.02%. The firm had revenue of $270.20 million during the quarter. Equities research analysts anticipate that Fortuna Mining Corp. will post 0.51 earnings per share for the current year.

Hedge Funds Weigh In On Fortuna Mining

Several hedge funds have recently bought and sold shares of FSM. Campbell & CO Investment Adviser LLC grew its holdings in Fortuna Mining by 481.2% during the 3rd quarter. Campbell & CO Investment Adviser LLC now owns 191,330 shares of the basic materials company's stock valued at $1,714,000 after buying an additional 158,412 shares during the last quarter. American Century Companies Inc. grew its holdings in Fortuna Mining by 26.2% during the 3rd quarter. American Century Companies Inc. now owns 8,032,284 shares of the basic materials company's stock valued at $71,924,000 after buying an additional 1,669,226 shares during the last quarter. Jupiter Asset Management Ltd. acquired a new stake in Fortuna Mining during the 3rd quarter valued at $550,000. Sheets Smith Investment Management acquired a new stake in Fortuna Mining during the 3rd quarter valued at $1,488,000. Finally, Quantbot Technologies LP grew its holdings in Fortuna Mining by 190.4% during the 3rd quarter. Quantbot Technologies LP now owns 465,375 shares of the basic materials company's stock valued at $4,170,000 after buying an additional 305,115 shares during the last quarter. 33.80% of the stock is 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. The company was formerly known as Fortuna Silver Mines Inc and changed its name to Fortuna Mining Corp.

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