Fortuna Mining (NYSE:FSM) Shares Gap Down - Time to Sell?

Key Points

• Fortuna Mining's share price gapped down from $8.90 to an opening price of $8.26, with the last trade at $8.09 and a trading volume of 5,365,714 shares.
• Analysts have given Fortuna Mining a consensus rating of "Hold", with price targets ranging from $7.00 to $8.00, indicating mixed sentiment on the stock's future performance.
• Despite a 9.8% decline in stock value, the company reported a revenue of $230.42 million last quarter, exceeding estimates, but EPS of $0.14 fell short of the expected $0.22.

Fortuna Mining Corp. (NYSE:FSM - Get Free Report) TSE: FVI's share price gapped down before the market opened on Tuesday . The stock had previously closed at $8.90, but opened at $8.26. Fortuna Mining shares last traded at $8.09, with a volume of 5,365,714 shares.

Analysts Set New Price Targets

Several equities research analysts recently commented on FSM shares. National Bankshares reiterated a "sector perform" rating on shares of Fortuna Mining in a research report on Tuesday, June 24th. CIBC lifted their target price on shares of 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 upgraded shares of Fortuna Mining from a "hold" rating to a "buy" rating in a research report on Saturday, October 11th. Weiss Ratings restated a "buy (b)" rating on shares of Fortuna Mining in a research report on Tuesday, October 14th. Finally, BMO Capital Markets restated an "outperform" rating on shares of Fortuna Mining in a research report on Friday, August 8th. Two equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $8.25.

Fortuna Mining Stock Down 9.8%

The firm's 50 day moving average price is $8.17 and its two-hundred day moving average price is $6.98. The company has a market cap of $2.46 billion, a P/E ratio of 16.07 and a beta of 0.84. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.15 and a current ratio of 2.71.

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

Institutional Trading of Fortuna Mining

Several institutional investors have recently made changes to their positions in the company. Silver Oak Securities Incorporated bought a new stake in shares of Fortuna Mining in the 3rd quarter worth $223,000. Sheets Smith Wealth Management bought a new stake in shares of Fortuna Mining in the 3rd quarter worth $618,000. DAVENPORT & Co LLC bought a new stake in shares of Fortuna Mining in the 3rd quarter worth $454,000. Farther Finance Advisors LLC boosted its holdings in shares of Fortuna Mining by 32.9% in the 3rd quarter. Farther Finance Advisors LLC now owns 8,589 shares of the basic materials company's stock worth $77,000 after buying an additional 2,126 shares during the last quarter. Finally, Sheets Smith Investment Management purchased a new position in shares of Fortuna Mining in the 3rd quarter worth about $1,488,000. 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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