Fortuna Mining (NYSE:FSM) Shares Gap Up - Here's Why

Key Points

• Fortuna Mining's stock price gapped up from $7.70 to $8.00 before trading on Tuesday, but closed lower at $7.66 with a trading volume of 2,484,491 shares.
• Analyst ratings for Fortuna Mining exhibit mixed signals, with one "Buy," four "Hold," and one "Sell" rating, and a consensus target price of $8.00.
• The company reported a quarterly EPS of $0.14, missing the estimated $0.22, despite revenue exceeding expectations at $230.42 million.

Fortuna Mining Corp. (NYSE:FSM - Get Free Report) TSE: FVI shares gapped up prior to trading on Tuesday . The stock had previously closed at $7.70, but opened at $8.00. Fortuna Mining shares last traded at $7.66, with a volume of 2,484,491 shares trading hands.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on FSM shares. Zacks Research lowered shares of Fortuna Mining from a "strong-buy" rating to a "hold" rating in a research note on Friday, August 15th. BMO Capital Markets reiterated an "outperform" rating on shares of Fortuna Mining in a research report on Friday, August 8th. Scotiabank boosted their target price on Fortuna Mining from $7.50 to $8.00 and gave the company a "sector perform" rating in a report on Wednesday, August 6th. CIBC raised their price target on Fortuna Mining from $7.00 to $8.00 and gave the stock an "underperformer" rating in a research note on Tuesday, July 15th. Finally, National Bankshares reaffirmed a "sector perform" rating on shares of Fortuna Mining in a research report on Tuesday, June 24th. One equities research analyst has rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Fortuna Mining presently has an average rating of "Hold" and a consensus target price of $8.00.

Fortuna Mining Trading Up 0.9%

The company has a fifty day moving average of $6.95 and a two-hundred day moving average of $6.25. The company has a quick ratio of 2.15, a current ratio of 2.71 and a debt-to-equity ratio of 0.13. The stock has a market capitalization of $2.36 billion, a price-to-earnings ratio of 15.37 and a beta of 0.85.

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

Hedge Funds Weigh In On Fortuna Mining

Several hedge funds have recently bought and sold shares of FSM. Mackenzie Financial Corp grew its holdings in Fortuna Mining by 224.6% in 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 purchasing an additional 3,266,096 shares during the last quarter. Nuveen LLC purchased a new position in Fortuna Mining during the first quarter worth $17,032,000. Connor Clark & Lunn Investment Management Ltd. raised its holdings in shares of Fortuna Mining by 123.9% in the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 4,859,600 shares of the basic materials company's stock worth $29,553,000 after acquiring an additional 2,688,900 shares during the last quarter. Jump Financial LLC purchased a new position in Fortuna Mining in the 1st quarter valued at about $14,076,000. Finally, Acadian Asset Management LLC boosted its stake in shares of Fortuna Mining by 44.8% during 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 purchasing an additional 2,171,847 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.