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

Key Points

• Fortuna Mining's stock has crossed above its 200-day moving average, trading at $6.68 with significant volume, indicating potential momentum.
• Analysts have mixed sentiments on the stock, with a notable upgrade from a "buy" to a "strong-buy" rating by Wall Street Zen, raising the average price target to $7.50.
• The company reported an EPS of $0.20 for the last quarter, slightly missing analysts' expectations, while also facing a **2.1% decline in stock price** recently.

Fortuna Mining Corp. (NYSE:FSM - Get Free Report) TSE: FVI's stock price passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $5.77 and traded as high as $6.77. Fortuna Mining shares last traded at $6.68, with a volume of 11,290,935 shares.

Analysts Set New Price Targets

A number of research firms have recently commented on FSM. CIBC increased their target price on Fortuna Mining from $7.00 to $8.00 and gave the company an "underperformer" rating in a research report on Tuesday, July 15th. National Bankshares reiterated a "sector perform" rating on shares of Fortuna Mining in a research report on Tuesday, June 24th. Wall Street Zen raised shares of Fortuna Mining from a "buy" rating to a "strong-buy" rating in a research note on Friday, July 18th. Finally, Scotiabank upped their target price on shares of Fortuna Mining from $6.00 to $7.00 and gave the company a "sector perform" rating in a research report on Monday, April 14th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, Fortuna Mining has a consensus rating of "Hold" and an average price target of $7.50.

Fortuna Mining Trading Down 0.9%

The company's 50 day simple moving average is $6.60 and its 200-day simple moving average is $5.82. The firm has a market cap of $1.96 billion, a P/E ratio of 12.58 and a beta of 0.94. 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 issued its quarterly earnings results on Wednesday, May 7th. The basic materials company reported $0.20 earnings per share for the quarter, missing the consensus estimate of $0.21 by ($0.01). The business had revenue of $290.15 million during the quarter, compared to analysts' expectations of $291.00 million. Fortuna Mining had a return on equity of 12.94% and a net margin of 14.28%. As a group, research analysts predict that Fortuna Mining Corp. will post 0.51 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in FSM. Optiver Holding B.V. purchased a new position in shares of Fortuna Mining during the fourth quarter worth approximately $26,000. Farther Finance Advisors LLC purchased a new position in shares of Fortuna Mining in the 2nd quarter worth approximately $42,000. Bank of Nova Scotia purchased a new stake in Fortuna Mining during the fourth quarter valued at approximately $46,000. TD Waterhouse Canada Inc. boosted its stake in Fortuna Mining by 24.4% in the fourth quarter. TD Waterhouse Canada Inc. now owns 12,440 shares of the basic materials company's stock valued at $53,000 after acquiring an additional 2,440 shares in the last quarter. Finally, Dark Forest Capital Management LP acquired a new stake in Fortuna Mining in the fourth quarter valued at approximately $57,000. 33.80% of the stock is currently owned by 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.