Fortuna Mining (NYSE:FSM) Trading Down 5.1% - What's Next?

Fortuna Mining Corp. (NYSE:FSM - Get Free Report) TSE: FVI's share price dropped 5.1% on Tuesday . The stock traded as low as $6.60 and last traded at $6.44. Approximately 807,838 shares changed hands during mid-day trading, a decline of 93% from the average daily volume of 11,197,023 shares. The stock had previously closed at $6.78.

Analysts Set New Price Targets

FSM has been the subject of several research analyst reports. National Bankshares reissued a "sector perform" rating on shares of Fortuna Mining in a report on Tuesday, June 24th. National Bank Financial upgraded Fortuna Mining to a "hold" rating in a research note on Friday, March 21st. Finally, Scotiabank lifted their target price on Fortuna Mining from $6.00 to $7.00 and gave the company a "sector perform" rating in a research note on Monday, April 14th. Two research analysts have rated the stock with a sell rating and three have assigned a hold rating to the company. Based on data from MarketBeat, Fortuna Mining currently has an average rating of "Hold" and a consensus target price of $7.00.

Fortuna Mining Stock Performance

The company has a quick ratio of 1.56, a current ratio of 2.04 and a debt-to-equity ratio of 0.12. The stock has a 50 day simple moving average of $6.29 and a 200 day simple moving average of $5.56. The company has a market capitalization of $1.92 billion, a price-to-earnings ratio of 12.27 and a beta of 0.94.

Fortuna Mining (NYSE:FSM - Get Free Report) TSE: FVI last issued its earnings results on Wednesday, May 7th. The basic materials company reported $0.20 EPS for the quarter, missing analysts' consensus estimates of $0.21 by ($0.01). Fortuna Mining had a net margin of 14.28% and a return on equity of 12.94%. The company had revenue of $290.15 million during the quarter, compared to analyst estimates of $291.00 million. As a group, analysts anticipate that Fortuna Mining Corp. will post 0.51 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Fortuna Mining

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Dimensional Fund Advisors LP boosted its position in shares of Fortuna Mining by 10.5% during the fourth quarter. Dimensional Fund Advisors LP now owns 8,402,119 shares of the basic materials company's stock worth $36,043,000 after buying an additional 796,364 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in Fortuna Mining by 11.4% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 8,372,171 shares of the basic materials company's stock worth $50,899,000 after purchasing an additional 859,398 shares during the period. Goldman Sachs Group Inc. increased its holdings in shares of Fortuna Mining by 19.6% in the first quarter. Goldman Sachs Group Inc. now owns 8,368,272 shares of the basic materials company's stock valued at $51,046,000 after buying an additional 1,368,600 shares in the last quarter. D. E. Shaw & Co. Inc. increased its holdings in shares of Fortuna Mining by 17.1% in the fourth quarter. D. E. Shaw & Co. Inc. now owns 8,340,195 shares of the basic materials company's stock valued at $35,779,000 after buying an additional 1,219,864 shares in the last quarter. Finally, Tidal Investments LLC increased its holdings in shares of Fortuna Mining by 40.3% in the fourth quarter. Tidal Investments LLC now owns 7,542,803 shares of the basic materials company's stock valued at $32,359,000 after buying an additional 2,165,430 shares in the last quarter. 33.80% of the stock is currently owned by institutional investors and hedge funds.

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.