Fortuna Mining (NYSE:FSM) Trading 11.2% Higher - Here's Why

Key Points

• Shares jumped 11.2% during mid-day trading to about $10.95, with roughly 2.3 million shares traded—about 69% below its average session volume and up from a prior close of $9.84.
• Analysts have a consensus “Moderate Buy” rating with a $11 consensus target; four analysts rate Buy and one Hold, while Scotiabank recently raised its price target to $14.
• Fortuna reported quarterly EPS of $0.35, missing estimates by $0.02, but showed solid profitability and liquidity (27.6% net margin, 14.0% ROE, quick ratio 2.50), with a P/E of 11.6 and market cap of $3.18 billion.

Fortuna Mining Corp. (NYSE:FSM - Get Free Report) TSE: FVI shares traded up 11.2% during mid-day trading on Thursday . The company traded as high as $10.87 and last traded at $10.9460. 2,297,212 shares were traded during mid-day trading, a decline of 69% from the average session volume of 7,407,264 shares. The stock had previously closed at $9.84.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the company. Zacks Research downgraded Fortuna Mining from a "strong-buy" rating to a "hold" rating in a research report on Friday, April 24th. Wall Street Zen downgraded Fortuna Mining from a "buy" rating to a "hold" rating in a research report on Saturday, April 25th. Scotiabank raised their price target on Fortuna Mining from $11.00 to $14.00 and gave the stock an "outperform" rating in a research report on Monday, January 26th. Finally, BMO Capital Markets restated an "outperform" rating on shares of Fortuna Mining in a research report on Friday, January 16th. Four research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $11.00.

Fortuna Mining Stock Performance

The company has a quick ratio of 2.50, a current ratio of 2.98 and a debt-to-equity ratio of 0.11. The business has a 50 day simple moving average of $10.61 and a two-hundred day simple moving average of $10.03. The firm has a market cap of $3.18 billion, a PE ratio of 11.60 and a beta of 0.94.

Fortuna Mining (NYSE:FSM - Get Free Report) TSE: FVI last released its earnings results on Wednesday, May 6th. The basic materials company reported $0.35 earnings per share for the quarter, missing analysts' consensus estimates of $0.37 by ($0.02). Fortuna Mining had a return on equity of 14.02% and a net margin of 27.59%. As a group, equities research analysts forecast that Fortuna Mining Corp. will post 1.63 earnings per share for the current fiscal year.

Institutional Trading of Fortuna Mining

A number of hedge funds and other institutional investors have recently bought and sold shares of FSM. Geneos Wealth Management Inc. increased its stake in Fortuna Mining by 100.0% in the second quarter. Geneos Wealth Management Inc. now owns 4,000 shares of the basic materials company's stock worth $26,000 after purchasing an additional 2,000 shares during the period. Advisory Services Network LLC purchased a new position in shares of Fortuna Mining during the third quarter valued at $27,000. IFP Advisors Inc purchased a new position in shares of Fortuna Mining during the fourth quarter valued at $29,000. EverSource Wealth Advisors LLC increased its stake in shares of Fortuna Mining by 126.8% during the second quarter. EverSource Wealth Advisors LLC now owns 4,813 shares of the basic materials company's stock valued at $31,000 after buying an additional 2,691 shares during the period. Finally, Osaic Holdings Inc. increased its stake in shares of Fortuna Mining by 96.7% during the second quarter. Osaic Holdings Inc. now owns 6,116 shares of the basic materials company's stock valued at $40,000 after buying an additional 3,006 shares during the period. Hedge funds and other institutional investors own 33.80% of the company's stock.

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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