Fortuna Mining Corp. (NYSE:FSM - Get Free Report) TSE: FVI was down 11.7% during trading on Thursday following a dissappointing earnings announcement. The stock traded as low as $6.35 and last traded at $6.25. Approximately 4,276,829 shares were traded during trading, a decline of 71% from the average daily volume of 14,848,791 shares. The stock had previously closed at $7.07.
The basic materials company reported $0.14 earnings per share for the quarter, missing analysts' consensus estimates of $0.22 by ($0.08). The company 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 14.28% and a return on equity of 12.94%.
Analyst Upgrades and Downgrades
FSM has been the topic of several recent research reports. Wall Street Zen upgraded shares of Fortuna Mining from a "buy" rating to a "strong-buy" rating in a research report on Friday, July 18th. CIBC increased their price target 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. Scotiabank increased their price target on shares of Fortuna Mining from $7.50 to $8.00 and gave the stock a "sector perform" rating in a research report on Wednesday. Finally, National Bankshares reiterated a "sector perform" rating on shares of Fortuna Mining in a research report on Tuesday, June 24th. One analyst has rated the stock with a sell rating, three have issued a hold rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $8.00.
Read Our Latest Research Report on FSM
Hedge Funds Weigh In On Fortuna Mining
Institutional investors have recently bought and sold shares of the stock. Optiver Holding B.V. purchased a new position in Fortuna Mining during the fourth quarter valued at $26,000. Farther Finance Advisors LLC purchased a new position in Fortuna Mining during the second quarter valued at $42,000. Virtus Advisers LLC purchased a new position in Fortuna Mining during the first quarter valued at $58,000. PCG Wealth Advisors LLC purchased a new position in Fortuna Mining during the first quarter valued at $61,000. Finally, Bank of Nova Scotia purchased a new position in Fortuna Mining during the fourth quarter valued at $46,000. 33.80% of the stock is owned by hedge funds and other institutional investors.
Fortuna Mining Stock Down 9.7%
The company has a market capitalization of $1.96 billion, a PE ratio of 12.42 and a beta of 0.85. The company's 50 day moving average is $6.67 and its two-hundred day moving average is $5.88. The company has a quick ratio of 1.56, a current ratio of 2.04 and a debt-to-equity ratio of 0.12.
About Fortuna Mining
(
Get Free Report)
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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