Fortuna Mining (NYSE:FSM) Trading Down 8.5% - Time to Sell?

Key Points

• Fortuna Mining's shares dropped by 8.5% during Friday's trading session, closing at $8.70, significantly lower than the previous close of $9.51.
• Analyst sentiments are mixed, with two analysts giving a Buy rating, four a Hold, and one a Sell, resulting in an average rating of "Hold" and a consensus target price of $8.25.
• In the latest earnings report, Fortuna Mining missed consensus EPS estimates, reporting $0.14 compared to an expected $0.22, but exceeded revenue expectations with $230.42 million.

Shares of Fortuna Mining Corp. (NYSE:FSM - Get Free Report) TSE: FVI fell 8.5% during trading on Friday . The stock traded as low as $8.66 and last traded at $8.70. 6,703,583 shares traded hands during trading, a decline of 58% from the average session volume of 15,973,549 shares. The stock had previously closed at $9.51.

Wall Street Analysts Forecast Growth

FSM has been the subject of several analyst reports. CIBC boosted their target price on shares of Fortuna Mining from $7.00 to $8.00 and gave the company an "underperformer" rating in a research report on Tuesday, July 15th. Wall Street Zen raised shares of Fortuna Mining from a "hold" rating to a "buy" rating in a research note on Saturday, October 11th. 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 reissued an "outperform" rating on shares of Fortuna Mining in a research note on Friday, August 8th. Finally, Scotiabank increased their target price on shares of Fortuna Mining from $8.00 to $8.50 and gave the stock a "sector perform" rating in a research note on Thursday. Two equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $8.25.

Fortuna Mining Stock Performance

The company's fifty day moving average price is $8.09 and its 200 day moving average price is $6.93. The company has a market cap of $2.66 billion, a PE ratio of 17.32 and a beta of 0.84. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.71 and a quick ratio of 2.15.

Fortuna Mining (NYSE:FSM - Get Free Report) TSE: FVI last announced its 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). Fortuna Mining had a net margin of 14.36% and a return on equity of 12.74%. The firm had revenue of $230.42 million during the quarter, compared to analysts' expectations of $220.00 million. On average, equities research analysts predict that Fortuna Mining Corp. will post 0.51 earnings per share for the current year.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the business. Geneos Wealth Management Inc. increased its position in Fortuna Mining by 100.0% during the 2nd quarter. Geneos Wealth Management Inc. now owns 4,000 shares of the basic materials company's stock valued at $26,000 after purchasing an additional 2,000 shares during the period. EverSource Wealth Advisors LLC lifted its stake in Fortuna Mining by 126.8% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 4,813 shares of the basic materials company's stock valued at $31,000 after acquiring an additional 2,691 shares during the period. Osaic Holdings Inc. increased its position in shares of Fortuna Mining by 96.7% during the 2nd quarter. Osaic Holdings Inc. now owns 6,116 shares of the basic materials company's stock valued at $40,000 after purchasing an additional 3,006 shares during the last quarter. Farther Finance Advisors LLC purchased a new stake in Fortuna Mining in the 2nd quarter worth approximately $42,000. Finally, Virtus Advisers LLC bought a new position in Fortuna Mining in the 1st quarter worth approximately $58,000. 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.

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