Fortuna Mining (NYSE:FSM) Trading Up 5.8% - Here's Why

Key Points

• Fortuna Mining Corp. shares rose by 5.8% to $9.29 on Wednesday, despite a significant decline in trading volume compared to average sessions.
• Equities analysts have mixed perspectives on Fortuna Mining, with two rating it as a Buy, four as Hold, and one as Sell, resulting in a consensus Hold rating and an average price target of $8.00.
• The company recently reported earnings of $0.14 per share, missing expectations, but generated revenue of $230.42 million, surpassing analyst estimates of $220 million.

Fortuna Mining Corp. (NYSE:FSM - Get Free Report) TSE: FVI shares traded up 5.8% on Wednesday . The stock traded as high as $9.46 and last traded at $9.29. 2,204,590 shares changed hands during trading, a decline of 86% from the average session volume of 15,859,463 shares. The stock had previously closed at $8.78.

Analyst Ratings Changes

Several equities analysts recently weighed in on the stock. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of Fortuna Mining in a research report on Saturday, September 27th. National Bankshares reissued a "sector perform" rating on shares of Fortuna Mining in a research report on Tuesday, June 24th. CIBC lifted their price target 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. BMO Capital Markets reissued an "outperform" rating on shares of Fortuna Mining in a research report on Friday, August 8th. Finally, Zacks Research lowered shares of Fortuna Mining from a "strong-buy" rating to a "hold" rating in a research report on Friday, August 15th. Two investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Fortuna Mining presently has a consensus rating of "Hold" and an average price target of $8.00.

Fortuna Mining Price Performance

The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.15 and a current ratio of 2.71. The company's 50 day moving average price is $7.72 and its 200 day moving average price is $6.78. The company has a market cap of $2.90 billion, a price-to-earnings ratio of 18.91 and a beta of 0.84.

Fortuna Mining (NYSE:FSM - Get Free Report) TSE: FVI last issued 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 analyst estimates of $220.00 million. On average, equities 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 institutional investors have recently made changes to their positions in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Fortuna Mining by 18.6% in the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,927,134 shares of the basic materials company's stock valued at $64,823,000 after buying an additional 1,554,963 shares during the last quarter. Goldman Sachs Group Inc. raised its holdings in Fortuna Mining by 19.6% during the 1st quarter. Goldman Sachs Group Inc. now owns 8,368,272 shares of the basic materials company's stock worth $51,046,000 after purchasing an additional 1,368,600 shares during the last quarter. Acadian Asset Management LLC raised its holdings in Fortuna Mining by 44.8% during the 2nd quarter. Acadian Asset Management LLC now owns 7,021,169 shares of the basic materials company's stock worth $45,815,000 after purchasing an additional 2,171,847 shares during the last quarter. American Century Companies Inc. raised its holdings in Fortuna Mining by 7.3% during the 2nd quarter. American Century Companies Inc. now owns 6,363,058 shares of the basic materials company's stock worth $41,631,000 after purchasing an additional 434,295 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. raised its holdings in Fortuna Mining by 123.9% during the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 4,859,600 shares of the basic materials company's stock worth $29,553,000 after purchasing an additional 2,688,900 shares during the last quarter. 33.80% of the stock is 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.

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