Fortuna Mining (NYSE:FSM) Stock Price Passes Above 200-Day Moving Average - Here's What Happened

Shares of Fortuna Mining Corp. (NYSE:FSM - Get Free Report) TSE: FVI crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $5.35 and traded as high as $6.98. Fortuna Mining shares last traded at $6.84, with a volume of 13,813,851 shares changing hands.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on FSM. Scotiabank raised their price target on Fortuna Mining from $6.00 to $7.00 and gave the stock a "sector perform" rating in a research report on Monday, April 14th. National Bank Financial raised Fortuna Mining to a "hold" rating in a research note on Friday, March 21st.

Fortuna Mining Trading Down 1.5%

The company has a debt-to-equity ratio of 0.12, a current ratio of 2.04 and a quick ratio of 1.56. The firm's 50 day moving average price is $6.22 and its 200 day moving average price is $5.39. The stock has a market capitalization of $2.04 billion, a P/E ratio of 13.03 and a beta of 0.93.

Fortuna Mining (NYSE:FSM - Get Free Report) TSE: FVI last released its quarterly 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 business had revenue of $290.15 million for the quarter, compared to the consensus estimate of $291.00 million. As a group, equities research analysts expect that Fortuna Mining Corp. will post 0.51 earnings per share for the current fiscal year.

Institutional Trading of Fortuna Mining

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in Fortuna Mining by 189.0% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 840,496 shares of the basic materials company's stock worth $5,127,000 after buying an additional 549,665 shares in the last quarter. Goldman Sachs Group Inc. grew its holdings in shares of 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 acquiring an additional 1,368,600 shares during the period. NewEdge Advisors LLC raised its position in shares of Fortuna Mining by 0.9% in the 1st quarter. NewEdge Advisors LLC now owns 383,400 shares of the basic materials company's stock worth $2,339,000 after acquiring an additional 3,600 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of Fortuna Mining by 11.4% in the 1st 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 acquiring an additional 859,398 shares in the last quarter. Finally, PDT Partners LLC purchased a new position in shares of Fortuna Mining in the 1st quarter valued at approximately $1,545,000. 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.