Fortuna Silver Mines (NYSE:FSM) Shares Gap Up - Should You Buy?

Fortuna Silver Mines Inc. (NYSE:FSM - Get Free Report) TSE: FVI shares gapped up prior to trading on Thursday . The stock had previously closed at $6.74, but opened at $7.02. Fortuna Silver Mines shares last traded at $7.45, with a volume of 5,051,130 shares traded.

Analyst Ratings Changes

Several brokerages have commented on FSM. Cibc World Mkts cut shares of Fortuna Silver Mines from a "hold" rating to a "strong sell" rating in a research report on Tuesday, February 18th. CIBC cut shares of Fortuna Silver Mines from a "neutral" rating to a "sector underperform" rating in a research note on Tuesday, February 18th. National Bank Financial raised shares of Fortuna Silver Mines to a "hold" rating in a research note on Friday, March 21st. Finally, Scotiabank raised their target price on shares of Fortuna Silver Mines from $6.00 to $7.00 and gave the stock a "sector perform" rating in a report on Monday, April 14th.

Fortuna Silver Mines Trading Down 3.6%

The business has a 50-day moving average of $6.01 and a 200-day moving average of $5.27. The company has a quick ratio of 1.37, a current ratio of 1.94 and a debt-to-equity ratio of 0.12. The stock has a market cap of $2.19 billion, a price-to-earnings ratio of 89.14 and a beta of 0.93.

Fortuna Silver Mines (NYSE:FSM - Get Free Report) TSE: FVI last released its quarterly earnings results on Wednesday, May 7th. The basic materials company reported $0.20 earnings per share for the quarter, missing analysts' consensus estimates of $0.21 by ($0.01). Fortuna Silver Mines had a net margin of 2.45% and a return on equity of 10.08%. The business had revenue of $290.15 million for the quarter, compared to the consensus estimate of $291.00 million. As a group, research analysts forecast that Fortuna Silver Mines Inc. will post 0.51 earnings per share for the current year.

Institutional Trading of Fortuna Silver Mines

A number of hedge funds have recently modified their holdings of FSM. Mackenzie Financial Corp raised its position in Fortuna Silver Mines by 224.6% in the fourth quarter. Mackenzie Financial Corp now owns 4,720,375 shares of the basic materials company's stock worth $20,240,000 after purchasing an additional 3,266,096 shares in the last quarter. Nuveen LLC bought a new stake in shares of Fortuna Silver Mines in the 1st quarter valued at approximately $17,032,000. Connor Clark & Lunn Investment Management Ltd. raised its holdings in shares of Fortuna Silver Mines by 123.9% in 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 buying an additional 2,688,900 shares in the last quarter. Jump Financial LLC acquired a new position in shares of Fortuna Silver Mines in the 1st quarter worth approximately $14,076,000. Finally, Tidal Investments LLC lifted its position in shares of Fortuna Silver Mines by 40.3% during the 4th quarter. Tidal Investments LLC now owns 7,542,803 shares of the basic materials company's stock worth $32,359,000 after buying an additional 2,165,430 shares during the period. Institutional investors own 33.80% of the company's stock.

About Fortuna Silver Mines

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.