Fortuna Silver Mines (NYSE:FSM) Shares Gap Up - Here's Why

Fortuna Silver Mines Inc. (NYSE:FSM - Get Free Report) TSE: FVI's share price gapped up before the market opened 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 trading hands.

Analyst Ratings Changes

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

Fortuna Silver Mines Stock Down 3.6%

The stock has a market capitalization of $2.19 billion, a P/E ratio of 89.14 and a beta of 0.93. The firm's fifty day moving average is $6.01 and its 200-day moving average is $5.26. The company has a current ratio of 1.94, a quick ratio of 1.37 and a debt-to-equity ratio of 0.12.

Fortuna Silver Mines (NYSE:FSM - Get Free Report) TSE: FVI last announced its quarterly earnings results on Wednesday, May 7th. The basic materials company reported $0.20 earnings per share (EPS) for the quarter, missing the consensus estimate 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 firm had revenue of $290.15 million for the quarter, compared to the consensus estimate of $291.00 million. As a group, equities research analysts predict that Fortuna Silver Mines Inc. will post 0.51 earnings per share for the current year.

Hedge Funds Weigh In On Fortuna Silver Mines

A number of institutional investors have recently modified their holdings of the stock. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of Fortuna Silver Mines 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 acquiring an additional 549,665 shares during the last quarter. Goldman Sachs Group Inc. grew its holdings in Fortuna Silver Mines by 19.6% during the first quarter. Goldman Sachs Group Inc. now owns 8,368,272 shares of the basic materials company's stock valued at $51,046,000 after purchasing an additional 1,368,600 shares during the period. NewEdge Advisors LLC grew its holdings in Fortuna Silver Mines by 0.9% during the first quarter. NewEdge Advisors LLC now owns 383,400 shares of the basic materials company's stock valued at $2,339,000 after purchasing an additional 3,600 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of Fortuna Silver Mines by 11.4% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 8,372,171 shares of the basic materials company's stock valued at $50,899,000 after buying an additional 859,398 shares during the period. Finally, PDT Partners LLC acquired a new position in shares of Fortuna Silver Mines in the first quarter valued at approximately $1,545,000. 33.80% of the stock is owned by institutional investors.

Fortuna Silver Mines Company Profile

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.