Fortuna Silver Mines (NYSE:FSM) Trading 9.9% Higher - Here's What Happened

Fortuna Silver Mines Inc. (NYSE:FSM - Get Free Report) TSE: FVI's share price shot up 9.9% during mid-day trading on Monday . The stock traded as high as $6.42 and last traded at $6.43. 2,438,287 shares changed hands during mid-day trading, a decline of 76% from the average session volume of 10,332,020 shares. The stock had previously closed at $5.85.

Wall Street Analysts Forecast Growth

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

Fortuna Silver Mines Stock Performance

The company has a market cap of $2.07 billion, a P/E ratio of 84.14 and a beta of 1.10. 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 business has a fifty day simple moving average of $5.96 and a two-hundred day simple moving average of $5.24.

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 (EPS) 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 firm had revenue of $290.15 million for the quarter, compared to the consensus estimate of $291.00 million. On average, sell-side analysts anticipate that Fortuna Silver Mines Inc. will post 0.51 EPS for the current year.

Hedge Funds Weigh In On Fortuna Silver Mines

A number of hedge funds have recently made changes to their positions in FSM. Barclays PLC purchased a new position in Fortuna Silver Mines in the 3rd quarter worth approximately $2,227,000. Bank of America Corp DE lifted its holdings in shares of Fortuna Silver Mines by 15.4% in the fourth quarter. Bank of America Corp DE now owns 927,264 shares of the basic materials company's stock worth $3,978,000 after buying an additional 123,720 shares in the last quarter. Legal & General Group Plc boosted its position in shares of Fortuna Silver Mines by 10.0% during the fourth quarter. Legal & General Group Plc now owns 863,406 shares of the basic materials company's stock worth $3,704,000 after acquiring an additional 78,284 shares during the last quarter. Y Intercept Hong Kong Ltd bought a new position in shares of Fortuna Silver Mines during the fourth quarter worth $67,000. Finally, BNP Paribas Financial Markets purchased a new position in Fortuna Silver Mines during the fourth quarter valued at $801,000. Institutional investors own 33.80% of the company's stock.

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.