Fortuna Mining (NYSE:FSM) Share Price Breaks Above Two Hundred Day Moving Average - Here's What Happened

Key Points

• Fortuna Mining shares broke above their 200-day moving average, reaching $11.28 and last trading at $11.1450, compared with the 200-day average of $10.03.
• Analysts maintain a generally positive outlook, with four Buy ratings and one Hold rating. The stock has an overall “Moderate Buy” consensus and an average price target of $14.00.
• Fortuna reported quarterly EPS of $0.24, below the $0.29 consensus estimate, while revenue of $318.41 million also fell short of expectations. Institutional investors own approximately 33.8% of the company.

Fortuna Mining Corp. (NYSE:FSM - Get Free Report) TSE: FVI shares crossed above its two hundred day moving average during trading on Monday. The stock has a two hundred day moving average of $10.03 and traded as high as $11.28. Fortuna Mining shares last traded at $11.1450, with a volume of 3,176,012 shares traded.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on FSM shares. Scotiabank reiterated an "outperform" rating on shares of Fortuna Mining in a report on Thursday, July 30th. Wall Street Zen cut Fortuna Mining from a "strong-buy" rating to a "buy" rating in a report on Sunday, July 12th. Zacks Research raised Fortuna Mining from a "strong sell" rating to a "hold" rating in a research report on Monday, July 13th. Finally, Weiss Ratings upgraded shares of Fortuna Mining from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Tuesday, September 8th. Four investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, Fortuna Mining currently has an average rating of "Moderate Buy" and an average target price of $14.00.

Fortuna Mining Price Performance

The stock has a market capitalization of $3.30 billion, a price-to-earnings ratio of 9.44 and a beta of 1.05. The company has a debt-to-equity ratio of 0.11, a quick ratio of 2.50 and a current ratio of 3.00. The company has a 50 day moving average of $11.21 and a 200 day moving average of $10.03.

Fortuna Mining (NYSE:FSM - Get Free Report) TSE: FVI last announced its quarterly earnings data on Wednesday, August 5th. The basic materials company reported $0.24 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.29 by ($0.05). The company had revenue of $318.41 million during the quarter, compared to analysts' expectations of $325.00 million. Fortuna Mining had a net margin of 31.99% and a return on equity of 17.48%. As a group, equities research analysts anticipate that Fortuna Mining Corp. will post 1.24 EPS for the current year.

Institutional Investors Weigh In On Fortuna Mining

Hedge funds and other institutional investors have recently modified their holdings of the company. Public Employees Retirement System of Ohio purchased a new stake in shares of Fortuna Mining in the second quarter valued at $7,076,000. Arrowstreet Capital Limited Partnership boosted its stake in Fortuna Mining by 3.5% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 20,216,810 shares of the basic materials company's stock worth $198,176,000 after buying an additional 686,762 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in Fortuna Mining by 5.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 10,634,157 shares of the basic materials company's stock worth $105,576,000 after buying an additional 567,558 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund acquired a new position in shares of Fortuna Mining during the 1st quarter valued at about $3,607,000. Finally, Royal Bank of Canada lifted its holdings in shares of Fortuna Mining by 33.1% during the 1st quarter. Royal Bank of Canada now owns 1,394,600 shares of the basic materials company's stock worth $13,849,000 after acquiring an additional 346,716 shares during the period. 33.80% of the stock is currently owned by institutional investors and hedge funds.

Fortuna Mining Company Profile

Fortuna Mining Corp. is a precious metals mining company formerly known as Fortuna Silver Mines Inc The company explores, develops, and operates mines producing gold and silver, with activities spanning Latin America and West Africa.

Fortuna's operating portfolio includes the Lindero gold mine in Argentina, the Séguéla gold mine in Côte d'Ivoire, the Yaramoko gold mine in Burkina Faso, and the Caylloma silver mine in Peru. The company also conducts mineral exploration and resource development in the regions surrounding its operations.

Founded in 2004, Fortuna initially focused on silver mining in Latin America before expanding into gold production and broadening its geographic presence.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.