Wall Street Zen Upgrades Fortuna Mining (NYSE:FSM) to "Buy"

Key Points

• Fortuna Mining has been upgraded from a "hold" rating to a "buy" rating by analysts at Wall Street Zen, indicating positive sentiment about the stock's potential.
• Several research firms have varied opinions on Fortuna Mining, with a consensus target price of $8.00 and ratings ranging from "buy" to "underperformer."
• In their latest earnings report, Fortuna Mining reported $0.14 EPS, which was below the consensus estimate of $0.22, but exceeded revenue expectations with $230.42 million reported.

Fortuna Mining (NYSE:FSM - Get Free Report) TSE: FVI was upgraded by stock analysts at Wall Street Zen from a "hold" rating to a "buy" rating in a report released on Saturday.

Several other research firms have also recently commented on FSM. CIBC raised their price target on Fortuna Mining from $7.00 to $8.00 and gave the company an "underperformer" rating in a report on Tuesday, July 15th. BMO Capital Markets reissued an "outperform" rating on shares of Fortuna Mining in a report on Friday, August 8th. National Bankshares reissued a "sector perform" rating on shares of Fortuna Mining in a report on Tuesday, June 24th. Zacks Research cut Fortuna Mining from a "strong-buy" rating to a "hold" rating in a report on Friday, August 15th. Finally, Scotiabank raised their price target on Fortuna Mining from $7.50 to $8.00 and gave the company a "sector perform" rating in a report on Wednesday, August 6th. Two research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Fortuna Mining has an average rating of "Hold" and a consensus target price of $8.00.

Fortuna Mining Stock Down 1.1%

FSM opened at $8.85 on Friday. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.71 and a quick ratio of 2.15. The business has a 50 day simple moving average of $7.88 and a 200-day simple moving average of $6.84. The stock has a market capitalization of $2.72 billion, a P/E ratio of 17.70 and a beta of 0.84. Fortuna Mining has a 12 month low of $4.13 and a 12 month high of $9.59.

Fortuna Mining (NYSE:FSM - Get Free Report) TSE: FVI last posted its quarterly earnings results on Wednesday, August 6th. The basic materials company reported $0.14 EPS for the quarter, missing the consensus estimate of $0.22 by ($0.08). The business had revenue of $230.42 million during the quarter, compared to analyst estimates of $220.00 million. Fortuna Mining had a net margin of 14.36% and a return on equity of 12.74%. On average, equities analysts anticipate that Fortuna Mining will post 0.51 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Fortuna Mining

Institutional investors have recently made changes to their positions in the stock. Geneos Wealth Management Inc. raised its holdings in shares of Fortuna Mining by 100.0% in the second quarter. Geneos Wealth Management Inc. now owns 4,000 shares of the basic materials company's stock worth $26,000 after acquiring an additional 2,000 shares during the last quarter. EverSource Wealth Advisors LLC raised its holdings in shares of Fortuna Mining by 126.8% in the second quarter. EverSource Wealth Advisors LLC now owns 4,813 shares of the basic materials company's stock worth $31,000 after acquiring an additional 2,691 shares during the last quarter. Osaic Holdings Inc. raised its holdings in shares of Fortuna Mining by 96.7% in the second quarter. Osaic Holdings Inc. now owns 6,116 shares of the basic materials company's stock worth $40,000 after acquiring an additional 3,006 shares during the last quarter. Farther Finance Advisors LLC acquired a new position in shares of Fortuna Mining in the second quarter worth $42,000. Finally, Virtus Advisers LLC acquired a new position in shares of Fortuna Mining in the first quarter worth $58,000. 33.80% of the stock is owned by institutional investors and hedge funds.

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.

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