Drive Wealth Management LLC Invests $95,000 in Fortuna Mining Corp. $FSM

Drive Wealth Management LLC acquired a new position in shares of Fortuna Mining Corp. (NYSE:FSM) (TSE:FVI) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 14,588 shares of the basic materials company’s stock, valued at approximately $95,000.

Other hedge funds have also made changes to their positions in the company. Farther Finance Advisors LLC acquired a new stake in shares of Fortuna Mining during the second quarter worth $42,000. Virtus Advisers LLC acquired a new position in Fortuna Mining in the first quarter valued at $58,000. PCG Wealth Advisors LLC acquired a new position in Fortuna Mining in the first quarter valued at $61,000. Quarry LP acquired a new position in Fortuna Mining in the first quarter valued at $82,000. Finally, FORA Capital LLC acquired a new position in Fortuna Mining in the first quarter valued at $85,000. Institutional investors and hedge funds own 33.80% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the company. Scotiabank lifted their target price on Fortuna Mining from $8.00 to $8.50 and gave the company a “sector perform” rating in a report on Thursday, October 16th. CIBC lifted their target price on Fortuna Mining from $7.00 to $8.00 and gave the company an “underperformer” rating in a report on Tuesday, July 15th. Zacks Research cut Fortuna Mining from a “strong-buy” rating to a “hold” rating in a report on Friday, August 15th. National Bankshares reiterated a “sector perform” rating on shares of Fortuna Mining in a report on Tuesday, June 24th. Finally, BMO Capital Markets reiterated an “outperform” rating on shares of Fortuna Mining in a report on Friday, August 8th. Two equities 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 company. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $8.25.

Fortuna Mining Trading Down 10.1%

Shares of FSM opened at $8.00 on Wednesday. The stock’s 50-day moving average is $8.19 and its two-hundred day moving average is $6.99. The stock has a market cap of $2.46 billion, a PE ratio of 16.01 and a beta of 0.84. Fortuna Mining Corp. has a 12 month low of $4.13 and a 12 month high of $9.81. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.71 and a quick ratio of 2.15.

Fortuna Mining (NYSE:FSM) (TSE:FVI) last issued its quarterly earnings data on Wednesday, August 6th. The basic materials company reported $0.14 EPS for the quarter, missing analysts’ consensus estimates of $0.22 by ($0.08). The company had revenue of $230.42 million for the quarter, compared to analyst estimates of $220.00 million. Fortuna Mining had a return on equity of 12.74% and a net margin of 14.36%. Equities analysts forecast that Fortuna Mining Corp. will post 0.51 earnings per share for the current fiscal year.

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.