Fortuna Mining (NYSE:FSM) Shares Gap Up – What’s Next?

Fortuna Mining Corp. (NYSE:FSM) (TSE:FVI)’s share price gapped up before the market opened on Wednesday . The stock had previously closed at $10.45, but opened at $11.14. Fortuna Mining shares last traded at $11.5190, with a volume of 1,117,632 shares changing hands.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on FSM shares. Scotiabank restated an “outperform” rating on shares of Fortuna Mining in a report on Thursday, July 30th. Wall Street Zen cut shares of Fortuna Mining from a “strong-buy” rating to a “buy” rating in a research report on Sunday, July 12th. Zacks Research raised shares of Fortuna Mining from a “strong sell” rating to a “hold” rating in a research note on Monday, July 13th. Finally, Weiss Ratings lowered shares of Fortuna Mining from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Thursday, June 18th. Three research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, Fortuna Mining currently has a consensus rating of “Moderate Buy” and a consensus price target of $14.00.

Fortuna Mining Stock Up 2.7%

The company has a quick ratio of 2.50, a current ratio of 3.00 and a debt-to-equity ratio of 0.11. The company has a fifty day simple moving average of $9.12 and a 200 day simple moving average of $9.93. The firm has a market capitalization of $3.53 billion, a P/E ratio of 10.12 and a beta of 1.01.

Fortuna Mining (NYSE:FSM) (TSE:FVI) last issued its quarterly earnings results on Wednesday, August 5th. The basic materials company reported $0.24 earnings per share for the quarter, missing the consensus estimate of $0.29 by ($0.05). The company had revenue of $318.41 million for the quarter, compared to the consensus estimate of $325.00 million. Fortuna Mining had a net margin of 31.99% and a return on equity of 17.48%. On average, equities analysts expect that Fortuna Mining Corp. will post 1.32 EPS for the current fiscal year.

Institutional Trading of Fortuna Mining

A number of institutional investors and hedge funds have recently bought and sold shares of FSM. Arrowstreet Capital Limited Partnership increased its position in shares of Fortuna Mining by 80.4% during the third quarter. Arrowstreet Capital Limited Partnership now owns 19,530,048 shares of the basic materials company’s stock valued at $174,866,000 after acquiring an additional 8,706,611 shares in the last quarter. Vanguard Group Inc. raised its holdings in Fortuna Mining by 1,623.8% in the 3rd quarter. Vanguard Group Inc. now owns 4,562,023 shares of the basic materials company’s stock worth $40,844,000 after acquiring an additional 4,297,370 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in Fortuna Mining by 38.1% in the 3rd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 13,707,054 shares of the basic materials company’s stock valued at $122,747,000 after acquiring an additional 3,779,920 shares in the last quarter. Invesco Ltd. lifted its position in Fortuna Mining by 1,130.8% in the 3rd quarter. Invesco Ltd. now owns 3,118,752 shares of the basic materials company’s stock valued at $27,944,000 after acquiring an additional 2,865,367 shares in the last quarter. Finally, Tidal Investments LLC boosted its stake in Fortuna Mining by 31.4% during the 3rd quarter. Tidal Investments LLC now owns 8,947,480 shares of the basic materials company’s stock valued at $80,169,000 after purchasing an additional 2,138,143 shares during the last quarter. 33.80% of the stock is currently owned by institutional investors.

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. The company was formerly known as Fortuna Silver Mines Inc and changed its name to Fortuna Mining Corp.