Fortuna Mining Sees Unusually Large Options Volume (NYSE:FSM)

Fortuna Mining Corp. (NYSE:FSM) (TSE:FVI) saw some unusual options trading on Wednesday. Traders bought 7,629 call options on the stock. This represents an increase of approximately 496% compared to the typical volume of 1,279 call options.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on FSM. Zacks Research upgraded Fortuna Mining from a “strong sell” rating to a “hold” rating in a research report on Monday, July 13th. Weiss Ratings downgraded Fortuna Mining from a “buy (b)” rating to a “buy (b-)” rating in a research note on Monday. Scotiabank reissued an “outperform” rating on shares of Fortuna Mining in a research report on Thursday, July 30th. Finally, Wall Street Zen downgraded Fortuna Mining from a “strong-buy” rating to a “buy” rating in a research report on Sunday, July 12th. Four analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $14.00.

Fortuna Mining Stock Down 3.0%

Fortuna Mining stock opened at $9.36 on Friday. The business has a fifty day moving average price of $11.28 and a 200-day moving average price of $10.33. The company has a debt-to-equity ratio of 0.11, a current ratio of 3.00 and a quick ratio of 2.50. Fortuna Mining has a 1-year low of $7.72 and a 1-year high of $13.85. The stock has a market capitalization of $2.77 billion, a price-to-earnings ratio of 7.93 and a beta of 1.05.

Fortuna Mining (NYSE:FSM) (TSE:FVI) last announced its quarterly earnings data on Wednesday, August 5th. The basic materials company reported $0.24 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%. Equities research analysts forecast that Fortuna Mining will post 1.06 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Sumitomo Mitsui Trust Group Inc. bought a new position in shares of Fortuna Mining in the 3rd quarter valued at about $256,000. Cardinal Point Capital Management ULC purchased a new position in shares of Fortuna Mining during the 3rd quarter worth about $217,000. TD Waterhouse Canada Inc. acquired a new position in shares of Fortuna Mining during the third quarter valued at approximately $824,000. Vanguard Capital Wealth Advisors purchased a new stake in shares of Fortuna Mining in the 3rd quarter valued at about $114,000. Finally, Global Strategic Management Inc. increased its stake in Fortuna Mining by 4.6% during the third quarter. Global Strategic Management Inc. now owns 1,046,319 shares of the basic materials company’s stock worth $11,750,000 after acquiring an additional 45,900 shares during the last quarter. 33.80% of the stock is currently owned by institutional investors and hedge funds.

About Fortuna Mining

Fortuna Mining Corp. is a precious metals mining company that explores, develops and operates mines producing gold and silver. The company’s portfolio also includes polymetallic production, including lead and zinc concentrates from its Caylloma operation in Peru. Fortuna sells its metal production to international smelters and refiners.

Fortuna’s operating portfolio includes the Lindero gold mine in Salta, Argentina; the Séguéla gold mine in Côte d’Ivoire; the Yaramoko gold mine in Burkina Faso; and the Caylloma silver-polymetallic mine in Peru.