Fortuna Mining (NYSE:FSM) Shares Gap Down – Here’s What Happened

Fortuna Mining Corp. (NYSE:FSM) (TSE:FVI) gapped down prior to trading on Monday . The stock had previously closed at $10.34, but opened at $9.80. Fortuna Mining shares last traded at $9.8710, with a volume of 1,352,987 shares traded.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on FSM shares. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Fortuna Mining in a report on Monday. Wall Street Zen upgraded Fortuna Mining from a “hold” rating to a “buy” rating in a research report on Tuesday, December 23rd. Scotiabank raised Fortuna Mining from a “sector perform” rating to an “outperform” rating and lifted their target price for the company from $10.50 to $11.00 in a research note on Monday, November 24th. Finally, National Bankshares raised Fortuna Mining from a “sector perform” rating to an “outperform” rating in a research note on Monday, November 24th. Four investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $9.50.

Fortuna Mining Stock Up 0.2%

The company has a debt-to-equity ratio of 0.11, a current ratio of 3.30 and a quick ratio of 2.73. The firm has a market capitalization of $3.05 billion, a P/E ratio of 13.81 and a beta of 0.95. The firm’s fifty day moving average price is $9.03 and its 200-day moving average price is $8.03.

Fortuna Mining (NYSE:FSM) (TSE:FVI) last released its earnings results on Wednesday, November 5th. The basic materials company reported $0.15 earnings per share for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.08). Fortuna Mining had a return on equity of 12.42% and a net margin of 21.48%.The firm had revenue of $246.75 million during the quarter, compared to analyst estimates of $242.19 million. As a group, equities research analysts forecast that Fortuna Mining Corp. will post 0.51 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Van ECK Associates Corp raised its position in Fortuna Mining by 43.5% in the third quarter. Van ECK Associates Corp now owns 29,280,727 shares of the basic materials company’s stock worth $262,354,000 after acquiring an additional 8,878,857 shares in the last quarter. Arrowstreet Capital Limited Partnership grew its stake in shares of Fortuna Mining by 80.4% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 19,530,048 shares of the basic materials company’s stock worth $174,866,000 after purchasing an additional 8,706,611 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of 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 worth $122,747,000 after purchasing an additional 3,779,920 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Fortuna Mining by 17.0% in the 3rd quarter. Dimensional Fund Advisors LP now owns 9,307,942 shares of the basic materials company’s stock worth $83,389,000 after purchasing an additional 1,351,971 shares in the last quarter. Finally, Tidal Investments LLC lifted its stake in Fortuna Mining by 31.4% during the third 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 owned by institutional investors and hedge funds.

Fortuna Mining Company Profile

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.