Fortuna Mining (NYSE:FSM) Shares Gap Up – Still a Buy?

Fortuna Mining Corp. (NYSE:FSM) (TSE:FVI)’s stock price gapped up prior to trading on Tuesday . The stock had previously closed at $7.70, but opened at $8.00. Fortuna Mining shares last traded at $7.66, with a volume of 2,484,491 shares trading hands.

Analyst Ratings Changes

A number of brokerages have recently commented on FSM. CIBC upped their target price on shares of 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 shares of Fortuna Mining from a “strong-buy” rating to a “hold” rating in a report on Friday, August 15th. BMO Capital Markets reaffirmed an “outperform” rating on shares of Fortuna Mining in a report on Friday, August 8th. National Bankshares reaffirmed a “sector perform” rating on shares of Fortuna Mining in a report on Tuesday, June 24th. Finally, Wall Street Zen cut shares of Fortuna Mining from a “strong-buy” rating to a “hold” rating in a report on Saturday, August 9th. One investment analyst has 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.com, the company currently has a consensus rating of “Hold” and a consensus target price of $8.00.

Fortuna Mining Stock Down 0.2%

The company has a market cap of $2.36 billion, a PE ratio of 15.37 and a beta of 0.85. The company has a quick ratio of 2.15, a current ratio of 2.71 and a debt-to-equity ratio of 0.13. The firm’s fifty day simple moving average is $6.85 and its 200-day simple moving average is $6.19.

Fortuna Mining (NYSE:FSM) (TSE:FVI) last announced its quarterly earnings results on Wednesday, August 6th. The basic materials company reported $0.14 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.22 by ($0.08). Fortuna Mining had a net margin of 14.36% and a return on equity of 12.74%. The business had revenue of $230.42 million during the quarter, compared to analysts’ expectations of $220.00 million. As a group, equities research analysts expect that Fortuna Mining Corp. will post 0.51 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Fortuna Mining

Several institutional investors and hedge funds have recently modified their holdings of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of Fortuna Mining by 18.6% during the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,927,134 shares of the basic materials company’s stock valued at $64,823,000 after buying an additional 1,554,963 shares during the period. Dimensional Fund Advisors LP lifted its stake in shares of Fortuna Mining by 10.5% during the fourth quarter. Dimensional Fund Advisors LP now owns 8,402,119 shares of the basic materials company’s stock valued at $36,043,000 after buying an additional 796,364 shares during the period. Goldman Sachs Group Inc. lifted its stake in shares of Fortuna Mining by 19.6% during the first quarter. Goldman Sachs Group Inc. now owns 8,368,272 shares of the basic materials company’s stock valued at $51,046,000 after buying an additional 1,368,600 shares during the period. D. E. Shaw & Co. Inc. lifted its stake in shares of Fortuna Mining by 17.1% during the fourth quarter. D. E. Shaw & Co. Inc. now owns 8,340,195 shares of the basic materials company’s stock valued at $35,779,000 after buying an additional 1,219,864 shares during the period. Finally, Tidal Investments LLC lifted its stake in shares of Fortuna Mining by 40.3% during the fourth quarter. Tidal Investments LLC now owns 7,542,803 shares of the basic materials company’s stock valued at $32,359,000 after buying an additional 2,165,430 shares during the period. Hedge funds and other institutional investors own 33.80% of the company’s stock.

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.