Fortuna Silver Mines (NYSE:FSM) Hits New 12-Month High – Here’s Why

Fortuna Silver Mines Inc. (NYSE:FSM) (TSE:FVI)’s stock price hit a new 52-week high during trading on Thursday . The company traded as high as $6.50 and last traded at $6.24, with a volume of 15706570 shares traded. The stock had previously closed at $6.10.

Analysts Set New Price Targets

FSM has been the topic of several recent research reports. Scotiabank reduced their price target on Fortuna Silver Mines from $6.75 to $6.00 and set a “sector perform” rating on the stock in a research report on Wednesday, January 15th. CIBC cut shares of Fortuna Silver Mines from a “neutral” rating to a “sector underperform” rating in a research report on Tuesday, February 18th. National Bank Financial raised Fortuna Silver Mines to a “hold” rating in a research note on Friday, March 21st. Finally, Cibc World Mkts lowered Fortuna Silver Mines from a “hold” rating to a “strong sell” rating in a research report on Tuesday, February 18th. Two research analysts have rated the stock with a sell rating, two have given a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Fortuna Silver Mines currently has an average rating of “Hold” and an average target price of $6.00.

Fortuna Silver Mines Stock Up 2.3 %

The company has a quick ratio of 1.37, a current ratio of 1.94 and a debt-to-equity ratio of 0.12. The company has a market capitalization of $1.91 billion, a P/E ratio of 77.98 and a beta of 1.50. The company has a 50-day moving average of $4.98 and a two-hundred day moving average of $4.81.

Fortuna Silver Mines (NYSE:FSM) (TSE:FVI) last posted its quarterly earnings results on Wednesday, March 5th. The basic materials company reported $0.11 earnings per share for the quarter, missing the consensus estimate of $0.20 by ($0.09). Fortuna Silver Mines had a return on equity of 10.08% and a net margin of 2.45%. The company had revenue of $302.20 million during the quarter, compared to analysts’ expectations of $301.65 million. On average, research analysts predict that Fortuna Silver Mines Inc. will post 0.51 EPS for the current year.

Institutional Trading of Fortuna Silver Mines

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Mackenzie Financial Corp boosted its holdings in Fortuna Silver Mines by 224.6% during the 4th quarter. Mackenzie Financial Corp now owns 4,720,375 shares of the basic materials company’s stock valued at $20,240,000 after acquiring an additional 3,266,096 shares during the period. Tidal Investments LLC lifted its holdings in shares of Fortuna Silver Mines by 40.3% during the fourth quarter. Tidal Investments LLC now owns 7,542,803 shares of the basic materials company’s stock worth $32,359,000 after purchasing an additional 2,165,430 shares during the period. Invesco Ltd. boosted its holdings in Fortuna Silver Mines by 1,558.0% during the fourth quarter. Invesco Ltd. now owns 1,940,748 shares of the basic materials company’s stock worth $8,326,000 after buying an additional 1,823,695 shares in the last quarter. D. E. Shaw & Co. Inc. grew its stake in Fortuna Silver Mines by 17.1% in the 4th 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 acquiring an additional 1,219,864 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its holdings in Fortuna Silver Mines by 63.9% in the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 2,170,700 shares of the basic materials company’s stock valued at $9,305,000 after purchasing an additional 845,900 shares in the last quarter. Institutional investors own 33.80% of the company’s stock.

About Fortuna Silver Mines

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.