Fortuna Silver Mines Inc. (NYSE:FSM) Sees Large Decline in Short Interest

Fortuna Silver Mines Inc. (NYSE:FSM) (TSE:FVI) was the target of a large drop in short interest in September. As of September 15th, there was short interest totalling 10,430,000 shares, a drop of 7.6% from the August 31st total of 11,290,000 shares. Currently, 3.4% of the shares of the stock are short sold. Based on an average daily trading volume, of 5,430,000 shares, the days-to-cover ratio is currently 1.9 days.

Institutional Trading of Fortuna Silver Mines

Several hedge funds have recently made changes to their positions in the business. Banque Cantonale Vaudoise bought a new position in shares of Fortuna Silver Mines during the 2nd quarter valued at approximately $36,000. Perritt Capital Management Inc. increased its position in Fortuna Silver Mines by 40.0% during the first quarter. Perritt Capital Management Inc. now owns 10,500 shares of the basic materials company’s stock valued at $39,000 after acquiring an additional 3,000 shares during the last quarter. Hohimer Wealth Management LLC purchased a new stake in shares of Fortuna Silver Mines in the second quarter valued at $54,000. Choreo LLC bought a new stake in shares of Fortuna Silver Mines in the 2nd quarter worth about $59,000. Finally, Corundum Trust Company INC purchased a new position in shares of Fortuna Silver Mines during the 2nd quarter worth about $73,000. 33.80% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Separately, Scotiabank lifted their price target on shares of Fortuna Silver Mines from $6.00 to $6.50 and gave the company a “sector perform” rating in a report on Monday, August 19th.

Fortuna Silver Mines Price Performance

NYSE:FSM traded up $0.15 during trading hours on Tuesday, reaching $4.78. The stock had a trading volume of 8,479,731 shares, compared to its average volume of 6,197,632. The stock has a market capitalization of $1.46 billion, a PE ratio of -43.45 and a beta of 1.59. Fortuna Silver Mines has a 52 week low of $2.58 and a 52 week high of $6.36. The company has a 50 day moving average price of $4.62 and a two-hundred day moving average price of $4.79. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.00 and a current ratio of 1.51.

Fortuna Silver Mines (NYSE:FSM) (TSE:FVI) last announced its quarterly earnings results on Wednesday, August 7th. The basic materials company reported $0.13 earnings per share for the quarter, missing the consensus estimate of $0.16 by ($0.03). The business had revenue of $259.97 million during the quarter. Fortuna Silver Mines had a return on equity of 8.75% and a net margin of 0.20%. As a group, sell-side analysts anticipate that Fortuna Silver Mines will post 0.47 earnings per share for the current fiscal year.

Fortuna Silver Mines Company Profile

Fortuna Silver Mines Inc 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.