Fortuna Silver Mines (NYSE:FSM) Shares Gap Up – Time to Buy?

Fortuna Silver Mines Inc. (NYSE:FSM) (TSE:FVI) gapped up before the market opened on Monday . The stock had previously closed at $5.15, but opened at $5.35. Fortuna Silver Mines shares last traded at $5.28, with a volume of 1,049,683 shares traded.

Analysts Set New Price Targets

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

Fortuna Silver Mines Stock Up 3.4 %

The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.00 and a current ratio of 1.51. The business’s 50 day moving average price is $4.71 and its 200-day moving average price is $4.91. The firm has a market capitalization of $1.67 billion, a PE ratio of -49.64 and a beta of 1.60.

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

Institutional Trading of Fortuna Silver Mines

Hedge funds and other institutional investors have recently made changes to their positions in the company. Private Advisor Group LLC purchased a new position in Fortuna Silver Mines during the 3rd quarter worth $50,000. Point72 Asia Singapore Pte. Ltd. purchased a new position in Fortuna Silver Mines in the 2nd quarter valued at approximately $92,000. The Manufacturers Life Insurance Company raised its stake in shares of Fortuna Silver Mines by 1.4% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 253,984 shares of the basic materials company’s stock worth $1,240,000 after buying an additional 3,392 shares during the last quarter. D. E. Shaw & Co. Inc. increased its stake in shares of Fortuna Silver Mines by 165.9% during the 2nd quarter. D. E. Shaw & Co. Inc. now owns 5,557,376 shares of the basic materials company’s stock worth $27,176,000 after purchasing an additional 3,467,562 shares in the last quarter. Finally, Toronto Dominion Bank raised its position in shares of Fortuna Silver Mines by 95.5% during the 2nd quarter. Toronto Dominion Bank now owns 26,743 shares of the basic materials company’s stock worth $131,000 after purchasing an additional 13,062 shares during the last quarter. Institutional investors and hedge funds own 33.80% of the company’s stock.

Fortuna Silver Mines 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.