Fortuna Silver Mines (NYSE:FSM) Trading 6.4% Higher – What’s Next?

Fortuna Silver Mines Inc. (NYSE:FSM) (TSE:FVI) shares were up 6.4% during trading on Tuesday . The stock traded as high as $4.51 and last traded at $4.51. Approximately 1,874,819 shares changed hands during trading, a decline of 78% from the average daily volume of 8,699,205 shares. The stock had previously closed at $4.24.

Analyst Ratings Changes

Separately, Scotiabank cut their target price on Fortuna Silver Mines from $6.75 to $6.00 and set a “sector perform” rating on the stock in a report on Wednesday.

Fortuna Silver Mines Price Performance

The stock has a market capitalization of $1.32 billion, a price-to-earnings ratio of 53.69 and a beta of 1.55. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.37 and a current ratio of 1.94. The company has a fifty day simple moving average of $4.63 and a 200 day simple moving average of $4.73.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in FSM. Choreo LLC acquired a new position in shares of Fortuna Silver Mines in the 2nd quarter valued at about $59,000. American Century Companies Inc. lifted its stake in shares of Fortuna Silver Mines by 28.2% in the 2nd quarter. American Century Companies Inc. now owns 4,839,145 shares of the basic materials company’s stock valued at $23,664,000 after purchasing an additional 1,065,370 shares during the period. Dimensional Fund Advisors LP lifted its stake in shares of Fortuna Silver Mines by 6.0% in the 2nd quarter. Dimensional Fund Advisors LP now owns 6,107,298 shares of the basic materials company’s stock valued at $29,865,000 after purchasing an additional 346,008 shares during the period. Renaissance Technologies LLC lifted its stake in shares of Fortuna Silver Mines by 94.9% in the 2nd quarter. Renaissance Technologies LLC now owns 5,147,900 shares of the basic materials company’s stock valued at $25,173,000 after purchasing an additional 2,507,249 shares during the period. Finally, AE Wealth Management LLC acquired a new position in shares of Fortuna Silver Mines in the 2nd quarter valued at about $118,000. 33.80% of the stock is owned by institutional investors and hedge funds.

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.