Fortuna Silver Mines (NYSE:FSM) Trading Down 2.6% Following Analyst Downgrade

Fortuna Silver Mines Inc. (NYSE:FSM) (TSE:FVI) traded down 2.6% during mid-day trading on Wednesday after Scotiabank lowered their price target on the stock from $6.75 to $6.00. Scotiabank currently has a sector perform rating on the stock. Fortuna Silver Mines traded as low as $4.42 and last traded at $4.44. 1,256,723 shares traded hands during trading, a decline of 86% from the average session volume of 8,770,399 shares. The stock had previously closed at $4.56.

Hedge Funds Weigh In On Fortuna Silver Mines

A number of institutional investors have recently added to or reduced their stakes in the stock. D. E. Shaw & Co. Inc. increased its stake in shares of Fortuna Silver Mines by 165.9% in the second quarter. D. E. Shaw & Co. Inc. now owns 5,557,376 shares of the basic materials company’s stock valued at $27,176,000 after buying an additional 3,467,562 shares during the period. Renaissance Technologies LLC grew its stake in Fortuna Silver Mines by 94.9% in the second quarter. Renaissance Technologies LLC now owns 5,147,900 shares of the basic materials company’s stock valued at $25,173,000 after acquiring an additional 2,507,249 shares during the period. American Century Companies Inc. increased its stake in Fortuna Silver Mines by 28.2% during 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 in the last quarter. Cubist Systematic Strategies LLC increased its position in shares of Fortuna Silver Mines by 273.0% during the second quarter. Cubist Systematic Strategies LLC now owns 1,263,905 shares of the basic materials company’s stock worth $6,180,000 after acquiring an additional 925,084 shares in the last quarter. Finally, The Manufacturers Life Insurance Company increased its holdings in Fortuna Silver Mines by 323.4% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 1,075,479 shares of the basic materials company’s stock worth $5,005,000 after purchasing an additional 821,495 shares in the last quarter. 33.80% of the stock is currently owned by institutional investors and hedge funds.

Fortuna Silver Mines Price Performance

The company has a fifty day moving average of $4.62 and a 200-day moving average of $4.73. The firm has a market cap of $1.32 billion, a P/E ratio of 53.69 and a beta of 1.55. The company has a debt-to-equity ratio of 0.12, a current ratio of 1.94 and a quick ratio of 1.37.

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.