Fortuna Silver Mines (NYSE:FSM) Shares Gap Down – What’s Next?

Fortuna Silver Mines Inc. (NYSE:FSM) (TSE:FVI)’s share price gapped down before the market opened on Monday . The stock had previously closed at $4.97, but opened at $4.72. Fortuna Silver Mines shares last traded at $4.78, with a volume of 431,812 shares traded.

Analysts Set New Price Targets

Separately, Scotiabank upped their price objective on shares of 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 Performance

The stock has a market cap of $1.52 billion, a price-to-earnings ratio of 62.13 and a beta of 1.58. The firm has a fifty day simple moving average of $4.85 and a 200 day simple moving average of $4.94. The company has a current ratio of 1.94, a quick ratio of 1.37 and a debt-to-equity ratio of 0.12.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in FSM. Cubist Systematic Strategies LLC raised its stake in Fortuna Silver Mines by 273.0% in the 2nd quarter. Cubist Systematic Strategies LLC now owns 1,263,905 shares of the basic materials company’s stock valued at $6,180,000 after acquiring an additional 925,084 shares during the period. Van ECK Associates Corp grew its stake in shares of Fortuna Silver Mines by 2.6% during the third quarter. Van ECK Associates Corp now owns 30,563,833 shares of the basic materials company’s stock worth $141,511,000 after buying an additional 788,703 shares during the last quarter. K2 Principal Fund L.P. acquired a new stake in shares of Fortuna Silver Mines during the second quarter valued at about $550,000. D. E. Shaw & Co. Inc. lifted its holdings in shares of Fortuna Silver Mines by 165.9% during the second 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 during the period. Finally, Sicart Associates LLC bought a new stake in shares of Fortuna Silver Mines in the 3rd quarter valued at about $3,171,000. Institutional investors and hedge funds 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.