Fortuna Silver Mines (NYSE:FSM) Rating Lowered to Strong Sell at Cibc World Mkts

Fortuna Silver Mines (NYSE:FSM) (TSE:FVI) was downgraded by analysts at Cibc World Mkts from a “hold” rating to a “strong sell” rating in a research note issued to investors on Tuesday,Zacks.com reports.

Several other equities analysts have also recently issued reports on the stock. CIBC cut shares of Fortuna Silver Mines from a “neutral” rating to a “sector underperform” rating in a research note on Tuesday. Scotiabank decreased their target price on shares of Fortuna Silver Mines from $6.75 to $6.00 and set a “sector perform” rating for the company in a research note on Wednesday, January 15th. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat, Fortuna Silver Mines presently has a consensus rating of “Hold” and an average target price of $6.00.

Fortuna Silver Mines Stock Performance

Shares of NYSE FSM opened at $4.61 on Tuesday. The company has a current ratio of 1.94, a quick ratio of 1.37 and a debt-to-equity ratio of 0.12. Fortuna Silver Mines has a 12 month low of $2.63 and a 12 month high of $6.36. The company has a 50 day simple moving average of $4.64 and a two-hundred day simple moving average of $4.70. The stock has a market cap of $1.41 billion, a price-to-earnings ratio of 57.57 and a beta of 1.56.

Hedge Funds Weigh In On Fortuna Silver Mines

Several large investors have recently made changes to their positions in FSM. Private Advisor Group LLC acquired a new position in shares of Fortuna Silver Mines in the 3rd quarter valued at $50,000. Financial Management Professionals Inc. acquired a new position in Fortuna Silver Mines during the third quarter worth $29,000. Sicart Associates LLC acquired a new position in Fortuna Silver Mines during the third quarter worth $3,171,000. Van ECK Associates Corp raised its position in 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 acquiring an additional 788,703 shares during the period. Finally, Versor Investments LP raised its position in Fortuna Silver Mines by 36.9% during the third quarter. Versor Investments LP now owns 106,400 shares of the basic materials company’s stock worth $495,000 after acquiring an additional 28,700 shares during the period. 33.80% of the stock is currently owned by institutional investors and hedge funds.

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.