Fortuna Silver Mines Inc. (NYSE:FSM) Sees Large Drop in Short Interest

Fortuna Silver Mines Inc. (NYSE:FSM) (TSE:FVI) was the target of a significant decline in short interest in September. As of September 15th, there was short interest totalling 10,430,000 shares, a decline of 7.6% from the August 31st total of 11,290,000 shares. Based on an average daily volume of 5,430,000 shares, the days-to-cover ratio is currently 1.9 days. Currently, 3.4% of the company’s shares are short sold.

Institutional Investors Weigh In On Fortuna Silver Mines

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Banque Cantonale Vaudoise purchased a new position in shares of Fortuna Silver Mines in the second quarter valued at $36,000. Perritt Capital Management Inc. increased its holdings in shares of Fortuna Silver Mines by 40.0% in the first quarter. Perritt Capital Management Inc. now owns 10,500 shares of the basic materials company’s stock worth $39,000 after purchasing an additional 3,000 shares during the period. Hohimer Wealth Management LLC purchased a new position in Fortuna Silver Mines during the second quarter worth about $54,000. Coppell Advisory Solutions Corp. purchased a new stake in shares of Fortuna Silver Mines in the 1st quarter valued at about $56,000. Finally, Choreo LLC purchased a new position in shares of Fortuna Silver Mines during the second quarter worth about $59,000. 33.80% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

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

Fortuna Silver Mines Stock Up 3.5 %

Shares of Fortuna Silver Mines stock traded up $0.16 during trading hours on Tuesday, reaching $4.79. The company’s stock had a trading volume of 7,384,249 shares, compared to its average volume of 6,191,853. 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 stock’s fifty day simple moving average is $4.62 and its two-hundred day simple moving average is $4.79. The company has a market capitalization of $1.47 billion, a P/E ratio of -42.27 and a beta of 1.59. Fortuna Silver Mines has a one year low of $2.58 and a one year high of $6.36.

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

Fortuna Silver Mines Company Profile

Fortuna Silver Mines Inc 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.