Fortuna Silver Mines (NYSE:FSM) Stock Price Down 2.6% on Analyst Downgrade

Fortuna Silver Mines Inc. (NYSE:FSM) (TSE:FVI)’s share price fell 2.6% during 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 changed 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

Institutional investors have recently added to or reduced their stakes in the stock. Financial Management Professionals Inc. purchased a new position in Fortuna Silver Mines during the third quarter worth approximately $29,000. SeaCrest Wealth Management LLC purchased a new position in Fortuna Silver Mines during the fourth quarter worth approximately $45,000. Private Advisor Group LLC purchased a new position in Fortuna Silver Mines during the third quarter worth approximately $50,000. Choreo LLC acquired a new stake in Fortuna Silver Mines during the second quarter worth $59,000. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new stake in Fortuna Silver Mines during the second quarter worth $92,000. Hedge funds and other institutional investors own 33.80% of the company’s stock.

Fortuna Silver Mines Stock Performance

The firm has a 50 day simple moving average of $4.63 and a 200-day simple moving average of $4.73. The company has a debt-to-equity ratio of 0.12, a current ratio of 1.94 and a quick ratio of 1.37. The company has a market cap of $1.38 billion, a price-to-earnings ratio of 56.01 and a beta of 1.55.

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.