Fortuna Silver Mines (NYSE:FSM) Shares Gap Down - Here's Why

Fortuna Silver Mines Inc. (NYSE:FSM - Get Free Report) TSE: FVI shares gapped down before the market opened on Monday . The stock had previously closed at $4.88, but opened at $4.64. Fortuna Silver Mines shares last traded at $4.56, with a volume of 2,839,403 shares trading hands.

Analysts Set New Price Targets

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

Fortuna Silver Mines Price Performance

The firm has a market cap of $1.36 billion, a P/E ratio of -40.27 and a beta of 1.60. The stock's 50-day moving average is $4.62 and its 200-day moving average is $4.83. The company has a quick ratio of 1.00, a current ratio of 1.51 and a debt-to-equity ratio of 0.12.

Fortuna Silver Mines (NYSE:FSM - Get Free Report) TSE: FVI last released its earnings results on Wednesday, August 7th. The basic materials company reported $0.13 earnings per share for the quarter, missing analysts' consensus estimates of $0.16 by ($0.03). The firm had revenue of $259.97 million for the quarter. Fortuna Silver Mines had a return on equity of 8.75% and a net margin of 0.20%. As a group, equities analysts anticipate that Fortuna Silver Mines Inc. will post 0.47 EPS for the current fiscal year.

Hedge Funds Weigh In On Fortuna Silver Mines

Institutional investors and hedge funds have recently bought and sold shares of the business. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Fortuna Silver Mines during the second quarter valued at approximately $92,000. The Manufacturers Life Insurance Company boosted its position in Fortuna Silver Mines by 1.4% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 253,984 shares of the basic materials company's stock valued at $1,240,000 after buying an additional 3,392 shares during the last quarter. D. E. Shaw & Co. Inc. boosted its position in Fortuna Silver Mines by 165.9% in the 2nd 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 last quarter. Toronto Dominion Bank raised its position in shares of Fortuna Silver Mines by 95.5% during the second quarter. Toronto Dominion Bank now owns 26,743 shares of the basic materials company's stock worth $131,000 after acquiring an additional 13,062 shares during the last quarter. Finally, Cubist Systematic Strategies LLC lifted its stake 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 valued at $6,180,000 after acquiring an additional 925,084 shares during the period. Institutional investors and hedge funds own 33.80% of the company's stock.

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.