Fortuna Silver Mines (NYSE:FSM) Trading Down 4.7% - Here's Why

Fortuna Silver Mines Inc. (NYSE:FSM - Get Free Report) TSE: FVI shares dropped 4.7% during mid-day trading on Wednesday . The company traded as low as $5.03 and last traded at $5.03. Approximately 2,086,015 shares were traded during trading, a decline of 67% from the average daily volume of 6,292,595 shares. The stock had previously closed at $5.28.

Analysts Set New Price Targets

Separately, Scotiabank lifted 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 Down 3.2 %

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 50 day moving average price is $4.77 and its 200-day moving average price is $4.92. The company has a market cap of $1.56 billion, a PE ratio of -46.45 and a beta of 1.60.

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

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the company. Cubist Systematic Strategies LLC grew its holdings 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 worth $6,180,000 after acquiring an additional 925,084 shares during the last quarter. K2 Principal Fund L.P. purchased a new stake in shares of Fortuna Silver Mines during the second quarter worth about $550,000. D. E. Shaw & Co. Inc. grew its stake in shares of Fortuna Silver Mines by 165.9% in 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 last quarter. Mirae Asset Global Investments Co. Ltd. increased its holdings in Fortuna Silver Mines by 5.1% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 7,955,544 shares of the basic materials company's stock valued at $29,710,000 after purchasing an additional 388,903 shares during the period. Finally, Sicart Associates LLC bought a new position in Fortuna Silver Mines during the 3rd quarter valued at approximately $3,171,000. 33.80% of the stock is owned by hedge funds and other institutional investors.

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.