Fortuna Silver Mines (NYSE:FSM) Shares Gap Down – Should You Sell?

Fortuna Silver Mines Inc. (NYSE:FSM) (TSE:FVI)’s stock price gapped down prior to trading on Monday . The stock had previously closed at $4.78, but opened at $4.57. Fortuna Silver Mines shares last traded at $4.53, with a volume of 1,328,276 shares.

Wall Street Analyst Weigh In

Separately, Scotiabank upped their target price on 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 Performance

The firm has a fifty day moving average price of $4.79 and a 200 day moving average price of $4.94. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.37 and a current ratio of 1.94. The stock has a market cap of $1.44 billion, a PE ratio of 57.38 and a beta of 1.58.

Hedge Funds Weigh In On Fortuna Silver Mines

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Cubist Systematic Strategies LLC raised its stake 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. Van ECK Associates Corp raised its stake in Fortuna Silver Mines by 2.6% in the 3rd 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 last quarter. K2 Principal Fund L.P. purchased a new position in Fortuna Silver Mines in the 2nd quarter worth $550,000. D. E. Shaw & Co. Inc. grew its position in Fortuna Silver Mines by 165.9% during the 2nd 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 period. Finally, Sicart Associates LLC acquired a new stake in Fortuna Silver Mines during the 3rd quarter worth about $3,171,000. Hedge funds and other institutional investors own 33.80% of the company’s stock.

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.