Fortuna Silver Mines (NYSE:FSM) Shares Gap Up – Time to Buy?

Fortuna Silver Mines Inc. (NYSE:FSM) (TSE:FVI) gapped up prior to trading on Monday . The stock had previously closed at $4.68, but opened at $4.89. Fortuna Silver Mines shares last traded at $4.88, with a volume of 685,178 shares trading hands.

Analyst Upgrades and Downgrades

Separately, Scotiabank increased their price objective 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 company has a 50 day simple moving average of $4.81 and a 200-day simple moving average of $4.94. 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 stock has a market cap of $1.56 billion, a P/E ratio of 58.51 and a beta of 1.58.

Institutional Trading of Fortuna Silver Mines

A number of hedge funds have recently bought and sold shares of the company. Geode Capital Management LLC raised its stake in shares of Fortuna Silver Mines by 4.3% during the third quarter. Geode Capital Management LLC now owns 141,305 shares of the basic materials company’s stock worth $660,000 after acquiring an additional 5,858 shares in the last quarter. Barclays PLC bought a new stake in Fortuna Silver Mines in the third quarter worth $2,227,000. Public Employees Retirement System of Ohio purchased a new stake in Fortuna Silver Mines during the third quarter valued at about $1,765,000. XTX Topco Ltd purchased a new position in shares of Fortuna Silver Mines in the third quarter worth about $325,000. Finally, National Bank of Canada FI lifted its stake in shares of Fortuna Silver Mines by 41.9% in the 3rd quarter. National Bank of Canada FI now owns 652,539 shares of the basic materials company’s stock valued at $3,022,000 after acquiring an additional 192,552 shares during the last quarter. 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.