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

Shares of Fortuna Silver Mines Inc. (NYSE:FSM) (TSE:FVI) 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

Several large investors have recently made changes to their positions in FSM. D. E. Shaw & Co. Inc. boosted its holdings in 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 acquiring an additional 3,467,562 shares in the last quarter. Renaissance Technologies LLC increased its stake in Fortuna Silver Mines by 94.9% during the 2nd quarter. Renaissance Technologies LLC now owns 5,147,900 shares of the basic materials company’s stock valued at $25,173,000 after purchasing an additional 2,507,249 shares in the last quarter. American Century Companies Inc. raised its holdings in Fortuna Silver Mines by 28.2% in the second quarter. American Century Companies Inc. now owns 4,839,145 shares of the basic materials company’s stock worth $23,664,000 after buying an additional 1,065,370 shares during the last quarter. Cubist Systematic Strategies LLC lifted its position 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 valued at $6,180,000 after acquiring an additional 925,084 shares in the last quarter. Finally, The Manufacturers Life Insurance Company lifted its stake in Fortuna Silver Mines by 323.4% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 1,075,479 shares of the basic materials company’s stock valued at $5,005,000 after acquiring an additional 821,495 shares during the period. 33.80% of the stock is currently owned by hedge funds and other institutional investors.

Fortuna Silver Mines Price Performance

The stock has a market capitalization of $1.35 billion, a PE ratio of 54.88 and a beta of 1.55. The company has a quick ratio of 1.37, a current ratio of 1.94 and a debt-to-equity ratio of 0.12. The firm’s fifty day moving average price is $4.63 and its two-hundred day moving average price is $4.73.

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.