Fortuna Silver Mines (NYSE:FSM) Stock Price Down 2.6% Following Analyst Downgrade

Shares of Fortuna Silver Mines Inc. (NYSE:FSM) (TSE:FVI) traded down 2.6% during mid-day 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 were traded during trading, a decline of 86% from the average session volume of 8,770,399 shares. The stock had previously closed at $4.56.

Institutional Investors Weigh In On Fortuna Silver Mines

A number of institutional investors have recently modified their holdings of the company. The Manufacturers Life Insurance Company grew its stake in shares of Fortuna Silver Mines by 1.4% in the second 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 in the last quarter. Toronto Dominion Bank grew its stake in shares of Fortuna Silver Mines by 19.6% in the third quarter. Toronto Dominion Bank now owns 31,983 shares of the basic materials company’s stock valued at $148,000 after buying an additional 5,240 shares in the last quarter. Geode Capital Management LLC boosted its holdings in Fortuna Silver Mines by 4.3% in the third quarter. Geode Capital Management LLC now owns 141,305 shares of the basic materials company’s stock valued at $660,000 after purchasing an additional 5,858 shares during the period. Financial Management Professionals Inc. purchased a new position in Fortuna Silver Mines in the third quarter valued at $29,000. Finally, SeaCrest Wealth Management LLC purchased a new position in Fortuna Silver Mines in the fourth quarter valued at $45,000. 33.80% of the stock is owned by institutional investors and hedge funds.

Fortuna Silver Mines Stock Performance

The stock has a market capitalization of $1.38 billion, a PE ratio of 56.01 and a beta of 1.55. The stock has a fifty day moving average of $4.63 and a 200-day moving average of $4.73. The company has a quick ratio of 1.37, a current ratio of 1.94 and a debt-to-equity ratio of 0.12.

Fortuna Silver Mines Company Profile

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.