Fortuna Silver Mines (NYSE:FSM) Shares Up 6.4% – Here’s Why

Shares of Fortuna Silver Mines Inc. (NYSE:FSM) (TSE:FVI) rose 6.4% on Tuesday . The stock traded as high as $4.51 and last traded at $4.51. Approximately 1,874,819 shares changed hands during mid-day trading, a decline of 78% from the average daily volume of 8,699,205 shares. The stock had previously closed at $4.24.

Fortuna Silver Mines Stock Performance

The company has a market capitalization of $1.40 billion, a price-to-earnings ratio of 57.01 and a beta of 1.55. 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 company’s 50-day moving average price is $4.64 and its two-hundred day moving average price is $4.74.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. D. E. Shaw & Co. Inc. lifted its holdings 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 valued at $27,176,000 after purchasing an additional 3,467,562 shares in the last quarter. Renaissance Technologies LLC boosted its holdings in Fortuna Silver Mines by 94.9% during the second quarter. Renaissance Technologies LLC now owns 5,147,900 shares of the basic materials company’s stock worth $25,173,000 after purchasing an additional 2,507,249 shares during the last quarter. American Century Companies Inc. grew its position in Fortuna Silver Mines by 28.2% in the 2nd quarter. American Century Companies Inc. now owns 4,839,145 shares of the basic materials company’s stock worth $23,664,000 after purchasing an additional 1,065,370 shares in the last quarter. Cubist Systematic Strategies LLC increased 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 valued at $6,180,000 after buying an additional 925,084 shares during the last quarter. Finally, The Manufacturers Life Insurance Company lifted its position in shares of 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 worth $5,005,000 after buying an additional 821,495 shares in the last quarter. Institutional investors own 33.80% of the company’s stock.

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.