Fortuna Silver Mines (TSE:FVI) Shares Down 8.9% on Analyst Downgrade

Fortuna Silver Mines Inc. (TSE:FVI – Get Rating) (NYSE:FSM)’s share price dropped 8.9% during trading on Thursday after CIBC lowered their price target on the stock from C$5.50 to C$5.00. CIBC currently has a neutral rating on the stock. Fortuna Silver Mines traded as low as C$3.35 and last traded at C$3.39. Approximately 310,727 shares traded hands during mid-day trading, a decline of 64% from the average daily volume of 869,162 shares. The stock had previously closed at C$3.72.

Other equities research analysts have also recently issued reports about the company. Pi Financial raised Fortuna Silver Mines from a “neutral” rating to a “buy” rating in a report on Monday, June 6th. National Bankshares reduced their target price on Fortuna Silver Mines from C$6.50 to C$4.50 and set a “sector perform” rating on the stock in a report on Thursday, July 21st. Canaccord Genuity Group lifted their target price on Fortuna Silver Mines from C$5.00 to C$6.00 in a report on Friday, April 22nd. Laurentian reduced their target price on Fortuna Silver Mines from C$6.00 to C$4.75 in a report on Tuesday, July 12th. Finally, BMO Capital Markets dropped their target price on Fortuna Silver Mines from C$6.25 to C$5.75 in a research report on Thursday. Four analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of C$5.50.

Insider Activity at Fortuna Silver Mines

In other news, Director Jorge A. Ganoza Durant purchased 40,000 shares of the stock in a transaction that occurred on Wednesday, July 6th. The stock was purchased at an average price of C$3.26 per share, for a total transaction of C$130,548.00. Following the completion of the acquisition, the director now owns 2,068,131 shares of the company’s stock, valued at C$6,749,759.14.

Fortuna Silver Mines Stock Performance

The business has a fifty day simple moving average of C$3.74 and a two-hundred day simple moving average of C$4.37. The company has a market cap of C$1.01 billion and a PE ratio of 16.38. The company has a debt-to-equity ratio of 16.80, a current ratio of 2.26 and a quick ratio of 1.46.

Fortuna Silver Mines (TSE:FVI – Get Rating) (NYSE:FSM) last issued its quarterly earnings results on Wednesday, May 11th. The company reported C$0.14 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of C$0.11 by C$0.03. The business had revenue of C$230.96 million for the quarter. Research analysts anticipate that Fortuna Silver Mines Inc. will post 0.51 earnings per share for the current year.

Fortuna Silver Mines Company Profile

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Fortuna Silver Mines Inc. engages in the acquisition, exploration, and mining of precious and base metal deposits in Argentina, Burkina Faso, Mexico, Peru, and Côte d’Ivoire. It holds interest in the Caylloma silver, lead, and zinc mine located in southern Peru; the San Jose silver and gold mine located in southern Mexico; the Lindero gold project located in Argentina; Yaramoko gold mine located in south western Burkina Faso; and Séguéla gold mine located in south western Côte d’Ivoire.

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