Scotiabank Expects Higher Earnings for Fortuna Silver Mines

Fortuna Silver Mines Inc. (NYSE:FSM) (TSE:FVI) – Equities research analysts at Scotiabank boosted their FY2024 earnings per share (EPS) estimates for Fortuna Silver Mines in a research report issued to clients and investors on Wednesday, January 8th. Scotiabank analyst E. Winmill now forecasts that the basic materials company will post earnings per share of $0.52 for the year, up from their previous forecast of $0.42. The consensus estimate for Fortuna Silver Mines’ current full-year earnings is $0.47 per share.

Fortuna Silver Mines Price Performance

FSM stock opened at $4.51 on Friday. The stock’s 50 day moving average is $4.67 and its two-hundred day moving average is $4.74. Fortuna Silver Mines has a 52-week low of $2.63 and a 52-week high of $6.36. The company has a market capitalization of $1.38 billion, a PE ratio of 56.38 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.

Hedge Funds Weigh In On Fortuna Silver Mines

Institutional investors have recently modified their holdings of the company. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new position in Fortuna Silver Mines in the 3rd quarter worth about $1,347,000. Cubist Systematic Strategies LLC grew its holdings 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 worth $6,180,000 after buying an additional 925,084 shares in the last quarter. Van ECK Associates Corp increased its position in Fortuna Silver Mines by 2.6% in the 3rd quarter. Van ECK Associates Corp now owns 30,563,833 shares of the basic materials company’s stock valued at $141,511,000 after acquiring an additional 788,703 shares during the period. K2 Principal Fund L.P. bought a new stake in Fortuna Silver Mines during the 2nd quarter valued at $550,000. Finally, D. E. Shaw & Co. Inc. boosted its position in Fortuna Silver Mines by 165.9% during the 2nd 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 during the period. 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.