The stock of Fortuna Silver Mines Inc. (NYSE:FSM) is now priced at $7.11 and the shares are 0.56 points up or 8.55% higher compared to its previous closing price of $6.55. The stock had 5.285 million contracts set over the past session. FSM shares’ daily volume is compared to its average trading volume at 4.601 million shares. However, it has a float of 182 million and although its performance was 13.4% over the week, it’s one to watch. Analysts have given the FSM stock a yearly average price target of $9 per share. It means the stock’s upside potential is 26.58% with the FSM share price recently placing at $6.72 to $7.13. However, some brokerage firms have priced the stock below the average, including one that has called $7.
The shorts are running away from the Fortuna Silver Mines Inc. stock, with the latest data on short interest released on July 31, 2020, showing that short interest numbers in the FSM shares have declined. Short interest in the stock represents just 5.03% of its float, but the volume has dropped by 0.
In the last trading session, Fortuna Silver Mines Inc. (NYSE:FSM) raised by $0.84 over the week and gained $0.39 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $7.35. The stock recorded its established 52-week high on 07/27/20.
Since 03/16/20, the stock has traded to a low of $1.47 at 383.67%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge.
Looking at current readings, Fortuna Silver Mines Inc.’s two-week RSI is 62.85. This suggests that the stock is neutral at the moment and that FSM shares’ price movement remains stable. The stochastic readings are equally revealing at 68.98% meaning the FSM share price is currently in neutral territory.
The technical chart shows that the FSM stock will likely settle at between $7.25 and $7.4 per share. However, if the stock dips below $6.84, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $6.58.
Currently, the stock is trading in the green of MACD, with a reading of 0.27. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at Scotiabank cut their recommendation for FSM from Sector Outperform to Sector Perform in April 02 review. CIBC analysts downgraded their recommendation of the stock from Sector Outperform to Neutral in a flash note released to investors on March 05. Raymond James seeing the stock struggling downgraded it from Strong Buy to Outperform on November 21.
The average rating for the FSM equity is 3 and is currently gathering a bullish momentum. Of 1 analysts tracking Fortuna Silver Mines Inc. polled by Reuters, 1 rated FSM as a hold. The remaining 0 analysts were split evenly. However, the split wasn’t equal as a majority (0) rated it as a buy or strong buy. 0 analyst advised investors against buying the stock or to sell if they own any of the stock.
Elsewhere, the FSM stock price is 20.91X ahead of its 12-month Consensus earnings per share estimates.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Fortuna Silver Mines Inc. (NYSE:FSM) will decrease by about -99.88%, which will see them reach $67 million. The company’s full-year revenues are, however, expected to increase by about 26.47%, up from $210 million to $266 million. FSM’s expected adjusted earnings should surge almost 66.67% to end up at $0.1 per share, while for the fiscal year, analysts project the company’s earnings to grow by about 161.54% to record $0.34/share.