Fortuna Silver Mines (FSM) Stock Slides as Market Rises: Facts to Know Before You Trade

Fortuna Silver Mines (FSM) closed at $4.77 in the latest trading session, marking a -0.21% move from the prior day. The stock's performance was behind the S&P 500's daily gain of 1.02%. Meanwhile, the Dow gained 0.4%, and the Nasdaq, a tech-heavy index, added 2.03%.

Shares of the silver and gold miner witnessed a gain of 28.15% over the previous month, beating the performance of the Basic Materials sector with its loss of 1.66% and the S&P 500's loss of 3.15%.

The investment community will be paying close attention to the earnings performance of Fortuna Silver Mines in its upcoming release. The company is slated to reveal its earnings on May 7, 2024. The company is expected to report EPS of $0.03, down 40% from the prior-year quarter.

Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Fortuna Silver Mines. These latest adjustments often mirror the shifting dynamics of short-term business patterns. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.

Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.

The Zacks Rank system, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 166.67% upward. At present, Fortuna Silver Mines boasts a Zacks Rank of #1 (Strong Buy).

Looking at valuation, Fortuna Silver Mines is presently trading at a Forward P/E ratio of 59.75. For comparison, its industry has an average Forward P/E of 49.81, which means Fortuna Silver Mines is trading at a premium to the group.

The Mining - Silver industry is part of the Basic Materials sector. This industry, currently bearing a Zacks Industry Rank of 62, finds itself in the top 25% echelons of all 250+ industries.

The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

To follow FSM in the coming trading sessions, be sure to utilize

Zacks Names "Single Best Pick to Double"

From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.

It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.

This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.

Free: See Our Top Stock and 4 Runners Up >>

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

Fortuna Silver Mines Inc. (FSM) : Free Stock Analysis Report

To read this article on click here.

Zacks Investment Research

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

More Related Articles

Info icon

This data feed is not available at this time.

Sign up for the TradeTalks newsletter to receive your weekly dose of trading news, trends and education. Delivered Wednesdays.