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.com.

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

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