Fortuna Silver Mines Inc. [FSM] is -3.20% lower this YTD. Is it still time to buy?

Fortuna Silver Mines Inc. [NYSE: FSM] plunged by -$0.06 during the normal trading session on Wednesday and reaching a high of $3.73 during the day while it closed the day at $3.63. The company report on January 5, 2023 that Fortuna challenges decision to re-assess extension of San Jose Mine Environmental Impact Authorization.


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Jorge A. Ganoza, President and CEO, commented, “It is incomprehensible that we find ourselves again having to contest a controversial resolution issued by SEMARNAT. This specific authorization, one of the many under which San Jose operates, was confirmed by the Federal Court last November, with a ruling in our favor against SEMARNAT.” Mr. Ganoza added, “Moreover, under the four years of the current Mexican Administration, the San Jose Mine has been audited annually by the Federal Environmental Attorney’s Office (PROFEPA) as well as the National Water Commission (CONAGUA), and in every single audit, San Jose’s compliance with environmental obligations has been confirmed. Further, during this period, SEMARNAT has issued two multi-year environmental authorizations for the mine and tailings facility.” Mr. Ganoza concluded, “Minera Cuzcatlan is diligently working with the government authorities to resolve this matter and is concurrently pursuing all pertinent legal protection.”.

Fortuna Silver Mines Inc. stock has also loss -7.40% of its value over the past 7 days. However, FSM stock has inclined by 32.48% in the 3 months of the year. Over the past six months meanwhile, it has gained 32.48% and lost -3.20% year-on date.

The market cap for FSM stock reached $1.05 billion, with 290.18 million shares outstanding and 286.38 million shares in the current float. Compared to the average trading volume of 4.83M shares, FSM reached a trading volume of 3958855 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Here’s what leading stock market gurus have to say about Fortuna Silver Mines Inc. [FSM]:

Canaccord Genuity have made an estimate for Fortuna Silver Mines Inc. shares, keeping their opinion on the stock as Buy, with their previous recommendation back on January 18, 2022. The new note on the price target was released on November 12, 2021, representing the official price target for Fortuna Silver Mines Inc. stock.

The Average True Range (ATR) for Fortuna Silver Mines Inc. is set at 0.18, with the Price to Sales ratio for FSM stock in the period of the last 12 months amounting to 1.47. The Price to Book ratio for the last quarter was 0.76.

FSM stock trade performance evaluation

Fortuna Silver Mines Inc. [FSM] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -7.40. With this latest performance, FSM shares dropped by -4.72% in over the last four-week period, additionally plugging by 32.48% over the last 6 months – not to mention a drop of 0.00% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for FSM stock in for the last two-week period is set at 47.79, with the RSI for the last a single of trading hit 44.73, and the three-weeks RSI is set at 50.43 for Fortuna Silver Mines Inc. [FSM]. The present Moving Average for the last 50 days of trading for this stock 3.57, while it was recorded at 3.61 for the last single week of trading, and 3.14 for the last 200 days.

Fortuna Silver Mines Inc. [FSM]: Insider Ownership positions

There are presently around $282 million, or 37.48% of FSM stock, in the hands of institutional investors. The top three institutional holders of FSM stocks are: VAN ECK ASSOCIATES CORP with ownership of 30,019,709, which is approximately -3.248% of the company’s market cap and around 0.91% of the total institutional ownership; MIRAE ASSET GLOBAL INVESTMENTS CO., LTD., holding 8,424,509 shares of the stock with an approximate value of $30.58 million in FSM stocks shares; and EURO PACIFIC ASSET MANAGEMENT, LLC, currently with $14.66 million in FSM stock with ownership of nearly 16.546% of the company’s market capitalization.

55 institutional holders increased their position in Fortuna Silver Mines Inc. [NYSE:FSM] by around 7,562,616 shares. Additionally, 53 investors decreased positions by around 11,349,604 shares, while 30 investors held positions by with 58,844,832 shares. The mentioned changes placed institutional holdings at 77,757,052 shares, according to the latest SEC report filing. FSM stock had 14 new institutional investments in for a total of 399,035 shares, while 20 institutional investors sold positions of 4,492,921 shares during the same period.

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