Why Fortuna Mining Corp. (FSM) Crashed On Friday
Fortuna Mining dropped its share prices by 3.65 percent on Friday to finish at $7.13 apiece as investors resorted to profit-taking following the previous day's gains.
Fortuna Mining Corp. (NYSE:FSM), a leading gold and silver mining company, earned a boost from higher gold and silver prices on Thursday, with the latter hitting a new all-time high.
Aerial view of miners extracting precious metal deposits in a quarry.
Friday, however, saw spot prices of gold drop by 1.26 percent, while silver maintained its strength with another 0.92 percent gain.
In the first quarter of the year, Fortuna Mining Corp. (NYSE:FSM) grew its net income from continuing operations by 130 percent to $67.97 million from $29.5 million in the same period last year.
Sales rose by 45 percent to $290 million from $200.9 million year-on-year.
Fortuna Mining Corp. (NYSE:FSM) is expected to hold an annual shareholders' meeting at 10 AM PDT on June 26 in Vancouver, Canada.
Overall, FSM ranks 10th on our list of Friday's worst-performing stocks. While we acknowledge the potential of FSM as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the best short-term AI stock.
READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires.
Disclosure: None. This article is originally published at Insider Monkey.
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