Is Fortuna Silver Mines Inc. (FSM) A Good Stock To Buy?

Consequently, specific money managers have been driving this bullishness. Israel Englander’s Millennium Management initiated the most outsized position in Fortuna Silver Mines Inc. (NYSE:FSM). Millennium Management had $0.6 million invested in the company at the end of the quarter. Michael Platt and William Reeves’s BlueCrest Capital Mgmt. also made a $0.4 million investment in the stock during the quarter. The only other fund with a new position in the stock is Ken Griffin’s Citadel Investment Group.

Let’s check out hedge fund activity in other stocks similar to Fortuna Silver Mines Inc. (NYSE:FSM). These stocks are Aerie Pharmaceuticals Inc (NASDAQ:AERI), James River Group Holdings Ltd (NASDAQ:JRVR), Amicus Therapeutics, Inc. (NASDAQ:FOLD), and Atlantic Tele-Network, Inc. (NASDAQ:ATNI). This group of stocks’ market valuations resemble FSM’s market valuation.

As you can see these stocks had an average of 19 hedge funds with bullish positions and the average amount invested in these stocks was $336 million. That figure was $39 million in FSM’s case. Aerie Pharmaceuticals Inc (NASDAQ:AERI) is the most popular stock in this table. On the other hand Atlantic Tele-Network, Inc. (NASDAQ:ATNI) is the least popular one with only 10 bullish hedge fund positions. Fortuna Silver Mines Inc. (NYSE:FSM) is not the least popular stock in this group but hedge fund interest is still below average. This is a slightly negative signal and we’d rather spend our time researching stocks that hedge funds are piling on. In this regard AERI might be a better candidate to consider taking a long position in.

Suggested Articles:
Best Basketball Documentaries On Netflix
Cities With The Highest Demand For Biomedical Engineers
Countries That Consume The Most Pizza

Disclosure: None