Fortescue Ltd. Sponsored ADR (OTCMKTS:FSUGY) Sees Significant Decrease in Short Interest

Fortescue Ltd. Sponsored ADR (OTCMKTS:FSUGY) was the recipient of a significant decline in short interest during the month of September. As of September 30th, there was short interest totaling 15,977 shares, a decline of 60.6% from the September 15th total of 40,518 shares. Approximately 0.0% of the shares of the stock are sold short. Based on an average daily trading volume, of 242,637 shares, the days-to-cover ratio is currently 0.1 days.

Fortescue Trading Down 0.6%

FSUGY traded down $0.13 during trading on Wednesday, reaching $21.22. 62,517 shares of the company’s stock were exchanged, compared to its average volume of 78,143. Fortescue has a one year low of $21.07 and a one year high of $33.44. The company has a current ratio of 2.32, a quick ratio of 1.76 and a debt-to-equity ratio of 0.27. The firm has a fifty day moving average price of $24.15 and a two-hundred day moving average price of $26.94.

Analyst Upgrades and Downgrades

FSUGY has been the subject of a number of research reports. Jefferies Financial Group upgraded Fortescue from a “moderate sell” rating to a “hold” rating in a research note on Thursday, August 20th. The Goldman Sachs Group lowered Fortescue from a “hold” rating to a “sell” rating and set a $16.90 price objective on the stock. in a research report on Thursday, July 2nd. Finally, Zacks Research lowered Fortescue from a “hold” rating to a “strong sell” rating in a research report on Thursday, October 8th. One research analyst has rated the stock with a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the company currently has an average rating of “Sell” and a consensus target price of $16.90.

Fortescue Company Profile

Fortescue is an Australian resources and energy company that produces and ships iron ore from operations in Western Australia’s Pilbara region. Its mining business includes integrated exploration, development, processing, rail, port and shipping activities, supplying iron ore to steelmakers in international markets, particularly across Asia.

The company is also developing renewable energy and low-emissions technologies through its Fortescue Energy business. Its activities include projects involving green hydrogen, green ammonia, renewable power and other technologies intended to support the decarbonization of heavy industry and transportation.

Founded in 2003, Fortescue was originally known as Fortescue Metals Group before adopting the Fortescue name.