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

Fortescue Ltd. Sponsored ADR (OTCMKTS:FSUGY) saw a significant growth in short interest in September. As of September 15th, there was short interest totaling 40,518 shares, a growth of 62.4% from the August 31st total of 24,952 shares. Approximately 0.0% of the company’s stock are short sold. Based on an average trading volume of 219,918 shares, the short-interest ratio is presently 0.2 days.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on FSUGY. The Goldman Sachs Group downgraded shares of Fortescue from a “hold” rating to a “sell” rating and set a $16.90 price target on the stock. in a report on Thursday, July 2nd. Jefferies Financial Group upgraded Fortescue from a “moderate sell” rating to a “hold” rating in a report on Thursday, August 20th. Finally, Zacks Research lowered Fortescue from a “strong-buy” rating to a “hold” rating in a report on Wednesday, August 5th. Two investment analysts have rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Reduce” and an average target price of $16.90.

Fortescue Trading Down 0.4%

FSUGY stock traded down $0.10 during midday trading on Thursday, hitting $22.59. 59,199 shares of the company traded hands, compared to its average volume of 75,046. Fortescue has a twelve month low of $22.39 and a twelve month 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 business has a 50 day simple moving average of $24.84 and a 200-day simple moving average of $27.28.

About Fortescue

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.