Fortescue Ltd. Sponsored ADR (OTCMKTS:FSUGY) Stock Short Interest Falls 86.8%

Fortescue Ltd. Sponsored ADR (OTCMKTS:FSUGY) was the target of a large decrease in short interest in October. As of October 30th, there was short interest totaling 3,306 shares, a decrease of 86.8% from the October 15th total of 25,103 shares. Currently, 0.0% of the shares of the stock are sold short. Based on an average daily trading volume, of 366,192 shares, the short-interest ratio is currently 0.0 days.

Fortescue Stock Performance

Shares of OTCMKTS FSUGY traded down $0.58 during midday trading on Thursday, hitting $20.39. The stock had a trading volume of 60,280 shares, compared to its average volume of 88,485. Fortescue has a fifty-two week low of $19.66 and a fifty-two week high of $33.44. The company has a quick ratio of 1.76, a current ratio of 2.32 and a debt-to-equity ratio of 0.27. The company’s 50-day simple moving average is $22.19 and its 200 day simple moving average is $26.68.

Analysts Set New Price Targets

FSUGY has been the subject of several research reports. Jefferies Financial Group upgraded shares of Fortescue from a “moderate sell” rating to a “hold” rating in a research report on Thursday, August 20th. Zacks Research lowered shares of Fortescue from a “hold” rating to a “strong sell” rating in a research report on Thursday, October 8th. One analyst has rated the stock with a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Sell” and a consensus target price of $16.90.

About Fortescue

Fortescue is an Australian resources company best known for producing and exporting iron ore. Founded in 2003, the company operates mines, processing facilities, railways and port infrastructure in Western Australia’s Pilbara region. Its iron ore products are shipped to customers in international markets, particularly in Asia. Alongside its metals business, Fortescue is developing energy projects focused on renewable power, green hydrogen and related products such as green ammonia. The company has also outlined plans to reduce emissions from its operations and support the broader transition to lower-emissions energy.