Fortescue (OTCMKTS:FSUGY) Sees Strong Trading Volume – Should You Buy?

Fortescue Ltd. Sponsored ADR (OTCMKTS:FSUGY) shares saw strong trading volume on Wednesday. 85,605 shares changed hands during trading, an increase of 6% from the previous session’s volume of 80,801 shares. The stock last traded at $21.50 and had previously closed at $21.53.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on FSUGY shares. The Goldman Sachs Group cut shares of Fortescue from a “hold” rating to a “sell” rating and set a $16.90 target price for the company. in a research note on Thursday, July 2nd. Jefferies Financial Group raised Fortescue from a “moderate sell” rating to a “hold” rating in a report on Thursday, August 20th. Finally, Zacks Research cut Fortescue from a “hold” rating to a “strong sell” rating in a report on Thursday, October 8th. One investment analyst has rated the stock with a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, Fortescue currently has an average rating of “Sell” and a consensus target price of $16.90.

Fortescue Stock Performance

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 fifty day simple moving average is $23.72 and its 200-day simple moving average is $26.70.

About Fortescue

Fortescue is an Australian metals and energy company headquartered in Perth, Western Australia. Founded in 2003, the company is best known for its iron ore operations in the Pilbara region of Western Australia, where it develops and operates mines, processing facilities, rail infrastructure and port facilities.

Fortescue produces and exports iron ore products to customers in international markets, particularly in Asia. Its integrated Pilbara operations include mining and processing assets connected by a privately owned railway network to port facilities at Port Hedland.

Through its Fortescue Energy business, the company is also developing renewable energy, green hydrogen and green ammonia projects, as well as technologies intended to reduce emissions from heavy industry and mining.