Fortescue Ltd. Sponsored ADR (OTCMKTS:FSUGY) Shares Shorted: Short Interest Up 62.4% in September

Fortescue Ltd. Sponsored ADR (OTCMKTS:FSUGY) was the target of a significant growth in short interest in the month of 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. Based on an average trading volume of 219,918 shares, the days-to-cover ratio is presently 0.2 days. Currently, 0.0% of the company’s shares are sold short.

Fortescue Stock Performance

FSUGY traded up $0.20 during trading on Wednesday, reaching $22.80. 31,374 shares of the company’s stock were exchanged, compared to its average volume of 74,917. The company’s fifty day moving average price is $24.91 and its 200-day moving average price is $27.31. Fortescue has a fifty-two week low of $22.58 and a fifty-two week high of $33.44. The company has a debt-to-equity ratio of 0.27, a current ratio of 2.32 and a quick ratio of 1.76.

Wall Street Analyst Weigh In

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

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.