Fortescue Ltd (OTCMKTS:FSUMF) Sees Large Decline in Short Interest

Fortescue Ltd (OTCMKTS:FSUMF) was the recipient of a significant drop in short interest during the month of August. As of August 15th, there was short interest totaling 6,440,300 shares, adropof27.5% from the July 31st total of 8,888,900 shares. Based on an average daily volume of 7,500 shares, the short-interest ratio is currently 858.7 days. Based on an average daily volume of 7,500 shares, the short-interest ratio is currently 858.7 days.

Fortescue Trading Up 1.9%

Fortescue stock opened at $12.65 on Tuesday. Fortescue has a 52 week low of $8.45 and a 52 week high of $14.50. The business’s 50-day simple moving average is $11.98 and its 200-day simple moving average is $10.83.

Analysts Set New Price Targets

Separately, Royal Bank Of Canada lowered Fortescue to a “sector perform” rating in a report on Tuesday, August 26th. One research analyst has rated the stock with a Hold rating, Based on data from MarketBeat, the company currently has an average rating of “Hold”.

Fortescue Company Profile

Fortescue Ltd engages in the exploration, development, production, processing, and sale of iron ore in Australia, China, and internationally. It explores for copper, gold, and lithium deposits; and rare earth elements. The company owns and operates the Chichester Hub that includes the Cloudbreak and Christmas Creek mines located in the Chichester ranges; and the Solomon Hub comprising the Firetail, Kings Valley, and Queens Valley mines located in the Hamersley ranges of Pilbara, Western Australia.