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

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

Wall Street Analyst Weigh In

Several research firms have recently weighed in on FSUGY. Jefferies Financial Group raised Fortescue from a “moderate sell” rating to a “hold” rating in a research report on Thursday, August 20th. Zacks Research lowered Fortescue from a “hold” rating to a “strong sell” rating in a research 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 company. According to MarketBeat.com, the stock currently has a consensus rating of “Sell” and an average price target of $16.90.

Fortescue Price Performance

Fortescue stock opened at $20.88 on Wednesday. The firm has a 50-day moving average of $22.28 and a 200-day moving average of $26.73. Fortescue has a one year low of $19.66 and a one year high of $33.44. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.76 and a current ratio of 2.32.

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.