Fortescue (OTCMKTS:FSUGY) Hits New 1-Year Low – Here’s Why

Shares of Fortescue Ltd. Sponsored ADR (OTCMKTS:FSUGY) hit a new 52-week low on Monday. The stock traded as low as $22.00 and last traded at $22.53, with a volume of 788 shares trading hands. The stock had previously closed at $22.59.

Wall Street Analyst Weigh In

Several brokerages recently commented on FSUGY. Jefferies Financial Group raised shares of Fortescue from a “moderate sell” rating to a “hold” rating in a research note on Thursday, August 20th. Zacks Research downgraded shares of Fortescue from a “strong-buy” rating to a “hold” rating in a research note 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 for the company. in a report on Thursday, July 2nd. Two equities research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Fortescue currently has a consensus rating of “Reduce” and an average target price of $16.90.

Fortescue Price Performance

The company’s fifty day simple moving average is $24.57 and its 200 day simple moving average is $27.13. The company has a debt-to-equity ratio of 0.27, a current ratio of 2.32 and a quick ratio of 1.76.

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.