Fortescue (OTCMKTS:FSUGY) Sets New 52-Week Low – Should You Sell?

Fortescue Ltd. Sponsored ADR (OTCMKTS:FSUGY) reached a new 52-week low during mid-day trading on Monday . The stock traded as low as $23.54 and last traded at $23.60, with a volume of 1288 shares trading hands. The stock had previously closed at $24.01.

Analysts Set New Price Targets

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

Fortescue Stock Down 1.3%

The business has a fifty day moving average of $25.53 and a 200 day moving average of $27.75. The company has a debt-to-equity ratio of 0.27, a quick ratio of 2.28 and a current ratio of 3.03.

About Fortescue

Fortescue is an Australian mining and energy company formerly known as Fortescue Metals Group. The company is best known for producing and exporting iron ore from the Pilbara region of Western Australia, where it operates an integrated network of mines, railways, port facilities and related infrastructure.

Fortescue’s mining business supplies iron ore products to steelmakers in international markets, particularly across Asia. Its operations include hematite mining and processing, along with infrastructure supporting the transportation and shipment of ore from Western Australia.

Through its Fortescue Energy division, the company is also developing renewable energy and green hydrogen projects intended to support industrial decarbonization.