Fortescue (OTCMKTS:FSUGY) Sets New 52-Week Low – What’s Next?

Shares of Fortescue Ltd. Sponsored ADR (OTCMKTS:FSUGY) reached a new 52-week low during mid-day trading on Tuesday. The company traded as low as $22.65 and last traded at $22.73, with a volume of 143740 shares trading hands. The stock had previously closed at $22.93.

Analyst Ratings Changes

Several research firms recently commented on FSUGY. The Goldman Sachs Group lowered Fortescue from a “hold” rating to a “sell” rating and set a $16.90 price target on the stock. in a research report on Thursday, July 2nd. Zacks Research lowered shares of Fortescue from a “strong-buy” rating to a “hold” rating in a research note 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 analysts have rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, Fortescue has a consensus rating of “Reduce” and an average target price of $16.90.

Fortescue Price Performance

The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.76 and a current ratio of 2.32. The firm has a 50 day moving average price of $24.84 and a two-hundred day moving average price of $27.28.

Fortescue Company Profile

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.