Fortescue (OTCMKTS:FSUGY) Reaches New 12-Month Low – Here’s What Happened

Fortescue Ltd. Sponsored ADR (OTCMKTS:FSUGY)’s stock price hit a new 52-week low during mid-day trading on Tuesday. The company traded as low as $21.36 and last traded at $21.36, with a volume of 7,407 shares trading hands. The stock had previously closed at $21.95.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on FSUGY. The Goldman Sachs Group cut Fortescue from a “hold” rating to a “sell” rating and set a $16.90 price objective on the stock. in a report on Thursday, July 2nd. Zacks Research downgraded shares of Fortescue from a “hold” rating to a “strong sell” rating in a report on Thursday, October 8th. Finally, Jefferies Financial Group upgraded Fortescue from a “moderate sell” rating to a “hold” rating in a research report on Thursday, August 20th. One investment analyst has rated the stock with a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Sell” and an average target price of $16.90.

Fortescue Trading Down 2.7%

The stock has a 50-day simple moving average of $24.24 and a 200 day simple moving average of $26.99. The company has a quick ratio of 1.76, a current ratio of 2.32 and a debt-to-equity ratio of 0.27.

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.