Fortescue (OTCMKTS:FSUGY) Hits New 12-Month Low – Should You Sell?

Fortescue Ltd. Sponsored ADR (OTCMKTS:FSUGY) shares hit 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 traded. The stock had previously closed at $24.01.

Analyst Ratings Changes

A number of research analysts have commented on the stock. The Goldman Sachs Group cut shares of 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. Jefferies Financial Group upgraded shares of Fortescue from a “moderate sell” rating to a “hold” rating in a report on Thursday, August 20th. Finally, Zacks Research cut shares of Fortescue from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, August 5th. Two investment analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of “Reduce” and an average target price of $16.90.

Fortescue Price Performance

The stock’s fifty day moving average is $25.44 and its 200 day moving average is $27.67. The company has a current ratio of 3.03, a quick ratio of 2.28 and a debt-to-equity ratio of 0.27.

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.