Fortescue (OTCMKTS:FSUGY) Sees Strong Trading Volume – Still a Buy?

Fortescue Ltd. Sponsored ADR (OTCMKTS:FSUGY) saw unusually-strong trading volume on Tuesday . Approximately 103,526 shares were traded during trading, an increase of 74% from the previous session’s volume of 59,378 shares.The stock last traded at $25.45 and had previously closed at $25.73.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on FSUGY shares. Zacks Research raised shares of Fortescue from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, July 1st. The Goldman Sachs Group downgraded shares of Fortescue from a “hold” rating to a “sell” rating and set a $16.90 price target on the stock. in a research note on Thursday, July 2nd. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat.com, Fortescue presently has a consensus rating of “Reduce” and a consensus target price of $16.90.

Fortescue Price Performance

The stock’s 50-day simple moving average is $29.31 and its 200 day simple moving average is $29.28.

About Fortescue

Fortescue (OTCMKTS:FSUGY) is the U.S. over‑the‑counter ticker for Fortescue Metals Group, an Australian company principally engaged in the exploration, mining, processing and sale of iron ore. Since its founding in 2003, the company has developed large‑scale open‑pit operations in the Pilbara region of Western Australia and built integrated infrastructure — including rail and port facilities — to move bulk shipments of iron ore to international steelmakers.

Fortescue’s core products are iron ore lump and fines, which it markets to customers around the world, with strong trade links to Asian steel producers.