Fortescue Metals Group Limited (OTCMKTS:FSUMF – Get Rating) was the recipient of a large decline in short interest during the month of March. As of March 31st, there was short interest totalling 1,270,000 shares, a decline of 46.7% from the March 15th total of 2,382,400 shares. Based on an average daily volume of 17,700 shares, the days-to-cover ratio is currently 71.8 days.
Shares of FSUMF stock traded up $0.02 during trading hours on Friday, reaching $15.81. 773 shares of the company’s stock were exchanged, compared to its average volume of 9,618. Fortescue Metals Group has a fifty-two week low of $10.25 and a fifty-two week high of $19.55. The business has a fifty day moving average price of $14.64 and a 200-day moving average price of $13.33.
Separately, UBS Group upgraded Fortescue Metals Group to a “hold” rating and set a $17.10 price target for the company in a report on Monday, March 28th.
Fortescue Metals Group Limited engages in the exploration, development, production, processing, and sale of iron ore in Australia, China, and internationally. It also explores for copper and gold deposits. The company owns and operates the Chichester Hub that includes the Cloudbreak and Christmas Creek mines located in the Chichester ranges; and the Solomon Hub comprising the Firetail, Kings Valley, and Queens Valley mines located in the Hamersley ranges of Pilbara, Western Australia.
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