Fortescue Metals Group Limited (OTCMKTS:FSUMF) Sees Significant Growth in Short Interest

Fortescue Metals Group Limited (OTCMKTS:FSUMFGet Rating) was the target of a significant increase in short interest in April. As of April 30th, there was short interest totalling 2,558,000 shares, an increase of 144.6% from the April 15th total of 1,045,800 shares. Based on an average trading volume of 21,800 shares, the short-interest ratio is presently 117.3 days.

Separately, UBS Group raised shares of Fortescue Metals Group to a “hold” rating and set a $17.10 price objective on the stock in a research report on Monday, March 28th.

Shares of FSUMF opened at $13.20 on Friday. The company’s 50 day moving average price is $14.66 and its 200 day moving average price is $13.85. Fortescue Metals Group has a 52 week low of $10.25 and a 52 week high of $19.55.

Fortescue Metals Group Company Profile (Get Rating)

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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