Fortescue Ltd (OTCMKTS:FSUMF) Sees Large Increase in Short Interest

Fortescue Ltd (OTCMKTS:FSUMF) was the recipient of a significant growth in short interest in the month of July. As of July 15th, there was short interest totalling 7,968,600 shares, a growth of 14.1% from the June 30th total of 6,984,500 shares. Based on an average daily volume of 3,300 shares, the days-to-cover ratio is currently 2,414.7 days.

Fortescue Price Performance

FSUMF stock remained flat at $12.33 during midday trading on Wednesday. 71 shares of the company’s stock were exchanged, compared to its average volume of 5,064. The firm has a 50 day moving average price of $15.13 and a 200-day moving average price of $16.63. Fortescue has a 1-year low of $11.97 and a 1-year high of $19.90.

Fortescue Company Profile

Fortescue Ltd engages in the exploration, development, production, processing, and sale of iron ore in Australia, China, and internationally. It explores for copper, gold, and lithium deposits; and rare earth elements. 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.