Here's Why Fairmount Santrol Holdings Inc. Stock Is Sinking Today
Shares of Fairmount Santrol Holdings Inc. (NYSE: FMSA) sold off on Thursday and were down more than 10% by 2:30 p.m. EDT, after two analysts downgraded the frack-sand producer's stock.
This year has been an abysmal one for investors in Fairmount Santrol Holdings, which is now down 70% after another double-digit sell-off today. Fueling the latest bout of selling is a double dose of analyst downgrades, which are adding insult to injury. One of the downgrades came from Goldman Sachs, which sees more downside ahead for the company. Not only did the bank cut its rating from neutral to sell, but it slashed its price target all the way from $11 to $2 per share. Meanwhile, Credit Suisse threw in the towel by cutting its rating from outperform down to neutral. Incidentally, that wasn't the only frack-sand producer it downgraded today.
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Source: Fool.com
