Short Interest in FG Nexus Inc (NASDAQ:FGNX) Increases By 24.5%
by Kim Johansen · The Markets DailyFG Nexus Inc (NASDAQ:FGNX – Get Free Report) was the target of a significant growth in short interest during the month of March. As of March 13th, there was short interest totaling 387,944 shares, a growth of 24.5% from the February 26th total of 311,527 shares. Based on an average daily volume of 85,089 shares, the days-to-cover ratio is presently 4.6 days. Currently, 6.2% of the shares of the stock are short sold.
Wall Street Analyst Weigh In
Several research analysts have issued reports on FGNX shares. Wall Street Zen downgraded FG Nexus from a “hold” rating to a “sell” rating in a report on Saturday, December 6th. B. Riley Financial dropped their target price on FG Nexus from $13.00 to $10.00 and set a “buy” rating for the company in a research report on Tuesday. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of FG Nexus in a research note on Friday. Three investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $35.00.
View Our Latest Report on FG Nexus
Institutional Trading of FG Nexus
A number of hedge funds have recently modified their holdings of FGNX. Geode Capital Management LLC bought a new position in FG Nexus during the 4th quarter worth approximately $1,330,000. Everstar Asset Management LLC bought a new stake in FG Nexus in the fourth quarter valued at approximately $1,045,000. State Street Corp acquired a new stake in FG Nexus in the fourth quarter worth $500,000. Wolverine Asset Management LLC bought a new position in shares of FG Nexus during the fourth quarter worth $465,000. Finally, United Capital Management of KS Inc. bought a new position in shares of FG Nexus during the fourth quarter worth $440,000. 3.13% of the stock is currently owned by institutional investors and hedge funds.
FG Nexus Stock Down 0.8%
NASDAQ FGNX traded down $0.04 on Tuesday, reaching $4.99. The company had a trading volume of 93,310 shares, compared to its average volume of 87,343. FG Nexus has a 52 week low of $4.85 and a 52 week high of $206.25. The stock’s 50 day moving average is $8.97 and its 200-day moving average is $15.85. The stock has a market cap of $32.73 million, a price-to-earnings ratio of -0.29 and a beta of 0.79.
About FG Nexus
FG Financial Group, Inc operates as a reinsurance and investment management holding company in the United States. The company offers specialty property and casualty reinsurance products and services. It also operates a special purpose acquisition company platform (SPAC) that provides various strategic, administrative, and regulatory support services to newly formed SPACs for a monthly fee. The company was formerly known as 1347 Property Insurance Holdings, Inc and changed its name to FG Financial Group, Inc in December 2020.