FG Nexus Inc (NASDAQ:FGNX) Sees Large Decrease in Short Interest

FG Nexus Inc (NASDAQ:FGNX) was the target of a large drop in short interest in February. As of February 13th, there was short interest totaling 457,408 shares, a drop of 76.2% from the January 29th total of 1,923,501 shares. Approximately 7.3% of the company’s stock are short sold. Based on an average daily volume of 93,283 shares, the short-interest ratio is currently 4.9 days. Based on an average daily volume of 93,283 shares, the short-interest ratio is currently 4.9 days. Approximately 7.3% of the company’s stock are short sold.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of FG Nexus in a research report on Monday, December 29th. B. Riley Financial decreased their target price on FG Nexus from $25.00 to $13.00 and set a “buy” rating for the company in a research note on Monday. Wall Street Zen cut FG Nexus from a “hold” rating to a “sell” rating in a research report on Saturday, December 6th. Finally, Litchfield Hills Research initiated coverage on FG Nexus in a research report on Tuesday, November 11th. They set a “buy” rating and a $60.00 price objective for the company. Three research 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. According to MarketBeat.com, FG Nexus presently has a consensus rating of “Hold” and an average target price of $36.50.

Hedge Funds Weigh In On FG Nexus

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Geode Capital Management LLC bought a new stake in FG Nexus during the fourth quarter valued at about $1,330,000. Everstar Asset Management LLC bought a new stake in FG Nexus during the 4th quarter valued at approximately $1,045,000. State Street Corp bought a new stake in FG Nexus during the 4th quarter valued at approximately $500,000. Wolverine Asset Management LLC acquired a new stake in FG Nexus in the 4th quarter valued at approximately $465,000. Finally, United Capital Management of KS Inc. bought a new position in FG Nexus in the 4th quarter worth approximately $440,000. Institutional investors and hedge funds own 3.13% of the company’s stock.

FG Nexus Stock Performance

Shares of FGNX traded down $0.54 during midday trading on Friday, reaching $6.71. The stock had a trading volume of 134,078 shares, compared to its average volume of 88,121. The firm has a 50 day moving average of $12.62. FG Nexus has a 52 week low of $6.64 and a 52 week high of $206.25.

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.