FG Nexus Inc (NASDAQ:FGNX) Sees Significant Increase in Short Interest

FG Nexus Inc (NASDAQ:FGNX) was the target of a significant growth in short interest during the month of January. As of January 30th, there was short interest totaling 1,923,501 shares, a growth of 46.6% from the January 15th total of 1,312,123 shares. Based on an average daily volume of 428,481 shares, the days-to-cover ratio is currently 4.5 days. Approximately 5.1% of the company’s stock are short sold. Approximately 5.1% of the company’s stock are short sold. Based on an average daily volume of 428,481 shares, the days-to-cover ratio is currently 4.5 days.

Institutional Trading of FG Nexus

Several large investors have recently made changes to their positions in the business. OMERS ADMINISTRATION Corp purchased a new stake in shares of FG Nexus during the 4th quarter worth about $239,000. State Street Corp acquired a new position in FG Nexus in the 4th quarter worth about $500,000. United Capital Management of KS Inc. purchased a new position in FG Nexus during the fourth quarter worth approximately $440,000. Aristides Capital LLC acquired a new stake in FG Nexus in the fourth quarter valued at approximately $182,000. Finally, LPL Financial LLC acquired a new stake in FG Nexus in the fourth quarter valued at approximately $31,000. 3.13% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the company. Wall Street Zen cut FG Nexus from a “hold” rating to a “sell” rating in a research report on Saturday, December 6th. Litchfield Hills Research initiated coverage on FG Nexus in a research note on Tuesday, November 11th. They issued a “buy” rating and a $60.00 price target for the company. Weiss Ratings reissued a “sell (d-)” rating on shares of FG Nexus in a report on Monday, December 29th. Finally, B. Riley Financial dropped their price target on FG Nexus from $40.00 to $25.00 and set a “buy” rating on the stock in a research note on Thursday, November 20th. Three analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $42.50.

FG Nexus Trading Up 2.2%

Shares of FGNX opened at $8.74 on Tuesday. The stock’s 50-day moving average price is $13.93. The firm has a market cap of $57.33 million, a PE ratio of -2.50 and a beta of 0.74. FG Nexus has a one year low of $7.95 and a one year high of $206.25.

FG Nexus (NASDAQ:FGNX) last announced its quarterly earnings data on Friday, November 14th. The company reported $0.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.50 by $0.40. The firm had revenue of $0.89 million during the quarter, compared to analysts’ expectations of $15.30 million. FG Nexus had a negative return on equity of 7.73% and a negative net margin of 64.92%.

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.