FBS Global (NASDAQ:FBGL) Stock Price Down 1.9% – Here’s Why

FBS Global Limited (NASDAQ:FBGL) was down 1.9% during trading on Wednesday . The stock traded as low as $0.52 and last traded at $0.53. 7,283 shares changed hands during mid-day trading, a decline of 89% from the average daily volume of 69,201 shares. The stock had previously closed at $0.5404.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings lowered shares of FBS Global from a “sell (d)” rating to a “sell (d-)” rating in a research report on Thursday, June 11th. One investment analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, FBS Global presently has a consensus rating of “Sell”.

FBS Global Stock Down 1.9%

The firm’s 50 day moving average is $0.58 and its 200-day moving average is $0.74.

Hedge Funds Weigh In On FBS Global

Several institutional investors have recently bought and sold shares of FBGL. Citadel Advisors LLC lifted its position in shares of FBS Global by 202.0% in the third quarter. Citadel Advisors LLC now owns 48,077 shares of the company’s stock worth $37,000 after buying an additional 32,157 shares during the last quarter. Jane Street Group LLC bought a new stake in shares of FBS Global during the 4th quarter worth about $54,000. Finally, Renaissance Technologies LLC increased its holdings in shares of FBS Global by 15.7% during the 1st quarter. Renaissance Technologies LLC now owns 144,492 shares of the company’s stock valued at $86,000 after acquiring an additional 19,647 shares during the last quarter.

About FBS Global

The predecessor of our principal operating company was incorporated on March 9, 1996 in Singapore under the name Finebuild Systems Pte Ltd. Pursuant to a restructuring that took effect on August 2, 2022, FBS Global Limited, an exempted company incorporated in the Cayman Islands, through its wholly owned subsidiary, Success Elite Developments Limited, a company incorporated in BVI, became the ultimate holding company of our current principal operating subsidiary referred to herein as FBS SG. From its beginning as a construction company since 1996, FBS SG has developed into a premier integrated engineering company that provides a full suite of construction and engineering services.