FG Nexus (NASDAQ:FGNX) Trading 12.2% Higher – Here’s Why

FG Nexus Inc (NASDAQ:FGNX)’s share price shot up 12.2% during mid-day trading on Wednesday . The stock traded as high as $6.49 and last traded at $6.36. 155,899 shares traded hands during mid-day trading, an increase of 39% from the average daily volume of 111,912 shares. The stock had previously closed at $5.67.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on FGNX shares. Wall Street Zen lowered shares of FG Nexus from a “sell” rating to a “strong sell” rating in a report on Saturday, May 16th. Weiss Ratings cut shares of FG Nexus from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Monday, May 11th. Finally, B. Riley Financial dropped their price target on shares of FG Nexus from $13.00 to $10.00 and set a “buy” rating for the company in a research note on Tuesday, March 31st. Three research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $35.00.

FG Nexus Stock Up 12.2%

The company has a market cap of $36.51 million, a price-to-earnings ratio of 0.50 and a beta of 1.06. The firm has a 50 day moving average price of $6.26 and a two-hundred day moving average price of $8.27.

FG Nexus (NASDAQ:FGNX) last posted its quarterly earnings data on Thursday, May 7th. The company reported ($5.88) EPS for the quarter. The company had revenue of $0.23 million during the quarter. On average, equities analysts expect that FG Nexus Inc will post -25.24 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. LPL Financial LLC acquired a new position in shares of FG Nexus in the 4th quarter worth approximately $31,000. FNY Investment Advisers LLC acquired a new stake in shares of FG Nexus during the fourth quarter worth $68,000. Millennium Management LLC acquired a new stake in shares of FG Nexus during the fourth quarter worth $100,000. Susquehanna Fundamental Investments LLC bought a new position in FG Nexus during the fourth quarter worth $103,000. Finally, Aristides Capital LLC bought a new position in FG Nexus during the fourth quarter worth $182,000. Institutional investors and hedge funds own 3.13% of the company’s stock.

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.