FG Merger II Corp. (NASDAQ:FGMC) Sees Large Drop in Short Interest
by Amy Steele · The Cerbat GemFG Merger II Corp. (NASDAQ:FGMC – Get Free Report) was the recipient of a significant decrease in short interest in March. As of March 31st, there was short interest totaling 24,777 shares, a decrease of 26.2% from the March 15th total of 33,593 shares. Currently, 1.2% of the shares of the stock are short sold. Based on an average daily trading volume, of 38,777 shares, the short-interest ratio is currently 0.6 days.
Institutional Investors Weigh In On FG Merger II
A number of hedge funds have recently made changes to their positions in the stock. Flow Traders U.S. LLC bought a new position in FG Merger II in the 2nd quarter valued at approximately $115,000. Wolverine Asset Management LLC raised its holdings in FG Merger II by 112.4% in the 3rd quarter. Wolverine Asset Management LLC now owns 59,474 shares of the company’s stock valued at $594,000 after buying an additional 31,478 shares during the last quarter. Crossingbridge Advisors LLC raised its holdings in FG Merger II by 148.8% in the 4th quarter. Crossingbridge Advisors LLC now owns 60,904 shares of the company’s stock valued at $610,000 after buying an additional 36,424 shares during the last quarter. SkyView Investment Advisors LLC bought a new position in FG Merger II in the 2nd quarter valued at approximately $789,000. Finally, DLD Asset Management LP raised its holdings in FG Merger II by 10.7% in the 4th quarter. DLD Asset Management LP now owns 110,725 shares of the company’s stock valued at $1,112,000 after buying an additional 10,725 shares during the last quarter.
Analysts Set New Price Targets
A number of equities research analysts have issued reports on FGMC shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of FG Merger II in a research note on Monday, December 29th. Wall Street Zen upgraded shares of FG Merger II to a “hold” rating in a research note on Saturday. One research analyst has rated the stock with a Sell rating, According to data from MarketBeat, the company presently has a consensus rating of “Sell”.
View Our Latest Stock Analysis on FGMC
FG Merger II Stock Performance
Shares of FGMC traded up $0.01 during mid-day trading on Wednesday, reaching $10.12. The company had a trading volume of 81,946 shares, compared to its average volume of 41,443. The company’s 50 day simple moving average is $10.09 and its 200 day simple moving average is $10.06. FG Merger II has a 1-year low of $9.58 and a 1-year high of $10.25. The company has a market capitalization of $26.31 million, a price-to-earnings ratio of 1,012.00 and a beta of 0.06.
FG Merger II (NASDAQ:FGMC – Get Free Report) last posted its quarterly earnings results on Tuesday, March 31st. The company reported $0.04 earnings per share for the quarter.
FG Merger II Company Profile
FG Merger II is a special purpose acquisition company (SPAC) incorporated in Delaware in 2022. The company was formed for the purpose of effecting a merger, stock exchange, asset acquisition or similar business combination. It completed its initial public offering on the Nasdaq under the symbol FGMC and, to date, has not identified a definitive target or commenced substantive operations beyond the SPAC formation.
The company intends to pursue opportunities in financial technology, financial services and adjacent technology-driven sectors.