Short Interest in FG Nexus Inc (NASDAQ:FGNX) Expands By 19.1%

FG Nexus Inc (NASDAQ:FGNX) was the target of a significant growth in short interest in the month of April. As of April 15th, there was short interest totaling 354,475 shares, a growth of 19.1% from the March 31st total of 297,667 shares. Based on an average daily volume of 101,503 shares, the short-interest ratio is currently 3.5 days. Currently, 5.7% of the company’s shares are sold short.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on FGNX shares. Weiss Ratings restated a “sell (d-)” rating on shares of FG Nexus in a research note on Friday, March 27th. B. Riley Financial lowered their target price on FG Nexus from $13.00 to $10.00 and set a “buy” rating on the stock in a research report on Tuesday, March 31st. Three analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $35.00.

FG Nexus Stock Performance

FGNX traded down $0.20 during mid-day trading on Friday, reaching $6.54. 74,768 shares of the stock were exchanged, compared to its average volume of 62,320. The stock has a market capitalization of $42.05 million, a PE ratio of -0.37 and a beta of 0.91. The company has a 50 day moving average price of $6.43 and a two-hundred day moving average price of $11.89. FG Nexus has a 1 year low of $4.18 and a 1 year high of $206.25.

Institutional Investors Weigh In On FG Nexus

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. United Capital Management of KS Inc. purchased a new position in FG Nexus in the fourth quarter worth $440,000. J. Derek Lewis & Associates Inc. purchased a new position in FG Nexus in the fourth quarter worth $324,000. LPL Financial LLC purchased a new position in FG Nexus in the fourth quarter worth $31,000. Millennium Management LLC purchased a new position in FG Nexus in the fourth quarter worth $100,000. Finally, Susquehanna Fundamental Investments LLC purchased a new position in FG Nexus in the fourth quarter worth $103,000. Hedge funds and other institutional investors own 3.13% of the company’s stock.

FG Nexus Company Profile

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.