Short Interest in FBS Global Limited (NASDAQ:FBGL) Declines By 47.2%

FBS Global Limited (NASDAQ:FBGL) was the target of a significant decline in short interest in the month of May. As of May 15th, there was short interest totaling 339,417 shares, a decline of 47.2% from the April 30th total of 642,527 shares. Approximately 2.5% of the company’s shares are sold short. Based on an average daily volume of 132,507 shares, the short-interest ratio is currently 2.6 days.

FBS Global Trading Up 5.5%

Shares of FBGL traded up $0.03 during midday trading on Tuesday, reaching $0.60. 60,370 shares of the company were exchanged, compared to its average volume of 189,850. The stock has a 50-day moving average price of $0.60 and a 200-day moving average price of $0.75. FBS Global has a 1-year low of $0.34 and a 1-year high of $1.40.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reaffirmed a “sell (d)” rating on shares of FBS Global in a research report on Friday. One research analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, the stock currently has a consensus rating of “Sell”.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of FBGL. Citadel Advisors LLC lifted its stake in shares of FBS Global by 202.0% during the third quarter. Citadel Advisors LLC now owns 48,077 shares of the company’s stock worth $37,000 after purchasing an additional 32,157 shares in the last quarter. Renaissance Technologies LLC purchased a new stake in shares of FBS Global during the fourth quarter worth about $121,000. Finally, Jane Street Group LLC acquired a new position in shares of FBS Global in the fourth quarter worth about $54,000.

FBS Global Company Profile

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.