Short Interest in FG Merger II Corp. (NASDAQ:FGMC) Expands By 59.6%

FG Merger II Corp. (NASDAQ:FGMC) saw a significant growth in short interest during the month of May. As of May 29th, there was short interest totaling 61,535 shares, a growth of 59.6% from the May 14th total of 38,552 shares. Based on an average daily volume of 58,524 shares, the days-to-cover ratio is currently 1.1 days. Currently, 2.4% of the shares of the company are short sold.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the stock. Weiss Ratings reiterated a “sell (d)” rating on shares of FG Merger II in a research note on Friday, May 29th. Wall Street Zen downgraded FG Merger II from a “hold” rating to a “sell” rating in a research note on Saturday, May 16th. One investment analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of “Sell”.

FG Merger II Stock Up 3.9%

Shares of FG Merger II stock traded up $0.36 during trading hours on Tuesday, reaching $9.56. 37,420 shares of the stock traded hands, compared to its average volume of 98,589. FG Merger II has a one year low of $9.00 and a one year high of $11.76. The firm has a market capitalization of $24.86 million, a price-to-earnings ratio of 956.00 and a beta of 0.07. The company has a 50 day moving average price of $10.23 and a 200 day moving average price of $10.13.

FG Merger II (NASDAQ:FGMC) last issued its quarterly earnings data on Thursday, May 14th. The company reported $0.04 earnings per share for the quarter.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Toronto Dominion Bank increased its stake in shares of FG Merger II by 15.8% in the 4th quarter. Toronto Dominion Bank now owns 190,113 shares of the company’s stock worth $1,909,000 after purchasing an additional 25,875 shares in the last quarter. Rivernorth Capital Management LLC raised its holdings in FG Merger II by 28.6% in the 4th quarter. Rivernorth Capital Management LLC now owns 642,969 shares of the company’s stock worth $6,455,000 after purchasing an additional 142,969 shares during the period. Schonfeld Strategic Advisors LLC lifted its position in FG Merger II by 19.6% during the fourth quarter. Schonfeld Strategic Advisors LLC now owns 254,099 shares of the company’s stock valued at $2,551,000 after purchasing an additional 41,683 shares in the last quarter. DLD Asset Management LP lifted its position in FG Merger II by 10.7% during the fourth quarter. DLD Asset Management LP now owns 110,725 shares of the company’s stock valued at $1,112,000 after purchasing an additional 10,725 shares in the last quarter. Finally, Crossingbridge Advisors LLC grew its holdings in FG Merger II by 148.8% during the fourth quarter. Crossingbridge Advisors LLC now owns 60,904 shares of the company’s stock valued at $610,000 after purchasing an additional 36,424 shares during the period.

About FG Merger II

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.