FBS Global (NASDAQ:FBGL) Trading Down 13.2% – What’s Next?

Shares of FBS Global Limited (NASDAQ:FBGL) dropped 13.2% on Wednesday . The company traded as low as $0.4950 and last traded at $0.5379. 78,857 shares traded hands during mid-day trading, a decline of 92% from the average session volume of 933,009 shares. The stock had previously closed at $0.6199.

Analysts Set New Price Targets

Separately, Weiss Ratings downgraded shares of FBS Global from a “sell (d)” rating to a “sell (d-)” rating in a research report on Friday, July 10th. One investment analyst has rated the stock with a Sell rating, Based on data from MarketBeat, the stock presently has an average rating of “Sell”.

FBS Global Price Performance

The business has a fifty day moving average of $0.57 and a 200-day moving average of $0.69.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Citadel Advisors LLC grew its stake in shares of FBS Global by 202.0% in 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. Jane Street Group LLC bought a new stake in shares of FBS Global during the fourth quarter valued at about $54,000. Finally, Renaissance Technologies LLC raised its stake in shares of FBS Global by 15.7% during the first quarter. Renaissance Technologies LLC now owns 144,492 shares of the company’s stock valued at $86,000 after purchasing an additional 19,647 shares in the last quarter.

About FBS Global

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.