FG Nexus Inc (NASDAQ:FGNX) Short Interest Up 46.6% in January

FG Nexus Inc (NASDAQ:FGNX) was the recipient of a significant growth in short interest during the month of January. As of January 30th, there was short interest totaling 1,923,501 shares, a growth of 46.6% from the January 15th total of 1,312,123 shares. Approximately 5.1% of the company’s shares are sold short. Based on an average trading volume of 428,481 shares, the short-interest ratio is currently 4.5 days. Based on an average trading volume of 428,481 shares, the short-interest ratio is currently 4.5 days. Approximately 5.1% of the company’s shares are sold short.

FG Nexus Stock Performance

NASDAQ FGNX opened at $8.74 on Friday. The firm’s 50 day moving average price is $14.04. The company has a market capitalization of $57.33 million, a P/E ratio of -2.50 and a beta of 0.74. FG Nexus has a 52 week low of $7.95 and a 52 week high of $206.25.

FG Nexus (NASDAQ:FGNX) last issued its quarterly earnings results on Friday, November 14th. The company reported $0.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.50 by $0.40. The firm had revenue of $0.89 million for the quarter, compared to analysts’ expectations of $15.30 million. FG Nexus had a negative return on equity of 7.73% and a negative net margin of 64.92%.

Wall Street Analyst Weigh In

Several research firms recently weighed in on FGNX. Litchfield Hills Research assumed coverage on FG Nexus in a research report on Tuesday, November 11th. They set a “buy” rating and a $60.00 price target on the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of FG Nexus in a report on Monday, December 29th. Wall Street Zen cut shares of FG Nexus from a “hold” rating to a “sell” rating in a research note on Saturday, December 6th. Finally, B. Riley Financial lowered their price target on shares of FG Nexus from $40.00 to $25.00 and set a “buy” rating on the stock in a research report on Thursday, November 20th. Three research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $42.50.

Institutional Trading of FG Nexus

Several hedge funds and other institutional investors have recently modified their holdings of the business. Geode Capital Management LLC bought a new position in shares of FG Nexus during the 4th quarter valued at $1,330,000. Everstar Asset Management LLC bought a new stake in shares of FG Nexus during the 4th quarter worth $1,045,000. State Street Corp acquired a new position in FG Nexus in the 4th quarter valued at $500,000. Wolverine Asset Management LLC bought a new position in FG Nexus in the 4th quarter worth $465,000. Finally, United Capital Management of KS Inc. acquired a new position in FG Nexus during the 4th quarter worth $440,000. Institutional investors and hedge funds own 3.13% of the company’s stock.

About FG Nexus

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.