FG Nexus Inc (NASDAQ:FGNX) Sees Large Decrease in Short Interest

FG Nexus Inc (NASDAQ:FGNX) was the target of a large drop in short interest in December. As of December 15th, there was short interest totaling 75,447 shares, a drop of 55.0% from the November 30th total of 167,642 shares. Currently, 0.2% of the shares of the stock are sold short. Based on an average daily volume of 949,063 shares, the days-to-cover ratio is currently 0.1 days. Based on an average daily volume of 949,063 shares, the days-to-cover ratio is currently 0.1 days. Currently, 0.2% of the shares of the stock are sold short.

FG Nexus Price Performance

NASDAQ:FGNX traded down $0.11 during trading hours on Friday, hitting $2.92. 360,953 shares of the stock were exchanged, compared to its average volume of 1,029,798. The firm has a market capitalization of $115.56 million, a P/E ratio of -0.83 and a beta of 0.84. The company’s 50 day moving average is $3.12. FG Nexus has a twelve month low of $2.30 and a twelve month high of $41.25.

FG Nexus (NASDAQ:FGNX) last released its earnings results on Friday, November 14th. The company reported $0.18 earnings per share for the quarter, topping analysts’ consensus estimates of $0.10 by $0.08. FG Nexus had a negative return on equity of 7.73% and a negative net margin of 64.92%.The company had revenue of $0.89 million during the quarter, compared to the consensus estimate of $15.30 million.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on FGNX. B. Riley decreased their price objective on shares of FG Nexus from $8.00 to $5.00 and set a “buy” rating on the stock in a research note on Thursday, November 20th. ThinkEquity started coverage on FG Nexus in a report on Monday, October 6th. They issued a “buy” rating on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of FG Nexus in a research report on Monday. Zacks Research upgraded FG Nexus to a “hold” rating in a research report on Friday, October 17th. Finally, Litchfield Hills Research assumed coverage on FG Nexus in a research note on Tuesday, November 11th. They issued a “buy” rating and a $12.00 price objective on the stock. Three equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $8.50.

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.