FGI Industries Ltd. (NASDAQ:FGI) Sees Significant Decrease in Short Interest

FGI Industries Ltd. (NASDAQ:FGI) saw a significant decline in short interest in August. As of August 31st, there was short interest totaling 44,891 shares, a decline of 88.1% from the August 15th total of 377,797 shares. Based on an average daily volume of 156,455 shares, the days-to-cover ratio is currently 0.3 days. Currently, 2.4% of the shares of the stock are sold short.

FGI Industries Stock Performance

FGI traded up $0.27 during midday trading on Friday, hitting $8.72. The stock had a trading volume of 23,794 shares, compared to its average volume of 706,848. The company has a market cap of $16.84 million, a P/E ratio of -4.19 and a beta of 2.29. The business has a fifty day moving average of $5.96 and a 200 day moving average of $5.46. FGI Industries has a 1 year low of $3.14 and a 1 year high of $19.93.

FGI Industries (NASDAQ:FGI) last issued its quarterly earnings results on Wednesday, August 12th. The company reported $0.60 EPS for the quarter, beating analysts’ consensus estimates of $0.10 by $0.50. The business had revenue of $31.89 million for the quarter, compared to analysts’ expectations of $33.85 million. FGI Industries had a negative net margin of 3.07% and a positive return on equity of 10.02%. On average, equities research analysts anticipate that FGI Industries will post -0.61 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on FGI shares. Zacks Research lowered shares of FGI Industries from a “strong-buy” rating to a “hold” rating in a report on Friday, June 12th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of FGI Industries in a report on Wednesday, June 24th. Benchmark reiterated a “speculative buy” rating and issued a $13.00 target price (up from $8.00) on shares of FGI Industries in a research report on Friday, August 14th. UBS Group set a $13.00 target price on FGI Industries in a research note on Friday, August 14th. Finally, Wall Street Zen downgraded FGI Industries from a “hold” rating to a “sell” rating in a research report on Sunday, July 12th. One equities research analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $13.00.

FGI Industries Company Profile

FGI Industries ltd. supplies kitchen and bath products in the United States, Canada, Europe, and internationally. The company sells sanitaryware products, such as toilets, sinks, pedestals, and toilet seats; wood and wood-substitute furniture for bathrooms, including vanities, mirrors, laundry, medicine cabinets, and other storage systems; shower systems; and customer kitchen cabinetry and other accessory items under the Foremost, avenue, contrac, Jetcoat, rosenberg, and Covered Bridge Cabinetry brand names.