Short Interest in FG Merger II Corp. (NASDAQ:FGMC) Rises By 87.6%

FG Merger II Corp. (NASDAQ:FGMC) was the recipient of a significant growth in short interest during the month of February. As of February 27th, there was short interest totaling 27,976 shares, a growth of 87.6% from the February 12th total of 14,912 shares. Based on an average daily volume of 33,121 shares, the days-to-cover ratio is currently 0.8 days. Currently, 1.1% of the company’s stock are short sold. Currently, 1.1% of the company’s stock are short sold. Based on an average daily volume of 33,121 shares, the days-to-cover ratio is currently 0.8 days.

Hedge Funds Weigh In On FG Merger II

Institutional investors have recently made changes to their positions in the business. Clear Street Group Inc. purchased a new position in shares of FG Merger II in the third quarter worth approximately $5,539,000. Berkley W R Corp purchased a new stake in FG Merger II during the third quarter valued at approximately $3,158,000. Highbridge Capital Management LLC increased its holdings in FG Merger II by 119.9% during the fourth quarter. Highbridge Capital Management LLC now owns 559,889 shares of the company’s stock valued at $5,621,000 after buying an additional 305,282 shares during the last quarter. DLD Asset Management LP bought a new position in FG Merger II in the second quarter worth approximately $1,482,000. Finally, Rivernorth Capital Management LLC raised its position in FG Merger II by 28.6% in the fourth quarter. Rivernorth Capital Management LLC now owns 642,969 shares of the company’s stock worth $6,455,000 after acquiring an additional 142,969 shares during the period.

Analysts Set New Price Targets

Separately, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of FG Merger II in a research report on Monday, December 29th. One equities research analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of “Sell”.

FG Merger II Price Performance

FG Merger II stock remained flat at $10.09 during mid-day trading on Thursday. The company had a trading volume of 15,709 shares, compared to its average volume of 38,130. FG Merger II has a 12 month low of $9.56 and a 12 month high of $10.25. The firm’s 50-day simple moving average is $10.08 and its 200-day simple moving average is $10.03. The firm has a market capitalization of $26.23 million and a PE ratio of 1,009.00.

FG Merger II Company Profile

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.