FG Nexus Stock to Reverse Split on Friday, February 13th (NASDAQ:FGNX)

FG Nexus Inc (NASDAQ:FGNX)’s stock is set to reverse split on the morning of Friday, February 13th. The 1-5 reverse split was announced on Monday, February 9th. The number of shares owned by shareholders will be adjusted after the closing bell on Thursday, February 12th.

FG Nexus Trading Down 3.0%

Shares of NASDAQ:FGNX traded down $0.06 during midday trading on Monday, reaching $1.92. 537,925 shares of the company’s stock were exchanged, compared to its average volume of 495,869. The company has a market capitalization of $75.97 million, a PE ratio of -0.55 and a beta of 0.74. FG Nexus has a fifty-two week low of $1.78 and a fifty-two week high of $41.25. The stock has a 50 day moving average price of $2.94.

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

Wall Street Analysts Forecast Growth

FGNX has been the topic of a number of research reports. Zacks Research upgraded FG Nexus to a “hold” rating in a research note on Friday, October 17th. B. Riley Financial lowered their target price on FG Nexus from $8.00 to $5.00 and set a “buy” rating for the company in a research note on Thursday, November 20th. Litchfield Hills Research began coverage on shares of FG Nexus in a report on Tuesday, November 11th. They issued a “buy” rating and a $12.00 target price on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of FG Nexus in a research note on Monday, December 29th. Finally, Wall Street Zen cut FG Nexus from a “hold” rating to a “sell” rating in a research note on Saturday, December 6th. Three research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, FG Nexus presently has a consensus rating of “Hold” and a consensus price target of $8.50.

Institutional Trading of FG Nexus

A number of large investors have recently bought and sold shares of the business. Geode Capital Management LLC purchased a new position in FG Nexus during the 4th quarter worth $1,330,000. Everstar Asset Management LLC purchased a new stake in shares of FG Nexus in the fourth quarter valued at about $1,045,000. Wolverine Asset Management LLC acquired a new stake in shares of FG Nexus during the fourth quarter worth about $465,000. Finally, FNY Investment Advisers LLC purchased a new position in shares of FG Nexus during the fourth quarter worth about $68,000. 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.