Periscope Capital Inc. Trims Stake in FG Merger II Corp. $FGMC

Periscope Capital Inc. reduced its position in FG Merger II Corp. (NASDAQ:FGMC) by 18.4% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 231,000 shares of the company’s stock after selling 52,100 shares during the period. Periscope Capital Inc. owned 0.09% of FG Merger II worth $2,319,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in FGMC. Clear Street Group Inc. purchased a new stake in shares of FG Merger II in the 3rd quarter valued at about $5,539,000. Berkley W R Corp purchased a new stake in shares of FG Merger II in the 3rd quarter valued at about $3,158,000. Highbridge Capital Management LLC lifted its holdings in shares of FG Merger II by 163.3% in the 3rd quarter. Highbridge Capital Management LLC now owns 254,607 shares of the company’s stock valued at $2,544,000 after purchasing an additional 157,902 shares during the last quarter. Quarry LP lifted its holdings in shares of FG Merger II by 128.8% in the 3rd quarter. Quarry LP now owns 177,635 shares of the company’s stock valued at $1,775,000 after purchasing an additional 100,000 shares during the last quarter. Finally, SkyView Investment Advisors LLC purchased a new stake in shares of FG Merger II in the 2nd quarter valued at about $789,000.

FG Merger II Stock Up 0.4%

FGMC opened at $10.37 on Friday. The business has a 50 day moving average price of $10.19 and a two-hundred day moving average price of $10.10. The company has a market cap of $26.92 million, a PE ratio of 1,037.00 and a beta of 0.04. FG Merger II Corp. has a 52 week low of $9.73 and a 52 week high of $10.39.

FG Merger II (NASDAQ:FGMC) last posted its quarterly earnings data on Thursday, May 14th. The company reported $0.04 EPS for the quarter.

Wall Street Analyst Weigh In

Separately, Wall Street Zen downgraded FG Merger II from a “hold” rating to a “sell” rating in a report on Saturday, May 16th. One investment analyst has rated the stock with a Sell rating, According to MarketBeat.com, the company currently has a consensus rating of “Sell”.

About FG Merger II

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.