FG Merger II Corp. (NASDAQ:FGMC) Short Interest Up 1,787.4% in June

FG Merger II Corp. (NASDAQ:FGMC) was the target of a large growth in short interest in the month of June. As of June 15th, there was short interest totaling 1,161,436 shares, a growth of 1,787.4% from the May 31st total of 61,535 shares. Approximately 56.1% of the shares of the company are sold short. Based on an average trading volume of 574,516 shares, the short-interest ratio is presently 2.0 days.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on FGMC shares. Weiss Ratings reiterated a “sell (d)” rating on shares of FG Merger II in a research note on Friday, May 29th. Wall Street Zen downgraded shares of FG Merger II from a “hold” rating to a “sell” rating in a research report on Saturday, May 16th. One investment analyst has rated the stock with a Sell rating, Based on data from MarketBeat, the stock currently has a consensus rating of “Sell”.

FG Merger II Stock Performance

Shares of FGMC stock traded down $0.04 on Friday, reaching $10.12. The stock had a trading volume of 4,310 shares, compared to its average volume of 103,896. FG Merger II has a 1 year low of $9.00 and a 1 year high of $15.14. The stock has a market cap of $26.30 million, a P/E ratio of 1,011.50 and a beta of 0.07. The company has a 50 day simple moving average of $10.32 and a 200 day simple moving average of $10.16.

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

Hedge Funds Weigh In On FG Merger II

Institutional investors have recently made changes to their positions in the business. Rivernorth Capital Management LLC boosted its holdings in shares of 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 buying an additional 142,969 shares during the last quarter. Highbridge Capital Management LLC raised its position in FG Merger II by 119.9% in the fourth quarter. Highbridge Capital Management LLC now owns 559,889 shares of the company’s stock worth $5,621,000 after acquiring an additional 305,282 shares during the period. Clear Street Group Inc. bought a new position in FG Merger II in the third quarter worth approximately $5,539,000. Berkley W R Corp purchased a new position in shares of FG Merger II during the 3rd quarter worth $3,158,000. Finally, Schonfeld Strategic Advisors LLC boosted its stake in shares of FG Merger II by 19.6% during the 4th quarter. Schonfeld Strategic Advisors LLC now owns 254,099 shares of the company’s stock worth $2,551,000 after acquiring an additional 41,683 shares during the last quarter.

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.