FG Merger II Corp. (NASDAQ:FGMC) Short Interest Down 76.4% in June

FG Merger II Corp. (NASDAQ:FGMC) was the target of a significant decline in short interest in June. As of June 30th, there was short interest totaling 274,536 shares, a decline of 76.4% from the June 15th total of 1,161,436 shares. Approximately 13.2% of the shares of the stock are short sold. Based on an average daily volume of 145,507 shares, the days-to-cover ratio is presently 1.9 days.

Institutional Investors Weigh In On FG Merger II

A number of hedge funds have recently made changes to their positions in the stock. Clear Street Group Inc. bought a new stake in shares of FG Merger II during the third quarter worth about $5,539,000. Berkley W R Corp bought a new stake in FG Merger II during the 3rd quarter worth approximately $3,158,000. Highbridge Capital Management LLC increased its position in FG Merger II by 119.9% in the 4th quarter. Highbridge Capital Management LLC now owns 559,889 shares of the company’s stock valued at $5,621,000 after acquiring an additional 305,282 shares during the period. Rivernorth Capital Management LLC increased its position in FG Merger II by 28.6% in the 4th quarter. Rivernorth Capital Management LLC now owns 642,969 shares of the company’s stock valued at $6,455,000 after acquiring an additional 142,969 shares during the period. Finally, Quarry LP raised its stake in shares of FG Merger II by 128.8% during the third quarter. Quarry LP now owns 177,635 shares of the company’s stock valued at $1,775,000 after acquiring an additional 100,000 shares during the last quarter.

FG Merger II Price Performance

NASDAQ FGMC opened at $9.81 on Tuesday. The business has a fifty day moving average price of $10.30 and a two-hundred day moving average price of $10.17. The stock has a market capitalization of $25.51 million, a PE ratio of 981.00 and a beta of 0.10. FG Merger II has a fifty-two week low of $9.00 and a fifty-two week high of $15.14.

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

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the stock. Wall Street Zen upgraded shares of FG Merger II from a “sell” rating to a “hold” rating in a research note on Sunday. Weiss Ratings restated a “sell (d)” rating on shares of FG Merger II in a research report on Friday, May 29th. One investment analyst has rated the stock with a Sell rating, According to data from MarketBeat, the stock presently has a consensus rating of “Sell”.

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.