Short Interest in FG Merger II Corp. (NASDAQ:FGMC) Drops By 76.4%

FG Merger II Corp. (NASDAQ:FGMC – Get Free Report) was the recipient of a large 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. Based on an average daily volume of 145,507 shares, the days-to-cover ratio is presently 1.9 days. Currently, 13.2% of the company’s stock are short sold.

FG Merger II Trading Down 2.3%

FGMC traded down $0.23 during trading on Friday, hitting $9.81. 16,348 shares of the company’s stock traded hands, compared to its average volume of 169,744. FG Merger II has a 12-month low of $9.00 and a 12-month high of $15.14. The stock has a market capitalization of $25.51 million, a price-to-earnings ratio of 981.00 and a beta of 0.10. The company’s 50 day simple moving average is $10.31 and its two-hundred day simple moving average is $10.17.

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

Analyst Upgrades and Downgrades

FGMC has been the topic of several recent research reports. Weiss Ratings restated a “sell (d)” rating on shares of FG Merger II in a research note on Friday, May 29th. Wall Street Zen upgraded FG Merger II from a “sell” rating to a “hold” rating in a research note on Sunday. One investment analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, the company currently has an average rating of “Sell”.

Read Our Latest Stock Report on FG Merger II

Institutional Trading of FG Merger II

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in FGMC. Berkley W R Corp purchased a new stake in shares of FG Merger II in the 3rd quarter worth $3,158,000. Highbridge Capital Management LLC raised its position in shares of FG Merger II by 119.9% during the 4th quarter. Highbridge Capital Management LLC now owns 559,889 shares of the company’s stock valued at $5,621,000 after purchasing an additional 305,282 shares during the period. Clear Street Group Inc. purchased a new position in shares of FG Merger II during the 3rd quarter valued at $5,539,000. Rivernorth Capital Management LLC lifted its stake in shares of FG Merger II by 28.6% during the 4th quarter. Rivernorth Capital Management LLC now owns 642,969 shares of the company’s stock valued at $6,455,000 after buying an additional 142,969 shares in the last quarter. Finally, Schonfeld Strategic Advisors LLC grew its position in shares of FG Merger II by 19.6% during the fourth quarter. Schonfeld Strategic Advisors LLC now owns 254,099 shares of the company’s stock worth $2,551,000 after purchasing an additional 41,683 shares in the last quarter.

FG Merger II Company Profile

(Get Free Report)

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.

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