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

FG Nexus Inc (NASDAQ:FGNX) shares are set to reverse split on 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 market closes on Thursday, February 12th.

FG Nexus Trading Down 3.0%

FGNX traded down $0.06 during trading on Monday, reaching $1.92. 537,925 shares of the stock traded hands, compared to its average volume of 440,861. The company has a 50-day simple moving average of $2.91. FG Nexus has a 12 month low of $1.78 and a 12 month high of $41.25.

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

Analyst Ratings Changes

Several analysts have recently weighed in on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of FG Nexus in a research note on Monday, December 29th. 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 price target for the company. Wall Street Zen lowered shares of FG Nexus from a “hold” rating to a “sell” rating in a report on Saturday, December 6th. Zacks Research raised shares of FG Nexus to a “hold” rating in a research report on Friday, October 17th. Finally, B. Riley Financial decreased their target price on FG Nexus from $8.00 to $5.00 and set a “buy” rating for the company in a research report on Thursday, November 20th. Three 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.com, the stock currently has an average rating of “Hold” and an average target price of $8.50.

Hedge Funds Weigh In On FG Nexus

Several large investors have recently added to or reduced their stakes in FGNX. Geode Capital Management LLC bought a new stake in FG Nexus during the 4th quarter worth approximately $1,330,000. Everstar Asset Management LLC bought a new position in shares of FG Nexus in the fourth quarter valued at approximately $1,045,000. Wolverine Asset Management LLC purchased a new position in shares of FG Nexus during the fourth quarter valued at approximately $465,000. Finally, FNY Investment Advisers LLC purchased a new position in shares of FG Nexus during the fourth quarter valued at approximately $68,000. Institutional investors own 3.13% of the company’s stock.

FG Nexus Company Profile

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.