FBS Global Limited (NASDAQ:FBGL) Short Interest Up 1,266.9% in March

FBS Global Limited (NASDAQ:FBGL) was the recipient of a large growth in short interest during the month of March. As of March 13th, there was short interest totaling 1,575,811 shares, a growth of 1,266.9% from the February 26th total of 115,285 shares. Approximately 11.7% of the shares of the company are sold short. Based on an average daily trading volume, of 1,983,729 shares, the days-to-cover ratio is presently 0.8 days. Based on an average daily trading volume, of 1,983,729 shares, the days-to-cover ratio is presently 0.8 days. Approximately 11.7% of the shares of the company are sold short.

FBS Global Price Performance

Shares of FBGL traded down $0.02 during mid-day trading on Tuesday, hitting $0.72. 1,365,043 shares of the company’s stock were exchanged, compared to its average volume of 1,600,138. FBS Global has a fifty-two week low of $0.34 and a fifty-two week high of $1.90. The business’s 50 day moving average is $0.86 and its two-hundred day moving average is $0.77.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on FBGL. Weiss Ratings reiterated a “sell (d-)” rating on shares of FBS Global in a research note on Monday, December 29th. Wall Street Zen upgraded shares of FBS Global to a “hold” rating in a research report on Saturday, November 29th. One research analyst has rated the stock with a Sell rating, According to MarketBeat, the stock has a consensus rating of “Sell”.

Institutional Trading of FBS Global

A number of hedge funds have recently added to or reduced their stakes in FBGL. Citadel Advisors LLC grew its stake in shares of FBS Global by 202.0% in the 3rd quarter. Citadel Advisors LLC now owns 48,077 shares of the company’s stock valued at $37,000 after purchasing an additional 32,157 shares during the last quarter. Jane Street Group LLC purchased a new stake in shares of FBS Global during the fourth quarter worth approximately $54,000. Finally, Renaissance Technologies LLC purchased a new stake in shares of FBS Global during the fourth quarter worth approximately $121,000.

About FBS Global

The predecessor of our principal operating company was incorporated on March 9, 1996 in Singapore under the name Finebuild Systems Pte Ltd. Pursuant to a restructuring that took effect on August 2, 2022, FBS Global Limited, an exempted company incorporated in the Cayman Islands, through its wholly owned subsidiary, Success Elite Developments Limited, a company incorporated in BVI, became the ultimate holding company of our current principal operating subsidiary referred to herein as FBS SG. From its beginning as a construction company since 1996, FBS SG has developed into a premier integrated engineering company that provides a full suite of construction and engineering services.