Highbridge Capital Management LLC Boosts Position in FG Merger II Corp. $FGMC

Highbridge Capital Management LLC raised its stake in shares of FG Merger II Corp. (NASDAQ:FGMC) by 119.9% in the fourth quarter, Holdings Channel reports. The institutional investor owned 559,889 shares of the company’s stock after buying an additional 305,282 shares during the quarter. Highbridge Capital Management LLC owned about 0.22% of FG Merger II worth $5,621,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in FGMC. Flow Traders U.S. LLC purchased a new position in FG Merger II during the 2nd quarter valued at about $115,000. SkyView Investment Advisors LLC bought a new stake in shares of FG Merger II during the 2nd quarter valued at about $789,000. Berkley W R Corp bought a new stake in shares of FG Merger II during the 3rd quarter valued at about $3,158,000. Clear Street Group Inc. bought a new stake in shares of FG Merger II during the 3rd quarter valued at about $5,539,000. Finally, Quarry LP boosted its position in shares of FG Merger II by 128.8% during the 3rd 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 $10.44 on Friday. The business has a 50 day moving average of $10.22 and a 200 day moving average of $10.12. The company has a market capitalization of $27.14 million, a price-to-earnings ratio of 1,044.00 and a beta of 0.07. FG Merger II Corp. has a 1-year low of $9.73 and a 1-year high of $11.76.

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

Analyst Upgrades and Downgrades

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

FG Merger II 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.