FG Merger II Corp. (NASDAQ:FGMC) Sees Large Growth in Short Interest

FG Merger II Corp. (NASDAQ:FGMC) was the recipient of a significant increase in short interest in the month of January. As of January 30th, there was short interest totaling 36,460 shares, an increase of 97.6% from the January 15th total of 18,451 shares. Based on an average trading volume of 38,676 shares, the days-to-cover ratio is currently 0.9 days. Currently, 1.4% of the shares of the company are sold short. Currently, 1.4% of the shares of the company are sold short. Based on an average trading volume of 38,676 shares, the days-to-cover ratio is currently 0.9 days.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reissued a “sell (d-)” rating on shares of FG Merger II in a report on Monday, December 29th. One research analyst has rated the stock with a Sell rating, According to data from MarketBeat, FG Merger II presently has an average rating of “Sell”.

Institutional Trading of FG Merger II

Several hedge funds have recently added to or reduced their stakes in the business. Flow Traders U.S. LLC acquired a new position in FG Merger II during the 2nd quarter worth $115,000. Crossingbridge Advisors LLC bought a new stake in shares of FG Merger II during the second quarter valued at about $242,000. Wolverine Asset Management LLC acquired a new stake in FG Merger II in the second quarter worth about $277,000. SkyView Investment Advisors LLC bought a new position in FG Merger II in the 2nd quarter valued at about $789,000. Finally, Highbridge Capital Management LLC acquired a new position in FG Merger II during the 2nd quarter valued at about $954,000.

FG Merger II Stock Performance

NASDAQ FGMC remained flat at $10.08 on Friday. 126,852 shares of the company’s stock traded hands, compared to its average volume of 41,201. The firm’s 50 day simple moving average is $10.06 and its 200-day simple moving average is $10.02. FG Merger II has a 1 year low of $9.53 and a 1 year high of $10.25. The stock has a market cap of $26.21 million and a PE ratio of 1,008.00.

About FG Merger II

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.