FBS Global (NASDAQ:FBGL) Stock Price Down 1.9% – Here’s What Happened

FBS Global Limited (NASDAQ:FBGL)’s stock price dropped 1.9% during mid-day trading on Wednesday . The company traded as low as $0.52 and last traded at $0.53. 7,283 shares traded hands during trading, a decline of 89% from the average session volume of 69,201 shares. The stock had previously closed at $0.5404.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings downgraded shares of FBS Global from a “sell (d)” rating to a “sell (d-)” rating in a research report on Thursday, June 11th. One analyst has rated the stock with a Sell rating, According to MarketBeat, the stock has an average rating of “Sell”.

FBS Global Trading Down 0.3%

The business’s 50-day moving average is $0.58 and its two-hundred day moving average is $0.74.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the stock. Citadel Advisors LLC grew its stake in shares of FBS Global by 202.0% in the third quarter. Citadel Advisors LLC now owns 48,077 shares of the company’s stock valued at $37,000 after buying an additional 32,157 shares in the last quarter. Renaissance Technologies LLC acquired a new position in FBS Global during the 4th quarter worth approximately $121,000. Finally, Jane Street Group LLC purchased a new position in FBS Global in the 4th quarter worth approximately $54,000.

FBS Global Company Profile

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.