Short Interest in FBS Global Limited (NASDAQ:FBGL) Drops By 16.8%

FBS Global Limited (NASDAQ:FBGL) was the target of a significant drop in short interest in the month of March. As of March 31st, there was short interest totaling 1,310,969 shares, a drop of 16.8% from the March 15th total of 1,575,811 shares. Approximately 9.7% of the shares of the stock are sold short. Based on an average trading volume of 686,563 shares, the days-to-cover ratio is currently 1.9 days.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in FBGL. Renaissance Technologies LLC purchased a new position in shares of FBS Global during the fourth quarter valued at about $121,000. Jane Street Group LLC purchased a new position in shares of FBS Global during the fourth quarter valued at about $54,000. Finally, Citadel Advisors LLC grew its position in shares of FBS Global by 202.0% during the third 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 in the last quarter.

FBS Global Price Performance

NASDAQ:FBGL traded down $0.00 on Thursday, reaching $0.62. 52,019 shares of the company’s stock traded hands, compared to its average volume of 1,749,327. The stock has a 50-day simple moving average of $0.78 and a 200-day simple moving average of $0.76. FBS Global has a 12 month low of $0.34 and a 12 month high of $1.40.

Analysts Set New Price Targets

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

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.