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

FG Merger II Corp. (NASDAQ:FGMC) was the recipient of a large increase in short interest in June. As of June 15th, there was short interest totaling 1,161,436 shares, an increase of 1,787.4% from the May 31st total of 61,535 shares. Based on an average trading volume of 574,516 shares, the days-to-cover ratio is presently 2.0 days. Approximately 56.1% of the company’s stock are short sold.

Institutional Investors Weigh In On FG Merger II

A number of hedge funds have recently modified their holdings of FGMC. Flow Traders U.S. LLC purchased a new position in FG Merger II in the second quarter valued at approximately $115,000. Crossingbridge Advisors LLC increased its holdings in FG Merger II by 148.8% in the 4th quarter. Crossingbridge Advisors LLC now owns 60,904 shares of the company’s stock worth $610,000 after acquiring an additional 36,424 shares during the last quarter. SkyView Investment Advisors LLC bought a new stake in FG Merger II in the 2nd quarter valued at about $789,000. DLD Asset Management LP raised its stake in FG Merger II by 10.7% in the 4th quarter. DLD Asset Management LP now owns 110,725 shares of the company’s stock valued at $1,112,000 after acquiring an additional 10,725 shares during the period. Finally, Quarry LP lifted its holdings in FG Merger II by 128.8% during the third quarter. Quarry LP now owns 177,635 shares of the company’s stock valued at $1,775,000 after purchasing an additional 100,000 shares during the last quarter.

Analysts Set New Price Targets

FGMC has been the topic of several analyst reports. Wall Street Zen cut shares of FG Merger II from a “hold” rating to a “sell” rating in a report on Saturday, May 16th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of FG Merger II in a report on Friday, May 29th. One equities research analyst has rated the stock with a Sell rating, Based on data from MarketBeat, FG Merger II presently has a consensus rating of “Sell”.

FG Merger II Price Performance

Shares of NASDAQ FGMC traded up $0.05 during mid-day trading on Friday, reaching $10.20. 17,314 shares of the company’s stock were exchanged, compared to its average volume of 408,624. The firm has a 50-day moving average price of $10.32 and a two-hundred day moving average price of $10.16. The firm has a market capitalization of $26.48 million, a price-to-earnings ratio of 1,020.00 and a beta of 0.07. FG Merger II has a 52 week low of $9.00 and a 52 week high of $15.14.

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

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.