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

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

Analyst Upgrades and Downgrades

FGMC has been the topic of several analyst reports. Wall Street Zen lowered 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 analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, FG Merger II currently has an average rating of “Sell”.

Institutional Trading of FG Merger II

Large investors have recently bought and sold shares of the stock. Highbridge Capital Management LLC boosted its stake in shares of FG Merger II by 119.9% in the 4th quarter. Highbridge Capital Management LLC now owns 559,889 shares of the company’s stock valued at $5,621,000 after purchasing an additional 305,282 shares in the last quarter. Berkley W R Corp acquired a new stake in shares of FG Merger II during the 3rd quarter worth about $3,158,000. Clear Street Group Inc. acquired a new stake in shares of FG Merger II during the 3rd quarter worth about $5,539,000. Toronto Dominion Bank lifted its holdings in FG Merger II by 15.8% during the 4th quarter. Toronto Dominion Bank now owns 190,113 shares of the company’s stock valued at $1,909,000 after purchasing an additional 25,875 shares during the last quarter. Finally, Rivernorth Capital Management LLC lifted its holdings in FG Merger II by 28.6% during the 4th quarter. Rivernorth Capital Management LLC now owns 642,969 shares of the company’s stock valued at $6,455,000 after purchasing an additional 142,969 shares during the last quarter.

FG Merger II Stock Performance

NASDAQ FGMC traded up $0.10 during trading on Thursday, reaching $10.15. 21,402 shares of the company traded hands, compared to its average volume of 409,579. The stock’s 50 day moving average price is $10.32 and its two-hundred day moving average price is $10.16. The company has a market cap of $26.39 million, a price-to-earnings ratio of 1,015.00 and a beta of 0.07. FG Merger II has a 1-year low of $9.00 and a 1-year high of $15.14.

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