FG Merger II Corp. (NASDAQ:FGMC) Short Interest Up 59.6% in May

FG Merger II Corp. (NASDAQ:FGMC) saw a significant increase in short interest during the month of May. As of May 29th, there was short interest totaling 61,535 shares, an increase of 59.6% from the May 14th total of 38,552 shares. Currently, 2.4% of the shares of the company are sold short. Based on an average daily volume of 58,524 shares, the days-to-cover ratio is presently 1.1 days.

Hedge Funds Weigh In On FG Merger II

Hedge funds have recently added to or reduced their stakes in the stock. Flow Traders U.S. LLC acquired a new position in FG Merger II in the second quarter valued at about $115,000. Crossingbridge Advisors LLC raised its position in shares of FG Merger II by 148.8% during the fourth quarter. Crossingbridge Advisors LLC now owns 60,904 shares of the company’s stock worth $610,000 after purchasing an additional 36,424 shares during the period. SkyView Investment Advisors LLC acquired a new stake in shares of FG Merger II during the second quarter worth about $789,000. DLD Asset Management LP raised its position in shares of FG Merger II by 10.7% during the fourth quarter. DLD Asset Management LP now owns 110,725 shares of the company’s stock worth $1,112,000 after purchasing an additional 10,725 shares during the period. Finally, Quarry LP raised its position in shares of FG Merger II by 128.8% during the third quarter. Quarry LP now owns 177,635 shares of the company’s stock worth $1,775,000 after purchasing an additional 100,000 shares during the period.

FG Merger II Stock Performance

Shares of NASDAQ FGMC opened at $9.70 on Thursday. The stock has a market cap of $25.22 million, a PE ratio of 970.00 and a beta of 0.07. The business has a fifty day moving average of $10.21 and a two-hundred day moving average of $10.12. FG Merger II has a 52-week low of $9.00 and a 52-week high of $11.76.

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

Wall Street Analyst Weigh In

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

FG Merger II Company Profile

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.