Wall Street Zen Upgrades FG Nexus (NASDAQ:FGNX) to “Sell”

FG Nexus (NASDAQ:FGNX) was upgraded by equities research analysts at Wall Street Zen from a “strong sell” rating to a “sell” rating in a research note issued on Saturday.

Separately, Weiss Ratings reissued a “sell (e+)” rating on shares of FG Nexus in a research note on Friday, August 7th. Three analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $35.00.

FG Nexus Price Performance

FG Nexus stock opened at $7.11 on Friday. The company has a market capitalization of $36.23 million, a PE ratio of 0.56 and a beta of 1.03. The firm has a fifty day simple moving average of $6.16 and a two-hundred day simple moving average of $6.96. FG Nexus has a twelve month low of $4.18 and a twelve month high of $105.00.

FG Nexus (NASDAQ:FGNX) last posted its quarterly earnings results on Thursday, May 7th. The company reported ($5.88) earnings per share (EPS) for the quarter. FG Nexus had a negative net margin of 4,888.86% and a negative return on equity of 95.68%. The business had revenue of $0.23 million for the quarter. As a group, equities analysts expect that FG Nexus will post -25.24 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the company. Geode Capital Management LLC bought a new stake in FG Nexus during the 4th quarter valued at $1,330,000. Everstar Asset Management LLC bought a new stake in FG Nexus in the 4th quarter worth $1,045,000. State Street Corp bought a new stake in FG Nexus in the 4th quarter worth $500,000. Wolverine Asset Management LLC bought a new stake in FG Nexus in the 4th quarter worth $465,000. Finally, United Capital Management of KS Inc. purchased a new position in shares of FG Nexus in the fourth quarter valued at about $440,000. 3.13% of the stock is owned by hedge funds and other institutional investors.

About FG Nexus

FG Financial Group, Inc operates as a reinsurance and investment management holding company in the United States. The company offers specialty property and casualty reinsurance products and services. It also operates a special purpose acquisition company platform (SPAC) that provides various strategic, administrative, and regulatory support services to newly formed SPACs for a monthly fee. The company was formerly known as 1347 Property Insurance Holdings, Inc and changed its name to FG Financial Group, Inc in December 2020.