FG Nexus (NASDAQ:FGNX) Shares Set to Reverse Split on Friday, February 13th

FG Nexus Inc (NASDAQ:FGNX)’s stock is set to reverse split before the market opens on Friday, February 13th. The 1-5 reverse split was announced on Monday, February 9th. The number of shares owned by shareholders will be adjusted after the closing bell on Thursday, February 12th.

FG Nexus Trading Down 3.0%

FG Nexus stock traded down $0.06 during mid-day trading on Monday, reaching $1.92. 537,925 shares of the company were exchanged, compared to its average volume of 495,869. The stock has a 50-day moving average price of $2.94. FG Nexus has a twelve month low of $1.78 and a twelve month high of $41.25. The stock has a market capitalization of $75.97 million, a price-to-earnings ratio of -0.55 and a beta of 0.74.

FG Nexus (NASDAQ:FGNX) last released its earnings results on Friday, November 14th. The company reported $0.18 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.10 by $0.08. FG Nexus had a negative return on equity of 7.73% and a negative net margin of 64.92%.The business had revenue of $0.89 million for the quarter, compared to analyst estimates of $15.30 million.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the stock. Zacks Research raised shares of FG Nexus to a “hold” rating in a report on Friday, October 17th. Wall Street Zen cut FG Nexus from a “hold” rating to a “sell” rating in a research report on Saturday, December 6th. Litchfield Hills Research assumed coverage on shares of FG Nexus in a report on Tuesday, November 11th. They issued a “buy” rating and a $12.00 price target for the company. B. Riley Financial decreased their price objective on shares of FG Nexus from $8.00 to $5.00 and set a “buy” rating on the stock in a report on Thursday, November 20th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of FG Nexus in a report on Monday, December 29th. Three analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, FG Nexus presently has a consensus rating of “Hold” and a consensus target price of $8.50.

Hedge Funds Weigh In On FG Nexus

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in FGNX. Geode Capital Management LLC acquired a new stake in shares of FG Nexus in the fourth quarter valued at approximately $1,330,000. Everstar Asset Management LLC purchased a new stake in FG Nexus in the 4th quarter valued at approximately $1,045,000. Wolverine Asset Management LLC acquired a new stake in FG Nexus during the 4th quarter valued at $465,000. Finally, FNY Investment Advisers LLC acquired a new stake in FG Nexus during the 4th quarter valued at $68,000. Institutional investors and hedge funds own 3.13% of the company’s stock.

FG Nexus Company Profile

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.