Shares of FG Nexus Inc (NASDAQ:FGNX) have received a consensus recommendation of “Hold” from five ratings firms covering the stock, according to Marketbeat Ratings. Out of the analysts, one has issued a sell rating, one a hold rating, and three have given the stock a buy rating. The average price target over the next year stands at $8.50.
Multiple research firms have recently provided insights on FGNX. On October 6, ThinkEquity initiated coverage with a “buy” rating. Conversely, Wall Street Zen downgraded the stock from a “hold” rating to a “sell” on December 6. Additionally, Weiss Ratings reiterated a “sell (d-)” rating on the shares earlier this week. Zacks Research elevated the stock to a “hold” rating on October 17, while Litchfield Hills Research initiated coverage on November 11, setting a buy rating with a price target of $12.00.
Recent Earnings Performance
FG Nexus released its latest earnings results on November 14. The company reported earnings per share of $0.18 for the quarter, exceeding analysts’ expectations of $0.10 by $0.08. Despite this positive earnings surprise, FG Nexus reported a negative net margin of 64.92% and a negative return on equity of 7.73%. The firm’s revenue amounted to $0.89 million, significantly below the consensus estimate of $15.30 million.
FG Nexus operates as a reinsurance and investment management holding company based in the United States. It provides specialty property and casualty reinsurance products and services. The company also manages a special purpose acquisition company (SPAC) platform that offers various strategic, administrative, and regulatory support services to newly formed SPACs for a monthly fee.
As analysts continue to evaluate the performance and outlook for FG Nexus, investors will be keen to see how the company navigates the challenges ahead in the reinsurance market.
