FBS Global Limited (NASDAQ:FBGL) Short Interest Down 41.6% in June

FBS Global Limited (NASDAQ:FBGL) was the recipient of a significant drop in short interest in June. As of June 15th, there was short interest totaling 162,848 shares, a drop of 41.6% from the May 31st total of 278,974 shares. Based on an average daily volume of 103,239 shares, the days-to-cover ratio is currently 1.6 days. Approximately 1.2% of the company’s shares are sold short.

FBS Global Stock Performance

FBS Global stock remained flat at $0.49 during mid-day trading on Friday. 10,110 shares of the company’s stock traded hands, compared to its average volume of 58,649. FBS Global has a 52-week low of $0.34 and a 52-week high of $1.40. The firm’s 50 day moving average price is $0.57 and its two-hundred day moving average price is $0.73.

Institutional Investors Weigh In On FBS Global

Several large investors have recently added to or reduced their stakes in FBGL. Renaissance Technologies LLC purchased a new stake in FBS Global during the 4th quarter valued at $121,000. Jane Street Group LLC bought a new stake in FBS Global in the fourth quarter worth $54,000. Finally, Citadel Advisors LLC boosted its stake in FBS Global by 202.0% during the third quarter. Citadel Advisors LLC now owns 48,077 shares of the company’s stock worth $37,000 after buying an additional 32,157 shares during the period.

Analysts Set New Price Targets

Separately, Weiss Ratings upgraded shares of FBS Global from a “sell (d-)” rating to a “sell (d)” rating in a research report on Thursday, June 25th. One research analyst has rated the stock with a Sell rating, Based on data from MarketBeat, the stock presently has a consensus rating of “Sell”.

About FBS Global

The predecessor of our principal operating company was incorporated on March 9, 1996 in Singapore under the name Finebuild Systems Pte Ltd. Pursuant to a restructuring that took effect on August 2, 2022, FBS Global Limited, an exempted company incorporated in the Cayman Islands, through its wholly owned subsidiary, Success Elite Developments Limited, a company incorporated in BVI, became the ultimate holding company of our current principal operating subsidiary referred to herein as FBS SG. From its beginning as a construction company since 1996, FBS SG has developed into a premier integrated engineering company that provides a full suite of construction and engineering services.