Shares of FG Financial Group, Inc. (FGF) stock were continuing the uptrend in Monday’s pre-market trading session after gaining 4.09% at the last closing. FGF stock price saw an uptrend of 14.67% to reach $6.01 a share at the time of this writing. But what made the FGF stock high? Let’s understand more of it.
Although the FGF stock is a hot topic among investors, we find no specific reason to justify this rise. There is no particular activity by the FG Financial Group, no earnings report today as it was released almost two weeks ago, no analyst upgrades or upswing target per share price of FGF stock to explain the reason behind this rally. Sometimes social media hype becomes the driving force behind the rising stock price, but this case also doesn’t support this fact. So, what you need to know in this situation? Let’s look at some recent events of the FGF stock.
Financial Results of 2020:
On March 18, 2021, FG Financial Group released Financial 2020 results according to which net loss of FGF stock attributed to its common shareholders was $23.9 million while General and administrative expenses were $6 million in 2020. Non-cash losses related to change in fair value of the FG Financial Group’s investment of $16.2 million in the common stock of FedNat Holding mainly attributed to a net loss of FGF stock in addition to the loss of $2.1 million which was due to the transfer of 330,231 FNHC shares in connection to Share Repurchase and Cooperation Agreement with Hale Partnership Capital Management, LLC.
At the end of the year 2020, Financial Group had cash and cash equivalents of $12.1 million and the value of equity securities was down to $8.5 million as compared to $9.1 million at the end of 2019.
About FG Financial Group:
FG Financial Group, Inc is currently operating as the reinsurance and investment management holding company in the U.S.Besides specialty property and casualty products, FGF also the provider of services related to strategies, administration, and support.FG Financial Group was founded in 2012 and its headquarters is in St. Petersburg, Florida.
FGF stock is continuing the rising trend so far despite the absence of any FGF news. Such rise usually doesn’t remain for long, but we can’t deny the fact that the stock market is unpredictable, and no one can predict the exact outcome. Such things affect the short-term investors but investors having long-term effects usually focus on the company fundamentals, strategies, and long-term growth.