FG New America Acquisition (NYSE:OPFI) Shares Gap Down to $6.08

FG New America Acquisition Corp. (NYSE:OPFI) shares gapped down before the market opened on Friday . The stock had previously closed at $6.08, but opened at $5.90. FG New America Acquisition shares last traded at $5.88, with a volume of 5,938 shares.

Separately, Zacks Investment Research raised FG New America Acquisition from a “hold” rating to a “buy” rating and set a $6.50 price target for the company in a research note on Thursday. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, FG New America Acquisition presently has an average rating of “Buy” and a consensus target price of $10.58.

The stock’s 50 day moving average is $4.84.

FG New America Acquisition (NYSE:OPFI) last released its quarterly earnings results on Thursday, November 11th. The company reported $0.21 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.16 by $0.05. The firm had revenue of $91.98 million during the quarter, compared to the consensus estimate of $90.66 million. As a group, analysts expect that FG New America Acquisition Corp. will post 0.78 earnings per share for the current year.

Institutional investors and hedge funds have recently made changes to their positions in the company. Vestor Capital LLC bought a new position in FG New America Acquisition during the third quarter worth $77,000. Penserra Capital Management LLC bought a new position in shares of FG New America Acquisition in the second quarter valued at approximately $81,000. Qube Research & Technologies Ltd purchased a new position in shares of FG New America Acquisition in the 2nd quarter worth about $133,000. Bluefin Capital Management LLC grew its position in shares of FG New America Acquisition by 158.9% during the 2nd quarter. Bluefin Capital Management LLC now owns 45,000 shares of the company’s stock valued at $459,000 after acquiring an additional 27,621 shares during the period. Finally, Balyasny Asset Management LLC purchased a new stake in FG New America Acquisition in the second quarter worth $1,021,000. Institutional investors own 6.32% of the company’s stock.

About FG New America Acquisition (NYSE:OPFI)

FG New America Acquisition Corp. does not have significant operations. The company intends to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses. It intends to identify businesses in the insurance and financial services industry, with focuses on finTech and insuretech sectors.

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