Stock Traders Buy Large Volume of Call Options on FG New America Acquisition (NYSE: OPFI)

FG New America Acquisition Corp. (NYSE: OPFI) was the target of unusually heavy options trading activity on Monday. Traders bought 15,955 calls on the company. This represents an increase of 1,059% over the average daily volume of 1,377 call options.

Meanwhile, Zacks Investment Research upgraded shares of FG New America Acquisition from a “strong sell” rating to a “conservation” rating in a report released on Tuesday, October 19. Two equity research analysts rated the stock with a conservation rating and four gave the company’s stock a buy rating. According to MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $ 11.40.

Hedge funds have recently increased or reduced their stakes in the company. Picton Mahoney Asset Management purchased a new equity stake in FG New America Acquisition in the 2nd quarter valued at $ 2,044,000. Penserra Capital Management LLC purchased a new equity stake in FG New America Acquisition in the 2nd quarter valued at $ 81,000. Qube Research & Technologies Ltd purchased a new equity stake in FG New America Acquisition in the 2nd quarter valued at $ 133,000. Bluefin Capital Management LLC increased its stake in the shares of FG New America Acquisition by 158.9% in the 2nd quarter. Bluefin Capital Management LLC now owns 45,000 shares of the company valued at $ 459,000 after purchasing an additional 27,621 shares in the last quarter. Finally, Beryl Capital Management LLC purchased a new stake in FG New America Acquisition in the second quarter for a value of $ 1,150,000.

NYSE OPFI opened at $ 5.76 on Wednesday. The company has a 50-day simple moving average of $ 4.76. FG New America Acquisition has a 12-month low of $ 4.11 and a 12-month high of $ 11.60.

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FG New America Acquisition (NYSE: OPFI) last released its quarterly earnings data on Thursday, November 11. The company reported EPS of $ 0.21 for the quarter, beating the consensus estimate of $ 0.16 by $ 0.05. The company posted revenue of $ 91.98 million for the quarter, compared to $ 90.66 million expected by analysts. On average, sell-side analysts expect FG New America Acquisition to post 0.78 EPS for the current year.

About the acquisition of FG New America

FG New America Acquisition Corp. does not have important activities. The company intends to effect a merger, stock exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. It aims to identify companies in the insurance and financial services sector, with a focus on the finTech and insuretech sectors.

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