Fundamental Global Sells Reinsurance Division to Devondale

Fundamental Global ( (FGNX) ) has issued an announcement.

FG Nexus Inc. announced the sale of its FG Reinsurance Division to Devondale Holdings, led by Tom Heise, to sharpen its focus on Ethereum and reallocate resources towards ETH accumulation. The transaction, which includes cash, a promissory note, and equity ownership, is expected to enhance FG Nexus’s ETH treasury strategy while allowing Devondale to leverage blockchain technology for tokenizing reinsurance, thus positioning FG Reinsurance as a pioneer in tokenized reinsurance. The closing of the transaction is subject to regulatory approval and other conditions.

The most recent analyst rating on (FGNX) stock is a Hold with a $3.50 price target. To see the full list of analyst forecasts on Fundamental Global stock, see the FGNX Stock Forecast page.

Spark’s Take on FGNX Stock

According to Spark, TipRanks’ AI Analyst, FGNX is a Neutral.

Fundamental Global’s overall stock score is primarily impacted by its challenging financial performance and bearish technical indicators. The company’s declining revenues and profitability, coupled with negative cash flows, weigh heavily on the score. While the stock appears undervalued based on its P/E ratio, this is overshadowed by market concerns about its financial health. Technical analysis further supports a cautious outlook, with the stock trading below key moving averages and showing signs of being oversold.

To see Spark’s full report on FGNX stock, click here.

More about Fundamental Global

FG Nexus Inc. is a company focused on Ethereum, aiming to become the largest corporate holder of ETH globally. The company is involved in staking and implementing yield strategies, serving as a strategic gateway into Ethereum-powered finance, including tokenized real-world assets and stablecoin yield.

Average Trading Volume: 700,467

Technical Sentiment Signal: Sell

Current Market Cap: $134.7M

See more data about FGNX stock on TipRanks’ Stock Analysis page.