B. Riley lowered the firm's price target on FG Nexus to $10 from $13 and keeps a Buy rating on the shares. The company reported $1.5M in revenue, modestly above estimates, with a fully diluted share count of 6.5M after PIPE warrant conversions and aggressive buybacks, the analyst tells investors in a research note. NAV/share is estimated at about $10, well above the $5.03 closing price, highlighting a significant discount, while ongoing buybacks and exploration of RWA tokenization may drive further NAV/share accretion despite G&A running above expectations and profitability remaining linked to ETH price movements, the firm says.
