FGI is a spinoff of the kitchen and bath division of Foremost. FGI products are sold in Home Depot, Lowe's, Walmart, Costco, and more. When you see Glacier Bay at Home Depot or Allen + Roth at Lowe's, you are looking at an FGI product. When you see a Foremost sink on Wayfair, that's FGI, too.
FGI IPOed on Jan 24th at $6, the low end of its IPO range of 6-8. It is currently grinding at $4.
The public float is only 2.5 million shares. I personally own over 2% of that float!
Today (2/3/22), Benchmark initiated coverage on the stock with a Buy rating and PT of $8.50 as per Benchmark. And that makes sense. FGI has nice numbers behind it. Snag an $FGI investor packet here for the deets.
I know shorts can hamper a stock, but with a float this small and a PT twice the current SP, the shorts cannot hold it down forever. The borrow rate on this is 258% as of now, with only 100,000 available shares as per here. That is the second most expensive stock to borrow on the market right now.
So there you have it. Undervalued, valuable, I think this is the right time and place for a major position in FGI, which is why I have taken one. I encourage you to take a look, buy, and hold.
GLTA.
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