Abacus Wealth Partners LLC Reduces Stake in Forge Global Holdings, Inc. $FRGE

Key Points

• Abacus Wealth Partners LLC significantly reduced its stake in Forge Global Holdings, Inc. by 93.3% during the second quarter, leaving it with only 62,856 shares.
• Despite the reduction, hedge funds remain active, with several firms like MIRAE ASSET GLOBAL and Interval Partners increasing their positions in Forge Global.
• Forge Global had a market cap of $236.50 million and reported revenue of $27.74 million for the last quarter, surpassing analysts' expectations.

Abacus Wealth Partners LLC decreased its stake in shares of Forge Global Holdings, Inc. (NYSE:FRGE - Free Report) by 93.3% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 62,856 shares of the company's stock after selling 880,010 shares during the period. Forge Global accounts for 0.2% of Abacus Wealth Partners LLC's investment portfolio, making the stock its 27th biggest position. Abacus Wealth Partners LLC owned approximately 0.51% of Forge Global worth $1,197,000 as of its most recent filing with the SEC.

Several other hedge funds also recently bought and sold shares of the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Forge Global by 4.5% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 68,888 shares of the company's stock worth $39,000 after buying an additional 2,964 shares in the last quarter. Interval Partners LP increased its position in Forge Global by 1.2% during the first quarter. Interval Partners LP now owns 308,388 shares of the company's stock worth $173,000 after buying an additional 3,578 shares in the last quarter. Brendel Financial Advisors LLC purchased a new position in Forge Global during the second quarter worth $209,000. ProShare Advisors LLC increased its position in Forge Global by 51.3% during the fourth quarter. ProShare Advisors LLC now owns 32,807 shares of the company's stock worth $31,000 after buying an additional 11,126 shares in the last quarter. Finally, Bank of America Corp DE increased its position in Forge Global by 10.2% during the fourth quarter. Bank of America Corp DE now owns 143,525 shares of the company's stock worth $133,000 after buying an additional 13,281 shares in the last quarter. Hedge funds and other institutional investors own 40.67% of the company's stock.

Insider Activity

In other Forge Global news, CFO James Nevin acquired 1,950 shares of Forge Global stock in a transaction on Wednesday, August 6th. The shares were purchased at an average cost of $22.65 per share, with a total value of $44,167.50. Following the completion of the purchase, the chief financial officer owned 24,124 shares in the company, valued at $546,408.60. The trade was a 8.79% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Kelly Rodriques sold 7,470 shares of the firm's stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $20.55, for a total transaction of $153,508.50. Following the completion of the transaction, the chief executive officer directly owned 575,862 shares in the company, valued at approximately $11,833,964.10. The trade was a 1.28% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 4.50% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have weighed in on FRGE. UBS Group raised their price target on Forge Global from $30.00 to $34.00 and gave the stock a "buy" rating in a research report on Wednesday, August 6th. Wall Street Zen downgraded Forge Global from a "hold" rating to a "sell" rating in a research report on Friday, July 18th. Three research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $35.50.

Forge Global Price Performance

FRGE opened at $17.39 on Friday. Forge Global Holdings, Inc. has a 1-year low of $6.60 and a 1-year high of $24.90. The business has a 50 day moving average price of $18.93 and a two-hundred day moving average price of $15.16. The company has a market capitalization of $236.50 million, a price-to-earnings ratio of -3.26 and a beta of 2.28.

Forge Global (NYSE:FRGE - Get Free Report) last announced its quarterly earnings data on Wednesday, July 30th. The company reported ($0.99) EPS for the quarter, beating analysts' consensus estimates of ($1.16) by $0.17. Forge Global had a negative return on equity of 28.21% and a negative net margin of 73.62%.The company had revenue of $27.74 million during the quarter, compared to the consensus estimate of $21.00 million. Equities analysts expect that Forge Global Holdings, Inc. will post -0.37 EPS for the current fiscal year.

Forge Global Profile

Forge Global Holdings, Inc operates a financial services platform in California. The company's platform solutions include trading solutions, a platform that connects investors with private company stockholders and enables them to facilitate private share transactions; and custody solutions, a non-depository trust company that enables clients to securely custody and manage assets through an online portal.

Want to see what other hedge funds are holding FRGE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Forge Global Holdings, Inc. (NYSE:FRGE - Free Report).

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