Cresset Asset Management LLC Lowers Holdings in Forge Global Holdings, Inc. $FRGE

Key Points

• Cresset Asset Management LLC reduced its stake in Forge Global Holdings by 35.2%, owning approximately 5.46% of the company with holdings worth $378,000 after selling 366,017 shares.
• Insider transactions included CEO Kelly Rodriques selling 7,470 shares worth about $153,508, while CFO James Nevin bought 1,950 shares for approximately $44,168.
• Analysts have mixed ratings on Forge Global, with Piper Sandler upgrading its recommendation to "overweight" and setting a price target of $30.00, while Wall Street Zen downgraded it to "sell".

Cresset Asset Management LLC lessened its position in shares of Forge Global Holdings, Inc. (NYSE:FRGE - Free Report) by 35.2% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 673,466 shares of the company's stock after selling 366,017 shares during the quarter. Cresset Asset Management LLC owned 5.46% of Forge Global worth $378,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in FRGE. JPMorgan Chase & Co. grew its stake in Forge Global by 341.0% during the 4th quarter. JPMorgan Chase & Co. now owns 381,805 shares of the company's stock valued at $355,000 after purchasing an additional 295,235 shares during the last quarter. Geode Capital Management LLC grew its stake in Forge Global by 1.2% during the 4th quarter. Geode Capital Management LLC now owns 2,651,436 shares of the company's stock valued at $2,469,000 after purchasing an additional 31,550 shares during the last quarter. Renaissance Technologies LLC grew its stake in Forge Global by 325.2% during the 4th quarter. Renaissance Technologies LLC now owns 456,323 shares of the company's stock valued at $425,000 after purchasing an additional 348,997 shares during the last quarter. Barclays PLC grew its stake in Forge Global by 16.7% during the 4th quarter. Barclays PLC now owns 175,272 shares of the company's stock valued at $164,000 after purchasing an additional 25,031 shares during the last quarter. Finally, XTX Topco Ltd purchased a new stake in shares of Forge Global in the fourth quarter worth about $79,000. Hedge funds and other institutional investors own 40.67% of the company's stock.

Analysts Set New Price Targets

A number of analysts have recently commented on the company. UBS Group upped their target price on Forge Global from $30.00 to $34.00 and gave the stock a "buy" rating in a research note on Wednesday, August 6th. JPMorgan Chase & Co. restated a "neutral" rating and issued a $18.00 target price on shares of Forge Global in a research note on Wednesday, May 14th. Piper Sandler upgraded Forge Global from a "neutral" rating to an "overweight" rating and set a $30.00 target price on the stock in a research note on Monday, May 12th. Finally, Wall Street Zen downgraded Forge Global from a "hold" rating to a "sell" rating in a research note on Friday, July 18th. Three research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $35.50.

Insider Buying and Selling

In other Forge Global news, CEO Kelly Rodriques sold 7,470 shares of the stock in a transaction that occurred on Monday, August 18th. The stock was 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 owned 575,862 shares of the company's stock, valued at $11,833,964.10. This represents a 1.28% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO James Nevin purchased 1,950 shares of the company's stock in a transaction dated Wednesday, August 6th. The stock was bought at an average price of $22.65 per share, with a total value of $44,167.50. Following the completion of the transaction, the chief financial officer directly owned 24,124 shares of the company's stock, valued at approximately $546,408.60. This represents a 8.79% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold 11,810 shares of company stock valued at $236,393 in the last three months. Insiders own 4.50% of the company's stock.

Forge Global Price Performance

NYSE FRGE traded up $0.26 during trading hours on Thursday, reaching $19.08. The company's stock had a trading volume of 76,624 shares, compared to its average volume of 102,673. The firm has a market capitalization of $259.42 million, a price-to-earnings ratio of -3.58 and a beta of 2.30. Forge Global Holdings, Inc. has a 1-year low of $6.60 and a 1-year high of $24.90. The company's 50-day moving average is $19.09 and its two-hundred day moving average is $14.69.

Forge Global (NYSE:FRGE - Get Free Report) last announced its earnings results 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 business had revenue of $27.74 million during the quarter, compared to analysts' expectations of $21.00 million. Equities analysts forecast that Forge Global Holdings, Inc. will post -0.37 EPS for the current fiscal year.

About Forge Global

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.