US Bancorp DE Sells 120,000 Shares of Forge Global Holdings, Inc. (NYSE:FRGE)

Key Points

• US Bancorp DE reduced its stake in Forge Global Holdings by 3.2% in Q1, now owning 3,584,701 shares valued at approximately $2,015,000.
• Analysts have mixed views on FRGE, with Piper Sandler upgrading the stock to "overweight" with a $30 target, while Wall Street Zen downgraded it to "sell."
• Forge Global reported earnings of ($0.99) per share for the last quarter, surpassing expectations, and had a revenue of $27.74 million, exceeding the consensus of $21 million.

US Bancorp DE lowered its position in shares of Forge Global Holdings, Inc. (NYSE:FRGE - Free Report) by 3.2% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,584,701 shares of the company's stock after selling 120,000 shares during the quarter. US Bancorp DE owned approximately 28.57% of Forge Global worth $2,015,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in the company. ProShare Advisors LLC increased its position in shares of Forge Global by 51.3% during the 4th quarter. ProShare Advisors LLC now owns 32,807 shares of the company's stock worth $31,000 after purchasing an additional 11,126 shares in the last quarter. Bank of America Corp DE increased its position in shares of Forge Global by 10.2% during the 4th quarter. Bank of America Corp DE now owns 143,525 shares of the company's stock worth $133,000 after purchasing an additional 13,281 shares in the last quarter. Wells Fargo & Company MN increased its position in shares of Forge Global by 0.6% during the 4th quarter. Wells Fargo & Company MN now owns 2,583,455 shares of the company's stock worth $2,405,000 after purchasing an additional 15,695 shares in the last quarter. Schonfeld Strategic Advisors LLC increased its position in shares of Forge Global by 9.8% during the 4th quarter. Schonfeld Strategic Advisors LLC now owns 185,010 shares of the company's stock worth $172,000 after purchasing an additional 16,485 shares in the last quarter. Finally, Barclays PLC increased its position in shares of Forge Global by 16.7% during the 4th quarter. Barclays PLC now owns 175,272 shares of the company's stock worth $164,000 after purchasing an additional 25,031 shares in the last quarter. Institutional investors and hedge funds own 40.67% of the company's stock.

Forge Global Stock Performance

FRGE traded down $0.54 during midday trading on Tuesday, hitting $21.85. The company had a trading volume of 25,662 shares, compared to its average volume of 101,847. Forge Global Holdings, Inc. has a twelve month low of $6.60 and a twelve month high of $24.90. The firm's 50-day simple moving average is $17.98 and its 200-day simple moving average is $14.01. The company has a market capitalization of $269.35 million, a PE ratio of -4.10 and a beta of 2.30.

Forge Global (NYSE:FRGE - Get Free Report) last posted its quarterly earnings results on Wednesday, July 30th. The company reported ($0.99) earnings per share for the quarter, topping analysts' consensus estimates of ($1.16) by $0.17. The business had revenue of $27.74 million during the quarter, compared to the consensus estimate of $21.00 million. Forge Global had a negative net margin of 73.62% and a negative return on equity of 27.50%. As a group, sell-side analysts anticipate that Forge Global Holdings, Inc. will post -0.37 EPS for the current fiscal year.

Wall Street Analyst Weigh In

FRGE has been the subject of several research reports. UBS Group raised their price objective on shares of Forge Global from $30.00 to $34.00 and gave the company a "buy" rating in a research report on Wednesday, August 6th. JPMorgan Chase & Co. restated a "neutral" rating and issued a $18.00 price objective on shares of Forge Global in a research report on Wednesday, May 14th. Piper Sandler upgraded shares of Forge Global from a "neutral" rating to an "overweight" rating and set a $30.00 price objective for the company in a research report on Monday, May 12th. Finally, Wall Street Zen cut shares of Forge Global from a "hold" rating to a "sell" rating in a research report on Friday, July 18th. One analyst has rated the stock with a sell rating, one has issued a hold rating and three have issued a buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Hold" and an average target price of $35.50.

Insider Activity at Forge Global

In related news, CFO James Nevin acquired 1,950 shares of the firm's stock in a transaction that occurred on Wednesday, August 6th. The stock was acquired 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 directly owned 24,124 shares in the company, valued at approximately $546,408.60. This trade represents a 8.79% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders sold 2,436 shares of company stock worth $37,721 over the last ninety days. 4.50% of the stock is owned by insiders.

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.