Forge Global Holdings, Inc. (NYSE:FRGE) Sees Large Decline in Short Interest

Forge Global Holdings, Inc. (NYSE:FRGE - Get Free Report) was the target of a large decline in short interest in April. As of April 15th, there was short interest totalling 384,600 shares, a decline of 91.2% from the March 31st total of 4,350,000 shares. Currently, 4.8% of the shares of the stock are short sold. Based on an average trading volume of 91,300 shares, the days-to-cover ratio is currently 4.2 days.

Insider Transactions at Forge Global

In other Forge Global news, CRO Jennifer Phillips sold 16,150 shares of the stock in a transaction on Tuesday, April 15th. The stock was sold at an average price of $15.11, for a total transaction of $244,026.50. Following the transaction, the executive now owns 22,226 shares of the company's stock, valued at $335,834.86. This represents a 42.08 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Corporate insiders own 7.22% of the company's stock.

Institutional Investors Weigh In On Forge Global

Several institutional investors and hedge funds have recently made changes to their positions in FRGE. Jane Street Group LLC raised its position in shares of Forge Global by 355.4% during the 4th quarter. Jane Street Group LLC now owns 685,172 shares of the company's stock valued at $638,000 after acquiring an additional 534,717 shares in the last quarter. AWM Investment Company Inc. bought a new position in Forge Global during the 4th quarter worth $409,000. 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 worth $425,000 after buying an additional 348,997 shares during the last quarter. 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 worth $355,000 after buying an additional 295,235 shares during the last quarter. Finally, Los Angeles Capital Management LLC bought a new position in Forge Global during the 4th quarter worth $226,000. 40.67% of the stock is owned by institutional investors and hedge funds.

Forge Global Price Performance

NYSE FRGE traded down $0.30 during trading hours on Thursday, hitting $14.19. The company had a trading volume of 117,693 shares, compared to its average volume of 49,881. Forge Global has a fifty-two week low of $6.60 and a fifty-two week high of $31.65. The company has a market capitalization of $178.07 million, a price-to-earnings ratio of -33.00 and a beta of 2.39. The firm's 50 day moving average is $10.54 and its 200 day moving average is $13.20.

Forge Global announced that its board has initiated a stock buyback plan on Wednesday, March 5th that permits the company to buyback $10.00 million in outstanding shares. This buyback authorization permits the company to purchase up to 6.3% of its shares through open market purchases. Shares buyback plans are often an indication that the company's management believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of analysts have recently commented on FRGE shares. JPMorgan Chase & Co. restated an "underweight" rating on shares of Forge Global in a report on Tuesday, January 7th. JMP Securities dropped their price objective on Forge Global from $75.00 to $60.00 and set a "market outperform" rating for the company in a report on Tuesday, April 8th.

Forge Global Company 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.