Forge Global (NYSE:FRGE) Announces Earnings Results, Beats Estimates By $0.17 EPS

Key Points

• Forge Global reported a quarterly earnings per share of ($0.99), surpassing analysts' estimates of ($1.16) by $0.17, and posted a revenue of $27.74 million, exceeding the expected $21.00 million.
• The company has a negative return on equity of 27.50% and a negative net margin of 73.62%, indicating significant financial challenges.
• Analysts have varying ratings for Forge Global, with one sell rating, one hold rating, and three buy ratings, and an average target price of $38.25.

Forge Global (NYSE:FRGE - Get Free Report) issued its quarterly earnings results on Wednesday. The company reported ($0.99) earnings per share for the quarter, beating analysts' consensus estimates of ($1.16) by $0.17, Zacks reports. The business had revenue of $27.74 million for the quarter, compared to the consensus estimate of $21.00 million. Forge Global had a negative return on equity of 27.50% and a negative net margin of 73.62%.

Forge Global Price Performance

Shares of FRGE stock opened at $21.76 on Friday. The stock's fifty day simple moving average is $16.81 and its 200 day simple moving average is $13.45. Forge Global has a one year low of $6.60 and a one year high of $23.70. The firm has a market cap of $268.31 million, a price-to-earnings ratio of -4.08 and a beta of 2.29.

Analyst Ratings Changes

Several research analysts have weighed in on FRGE shares. JPMorgan Chase & Co. reiterated a "neutral" rating and issued a $18.00 price objective on shares of Forge Global in a research note on Wednesday, May 14th. JMP Securities decreased their price target on Forge Global from $75.00 to $60.00 and set a "market outperform" rating for the company in a research note on Tuesday, April 8th. Piper Sandler raised Forge Global from a "neutral" rating to an "overweight" rating and set a $30.00 target price 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 note on Friday, July 18th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, Forge Global currently has an average rating of "Hold" and an average price target of $38.25.

Insider Transactions at Forge Global

In other news, CFO James Nevin bought 3,508 shares of the stock in a transaction dated Friday, May 16th. The shares were acquired at an average price of $13.93 per share, with a total value of $48,866.44. Following the acquisition, the chief financial officer owned 3,508 shares in the company, valued at $48,866.44. This trade represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders sold 2,436 shares of company stock worth $37,721 in the last three months. Corporate insiders own 4.50% of the company's stock.

Hedge Funds Weigh In On Forge Global

A hedge fund recently raised its stake in Forge Global stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Forge Global Holdings, Inc. (NYSE:FRGE - Free Report) by 4.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 68,888 shares of the company's stock after acquiring an additional 2,964 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. owned 0.56% of Forge Global worth $39,000 as of its most recent filing with the Securities and Exchange Commission. 40.67% of the stock is owned by hedge funds and other institutional investors.

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.

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