Forge Global (NYSE:FRGE) Announces Quarterly Earnings Results, Beats Expectations 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) released its earnings results on Wednesday. The company reported ($0.99) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.16) by $0.17, Zacks reports. The firm had revenue of $27.74 million during the quarter, compared to analyst estimates of $21.00 million. Forge Global had a negative net margin of 73.62% and a negative return on equity of 27.50%.

Forge Global Price Performance

NYSE:FRGE traded up $1.22 during trading hours on Tuesday, hitting $24.22. 195,309 shares of the company were exchanged, compared to its average volume of 101,834. The company's 50 day moving average price is $17.13 and its 200-day moving average price is $13.61. The stock has a market capitalization of $298.63 million, a price-to-earnings ratio of -4.55 and a beta of 2.30. Forge Global has a 52-week low of $6.60 and a 52-week high of $24.90.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on FRGE. JPMorgan Chase & Co. reiterated a "neutral" rating and set a $18.00 price objective on shares of Forge Global in a report on Wednesday, May 14th. Wall Street Zen lowered shares of Forge Global from a "hold" rating to a "sell" rating in a report on Friday, July 18th. Piper Sandler upgraded shares of Forge Global from a "neutral" rating to an "overweight" rating and set a $30.00 price target for the company in a report on Monday, May 12th. Finally, JMP Securities reduced their price target on shares of Forge Global from $75.00 to $60.00 and set a "market outperform" rating for the company in a report on Tuesday, April 8th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, Forge Global presently has an average rating of "Hold" and an average target price of $38.25.

Insider Activity

In other Forge Global news, CFO James Nevin bought 3,508 shares of Forge Global stock in a transaction that occurred on Friday, May 16th. The stock was purchased at an average price of $13.93 per share, with a total value of $48,866.44. Following the completion of the acquisition, the chief financial officer directly owned 3,508 shares in the company, valued at approximately $48,866.44. This trade represents a ∞ increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders have sold a total of 2,436 shares of company stock worth $37,721 over the last three months. Company insiders own 4.50% of the company's stock.

Institutional Trading of Forge Global

An institutional investor recently raised its position in Forge Global stock. AQR Capital Management LLC increased its position in shares of Forge Global Holdings, Inc. (NYSE:FRGE - Free Report) by 305.0% during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 194,616 shares of the company's stock after buying an additional 146,565 shares during the period. AQR Capital Management LLC owned 1.58% of Forge Global worth $109,000 as of its most recent filing with the SEC. 40.67% of the stock is owned by institutional investors and hedge funds.

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.