Forge Global (NYSE:FRGE) Stock Rating Upgraded by Wall Street Zen

Wall Street Zen upgraded shares of Forge Global (NYSE:FRGE - Free Report) from a sell rating to a hold rating in a research report report published on Friday.

Several other analysts have also issued reports on FRGE. 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. JMP Securities cut their target price 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. Finally, Piper Sandler upgraded Forge Global from a "neutral" rating to an "overweight" rating and set a $30.00 target price for the company in a research note on Monday, May 12th. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat, Forge Global currently has an average rating of "Moderate Buy" and an average price target of $38.25.

Forge Global Stock Up 0.5%

FRGE stock traded up $0.10 during trading on Friday, reaching $19.02. The stock had a trading volume of 389,997 shares, compared to its average volume of 63,103. The company has a market capitalization of $234.50 million, a price-to-earnings ratio of -3.67 and a beta of 2.19. Forge Global has a one year low of $6.60 and a one year high of $24.45. The company's 50 day moving average is $14.90 and its two-hundred day moving average is $12.75.

Forge Global (NYSE:FRGE - Get Free Report) last issued its quarterly earnings results on Wednesday, May 7th. The company reported ($1.29) EPS for the quarter, topping analysts' consensus estimates of ($1.34) by $0.05. The business had revenue of $25.30 million for the quarter, compared to analyst estimates of $21.50 million. Forge Global had a negative return on equity of 27.44% and a negative net margin of 74.82%. As a group, research analysts predict that Forge Global will post -0.37 earnings per share for the current fiscal year.

Forge Global announced that its Board of Directors has initiated a share buyback plan on Wednesday, March 5th that allows the company to buyback $10.00 million in shares. This buyback authorization allows the company to reacquire up to 6.3% of its stock through open market purchases. Stock buyback plans are generally an indication that the company's management believes its stock is undervalued.

Insider Activity

In other Forge Global news, CFO James Nevin purchased 3,508 shares of the company's stock in a transaction dated Friday, May 16th. The stock was purchased at an average price of $13.93 per share, for a total transaction of $48,866.44. Following the transaction, the chief financial officer now owns 3,508 shares in the company, valued at $48,866.44. The trade was a ∞ increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CRO Jennifer Phillips sold 16,150 shares of Forge Global stock in a transaction dated Tuesday, April 15th. The shares were sold at an average price of $15.11, for a total value of $244,026.50. Following the sale, the executive now owns 22,226 shares of the company's stock, valued at approximately $335,834.86. This trade represents a 42.08% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 18,586 shares of company stock worth $281,747. 4.50% of the stock is currently owned by insiders.

Institutional Trading of Forge Global

A number of hedge funds have recently bought and sold shares of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in Forge Global by 4.5% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 68,888 shares of the company's stock worth $39,000 after buying an additional 2,964 shares during the last quarter. Interval Partners LP lifted its position in Forge Global by 1.2% in the 1st quarter. Interval Partners LP now owns 308,388 shares of the company's stock worth $173,000 after buying an additional 3,578 shares during the last quarter. ProShare Advisors LLC lifted its position in Forge Global by 51.3% in the 4th quarter. ProShare Advisors LLC now owns 32,807 shares of the company's stock worth $31,000 after buying an additional 11,126 shares during the last quarter. Bank of America Corp DE lifted its position in Forge Global by 10.2% in the fourth quarter. Bank of America Corp DE now owns 143,525 shares of the company's stock valued at $133,000 after purchasing an additional 13,281 shares during the last quarter. Finally, Wells Fargo & Company MN lifted its position in Forge Global by 0.6% in the fourth quarter. Wells Fargo & Company MN now owns 2,583,455 shares of the company's stock valued at $2,405,000 after purchasing an additional 15,695 shares during the last quarter. Institutional investors own 40.67% of the company's stock.

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.