Forge Global (NYSE:FRGE) Upgraded at 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 report published on Friday.

A number of other research firms have also recently commented on FRGE. 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. JMP Securities cut their price objective on Forge Global from $75.00 to $60.00 and set a "market outperform" rating for the company in a research report on Tuesday, April 8th. Finally, Piper Sandler upgraded Forge Global from a "neutral" rating to an "overweight" rating and set a $30.00 price target for the company in a research report on Monday, May 12th. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $38.25.

Forge Global Stock Down 0.2%

FRGE stock traded down $0.03 during trading on Friday, hitting $18.97. 281,247 shares of the company traded hands, compared to its average volume of 63,819. The stock's 50-day simple moving average is $14.90 and its 200 day simple moving average is $12.71. Forge Global has a 1 year low of $6.60 and a 1 year high of $24.45.

Forge Global (NYSE:FRGE - Get Free Report) last posted its quarterly earnings data on Wednesday, May 7th. The company reported ($1.29) EPS for the quarter, beating analysts' consensus estimates of ($1.34) by $0.05. The business had revenue of $25.30 million during the quarter, compared to analysts' expectations 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, sell-side analysts expect that Forge Global will post -0.37 EPS for the current year.

Forge Global announced that its Board of Directors has approved a stock buyback program on Wednesday, March 5th that permits the company to buyback $10.00 million in shares. This buyback authorization permits the company to purchase up to 6.3% of its stock through open market purchases. Stock buyback programs are typically a sign that the company's board believes its shares are undervalued.

Insider Activity at Forge Global

In other Forge Global news, CFO James Nevin purchased 3,508 shares of the firm's 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 purchase, 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 purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CRO Jennifer Phillips sold 16,150 shares of the company's stock in a transaction on Tuesday, April 15th. The shares were sold at an average price of $15.11, for a total value of $244,026.50. Following the completion of the transaction, the executive directly owned 22,226 shares in the company, 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. Insiders have sold 18,586 shares of company stock valued at $281,747 over the last quarter. 4.50% of the stock is owned by company insiders.

Hedge Funds Weigh In On Forge Global

Several hedge funds have recently bought and sold shares of the company. AWM Investment Company Inc. increased its holdings in Forge Global by 793.9% during the 1st quarter. AWM Investment Company Inc. now owns 3,928,927 shares of the company's stock worth $2,208,000 after purchasing an additional 3,489,424 shares during the period. Geode Capital Management LLC grew its stake in Forge Global by 1.2% during the 4th quarter. Geode Capital Management LLC now owns 2,651,436 shares of the company's stock worth $2,469,000 after buying an additional 31,550 shares during the last quarter. Wells Fargo & Company MN grew its stake in 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 buying an additional 15,695 shares during the last quarter. Alyeska Investment Group L.P. purchased a new position in Forge Global during the 1st quarter worth approximately $1,119,000. Finally, Northern Trust Corp grew its stake in Forge Global by 14.6% during the 4th quarter. Northern Trust Corp now owns 1,069,884 shares of the company's stock worth $996,000 after buying an additional 135,946 shares during the last quarter. Institutional investors and hedge funds own 40.67% of the company's stock.

About Forge Global

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.