Forge Global (NYSE:FRGE) Upgraded by Piper Sandler to "Overweight" Rating

Forge Global (NYSE:FRGE - Get Free Report) was upgraded by stock analysts at Piper Sandler from a "neutral" rating to an "overweight" rating in a research report issued on Monday, Marketbeat.com reports. The firm presently has a $30.00 price objective on the stock. Piper Sandler's price objective points to a potential upside of 109.06% from the company's current price.

Separately, JMP Securities lowered their price objective on Forge Global from $75.00 to $60.00 and set a "market outperform" rating on the stock in a research note on Tuesday, April 8th.

Forge Global Stock Performance

Shares of FRGE stock traded up $0.15 during trading hours on Monday, hitting $14.35. The company had a trading volume of 137,827 shares, compared to its average volume of 55,114. Forge Global has a 12 month low of $6.60 and a 12 month high of $29.40. The firm has a market capitalization of $176.91 million, a price-to-earnings ratio of -33.37 and a beta of 2.27. The firm's fifty day moving average is $11.00 and its 200 day moving average is $12.78.

Forge Global (NYSE:FRGE - Get Free Report) last released its quarterly earnings data on Wednesday, May 7th. The company reported ($1.29) earnings per share for the quarter, beating the consensus estimate of ($1.34) by $0.05. Forge Global had a negative return on equity of 29.04% and a negative net margin of 95.85%. The company had revenue of $25.30 million for the quarter, compared to analyst estimates of $21.50 million. On average, sell-side analysts expect that Forge Global will post -0.37 EPS for the current fiscal year.

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

Insiders Place Their Bets

In other 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 value 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 transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 4.50% of the company's stock.

Hedge Funds Weigh In On Forge Global

Large investors have recently added to or reduced their stakes in the company. Barclays PLC lifted its position in Forge Global by 278.5% during the third quarter. Barclays PLC now owns 150,241 shares of the company's stock worth $197,000 after acquiring an additional 110,549 shares during the last quarter. Miracle Mile Advisors LLC raised its position in shares of Forge Global by 116.8% in the fourth quarter. Miracle Mile Advisors LLC now owns 86,700 shares of the company's stock valued at $81,000 after buying an additional 46,700 shares in the last quarter. SG Americas Securities LLC raised its position in shares of Forge Global by 167.3% in the fourth quarter. SG Americas Securities LLC now owns 65,361 shares of the company's stock valued at $61,000 after buying an additional 40,908 shares in the last quarter. Los Angeles Capital Management LLC acquired a new stake in shares of Forge Global in the fourth quarter valued at approximately $226,000. Finally, Intech Investment Management LLC raised its position in shares of Forge Global by 361.3% in the fourth quarter. Intech Investment Management LLC now owns 55,500 shares of the company's stock valued at $52,000 after buying an additional 43,468 shares in 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.