Forge Global (NYSE:FRGE) Raised to Overweight at Piper Sandler

Forge Global (NYSE:FRGE - Get Free Report) was upgraded by analysts at Piper Sandler from a "neutral" rating to an "overweight" rating in a research note issued on Monday,Briefing.com Automated Import reports. The firm presently has a $30.00 price target on the stock. Piper Sandler's price objective indicates a potential upside of 107.90% from the stock's previous close.

Separately, JMP Securities cut their target price 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 Forge Global stock opened at $14.43 on Monday. The firm has a fifty day moving average of $10.46 and a two-hundred day moving average of $12.80. The stock has a market capitalization of $177.89 million, a price-to-earnings ratio of -33.56 and a beta of 2.27. Forge Global has a 52 week low of $6.60 and a 52 week high of $29.40.

Forge Global (NYSE:FRGE - Get Free Report) last announced its quarterly earnings results on Wednesday, May 7th. The company reported ($1.29) EPS for the quarter, beating analysts' consensus estimates of ($1.34) by $0.05. The company 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 29.04% and a negative net margin of 95.85%. As a group, research analysts forecast that Forge Global will post -0.37 EPS for the current fiscal year.

Forge Global declared that its Board of Directors has approved a stock repurchase plan on Wednesday, March 5th that permits the company to repurchase $10.00 million in shares. This repurchase authorization permits the company to purchase up to 6.3% of its stock through open market purchases. Stock repurchase plans are often a sign that the company's management believes its shares are undervalued.

Insider Buying and Selling at Forge Global

In other news, CRO Jennifer Phillips sold 10,607 shares of Forge Global stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $15.00, for a total transaction of $159,105.00. Following the transaction, the executive now owns 40,315 shares in the company, valued at approximately $604,725. The trade was a 20.83% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 7.22% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in FRGE. Prudential Financial Inc. bought a new stake in shares of Forge Global during the fourth quarter worth about $27,000. ProShare Advisors LLC grew its position in Forge Global by 51.3% during the fourth quarter. ProShare Advisors LLC now owns 32,807 shares of the company's stock valued at $31,000 after acquiring an additional 11,126 shares during the last quarter. D. E. Shaw & Co. Inc. purchased a new position in Forge Global in the 4th quarter worth approximately $32,000. Focus Partners Wealth purchased a new stake in Forge Global in the 4th quarter worth approximately $37,000. Finally, Intech Investment Management LLC boosted its position in Forge Global by 361.3% during the 4th quarter. Intech Investment Management LLC now owns 55,500 shares of the company's stock valued at $52,000 after acquiring an additional 43,468 shares in the last quarter. 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.

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