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

Forge Global (NYSE:FRGE - Get Free Report) was downgraded by analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a research note issued on Friday.

Several other brokerages have also recently issued reports on FRGE. JMP Securities decreased their price objective 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. 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, JPMorgan Chase & Co. reiterated a "neutral" rating and set a $18.00 price target on shares of Forge Global in a report on Wednesday, May 14th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, Forge Global currently has a consensus rating of "Hold" and a consensus target price of $38.25.

Forge Global Price Performance

FRGE stock traded up $0.01 during trading on Friday, reaching $18.00. 97,692 shares of the company traded hands, compared to its average volume of 67,283. The business has a 50 day simple moving average of $16.26 and a 200 day simple moving average of $13.10. Forge Global has a 12 month low of $6.60 and a 12 month high of $23.85.

Forge Global (NYSE:FRGE - Get Free Report) last announced its quarterly earnings results 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. 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 27.44% and a negative net margin of 74.82%. Research analysts predict that Forge Global will post -0.37 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CFO James Nevin acquired 3,508 shares of the business's stock in a transaction on Friday, May 16th. The shares were purchased at an average price of $13.93 per share, for a total transaction of $48,866.44. Following the completion of the purchase, the chief financial officer directly owned 3,508 shares of the company's stock, valued at $48,866.44. This represents a ∞ increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders sold a total of 2,436 shares of company stock valued at $37,721 over the last ninety days. Corporate insiders own 4.50% of the company's stock.

Hedge Funds Weigh In On Forge Global

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Truist Financial Corp bought a new position in Forge Global during the 2nd quarter valued at $190,000. Brendel Financial Advisors LLC purchased a new stake in shares of Forge Global in the second quarter valued at $209,000. Prudential Financial Inc. purchased a new stake in shares of Forge Global in the fourth quarter valued at $27,000. ProShare Advisors LLC raised its holdings in shares of Forge Global by 51.3% during the fourth quarter. ProShare Advisors LLC now owns 32,807 shares of the company's stock worth $31,000 after acquiring an additional 11,126 shares in the last quarter. Finally, D. E. Shaw & Co. Inc. purchased a new stake in shares of Forge Global during the fourth quarter worth $32,000. 40.67% of the stock is owned by institutional investors.

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.