Forge Global (NYSE:FRGE) Shares Gap Up - Should You Buy?

Forge Global Holdings, Inc. (NYSE:FRGE - Get Free Report)'s stock price gapped up prior to trading on Tuesday . The stock had previously closed at $9.63, but opened at $9.85. Forge Global shares last traded at $12.21, with a volume of 108,020 shares changing hands.

Wall Street Analyst Weigh In

FRGE has been the topic of a number of recent research reports. JPMorgan Chase & Co. reissued an "underweight" rating on shares of Forge Global in a research report on Tuesday, January 7th. JMP Securities lowered 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.

Forge Global Price Performance

The firm has a market cap of $110.27 million, a price-to-earnings ratio of -20.43 and a beta of 2.39. The business's 50-day moving average price is $10.67 and its two-hundred day moving average price is $13.46.

Forge Global announced that its board has authorized a stock buyback program on Wednesday, March 5th that authorizes the company to repurchase $10.00 million in shares. This repurchase authorization authorizes the company to reacquire up to 6.3% of its shares through open market purchases. Shares repurchase programs are often a sign that the company's board believes its shares are undervalued.

Insider Activity

In related news, CRO Jennifer Phillips sold 10,607 shares of the firm's stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $15.00, for a total transaction of $159,105.00. Following the transaction, the executive now directly owns 40,315 shares in the company, valued at $604,725. This trade represents a 20.83 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 7.22% of the company's stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. AWM Investment Company Inc. bought a new stake in shares of Forge Global during the 4th quarter valued at about $409,000. ProShare Advisors LLC raised its position in shares of Forge Global by 51.3% during the 4th quarter. ProShare Advisors LLC now owns 32,807 shares of the company's stock worth $31,000 after purchasing an additional 11,126 shares during the period. Focus Partners Wealth acquired a new position in Forge Global during the 4th quarter valued at approximately $37,000. D. E. Shaw & Co. Inc. bought a new position in Forge Global during the 4th quarter worth $32,000. Finally, Deutsche Bank AG increased its position in Forge Global by 438.1% in the fourth quarter. Deutsche Bank AG now owns 245,790 shares of the company's stock worth $229,000 after buying an additional 200,110 shares during the period. 40.67% of the stock is currently 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.