Forge Global (NYSE:FRGE) Price Target Raised to $34.00

Key Points

• UBS Group has raised its price target for Forge Global from $30.00 to $34.00, indicating a potential upside of 46.93% from its current price, alongside a "buy" rating.
• Forge Global's stock has dropped 4.2% recently and currently trades at $23.14, with a market cap of approximately $285.32 million.
• The company reported earnings of ($0.99) per share, surpassing analyst expectations, with revenues of $27.74 million exceeding the consensus estimate of $21.00 million.

Forge Global (NYSE:FRGE - Get Free Report) had its price target increased by research analysts at UBS Group from $30.00 to $34.00 in a report released on Wednesday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. UBS Group's price target would indicate a potential upside of 55.61% from the company's current price.

A number of other equities analysts have also recently weighed in on the stock. Wall Street Zen cut shares of Forge Global from a "hold" rating to a "sell" rating in a research report on Friday, July 18th. JMP Securities reduced their price target on shares of Forge Global from $75.00 to $60.00 and set a "market outperform" rating on the stock in a research report on Tuesday, April 8th. JPMorgan Chase & Co. reissued a "neutral" rating and set a $18.00 price target on shares of Forge Global in a research report on Wednesday, May 14th. Finally, Piper Sandler raised shares of Forge Global from a "neutral" rating to an "overweight" rating and set a $30.00 price target on the stock in a research report on Monday, May 12th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $35.50.

Forge Global Stock Performance

Shares of NYSE:FRGE traded down $0.03 during trading on Wednesday, reaching $21.85. The stock had a trading volume of 120,572 shares, compared to its average volume of 131,635. Forge Global has a 52 week low of $6.60 and a 52 week high of $24.90. The business's 50-day moving average price is $17.81 and its 200 day moving average price is $13.93.

Forge Global (NYSE:FRGE - Get Free Report) last posted its quarterly earnings data on Wednesday, July 30th. The company reported ($0.99) earnings per share for the quarter, topping the consensus estimate of ($1.16) by $0.17. The firm had revenue of $27.74 million during the quarter, compared to analysts' expectations of $21.00 million. Forge Global had a negative net margin of 73.62% and a negative return on equity of 27.50%. As a group, sell-side analysts anticipate that Forge Global will post -0.37 EPS for the current fiscal year.

Insider Buying and Selling at Forge Global

In related news, CFO James Nevin purchased 3,508 shares of the firm's stock in a transaction that occurred on Friday, May 16th. The shares were acquired at an average price of $13.93 per share, for a total transaction of $48,866.44. Following the purchase, the chief financial officer owned 3,508 shares in the company, valued at approximately $48,866.44. This represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In the last quarter, insiders have sold 2,436 shares of company stock worth $37,721. 4.50% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of FRGE. AWM Investment Company Inc. grew its stake in Forge Global by 793.9% in the 1st quarter. AWM Investment Company Inc. now owns 3,928,927 shares of the company's stock valued at $2,208,000 after buying an additional 3,489,424 shares during the last quarter. Alyeska Investment Group L.P. acquired a new position in Forge Global in the 1st quarter valued at $1,119,000. Jane Street Group LLC grew its stake in Forge Global by 355.4% during the fourth quarter. Jane Street Group LLC now owns 685,172 shares of the company's stock worth $638,000 after buying an additional 534,717 shares in the last quarter. Nuveen LLC bought a new stake in Forge Global during the first quarter worth $231,000. Finally, Whetstone Capital Advisors LLC bought a new position in Forge Global in the first quarter valued at about $209,000. Institutional investors and hedge funds 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.