Forge Global (NYSE:FRGE) Stock Price Expected to Rise, UBS Group Analyst Says

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 investment analysts at UBS Group from $30.00 to $34.00 in a report released on Wednesday,Benzinga reports. The firm presently has a "buy" rating on the stock. UBS Group's target price would indicate a potential upside of 46.93% from the company's current price.

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

Forge Global Stock Down 4.2%

NYSE FRGE traded down $1.01 on Wednesday, hitting $23.14. The stock had a trading volume of 51,673 shares, compared to its average volume of 101,671. Forge Global has a one year low of $6.60 and a one year high of $24.90. The company's 50-day moving average is $17.32 and its two-hundred day moving average is $13.69. The stock has a market cap of $285.32 million, a price-to-earnings ratio of -4.34 and a beta of 2.30.

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

Insider Buying and Selling

In related news, CFO James Nevin bought 3,508 shares of the company's stock in a transaction on Friday, May 16th. The shares were purchased at an average cost 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 in the company, valued at $48,866.44. The trade was a ∞ increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. In the last three months, insiders have sold 2,436 shares of company stock worth $37,721. Insiders own 4.50% of the company's stock.

Institutional Investors Weigh In On Forge Global

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Summit Trail Advisors LLC lifted its position in Forge Global by 19.7% during the first quarter. Summit Trail Advisors LLC now owns 157,666 shares of the company's stock valued at $89,000 after buying an additional 26,000 shares during the period. Northern Trust Corp increased its position in shares of Forge Global by 14.6% during the 4th quarter. Northern Trust Corp now owns 1,069,884 shares of the company's stock valued at $996,000 after purchasing an additional 135,946 shares during the last quarter. D. E. Shaw & Co. Inc. bought a new position in Forge Global in the 4th quarter valued at $32,000. Jane Street Group LLC lifted its holdings in shares of Forge Global by 355.4% in the 4th 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 during the period. Finally, Focus Partners Wealth acquired a new position in Forge Global during the 4th quarter valued at about $37,000. 40.67% of the stock is currently owned by institutional investors.

About Forge Global

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.