Forge Global Holdings, Inc. (NYSE:FRGE - Get Free Report)'s share price rose 5% during trading on Thursday . The stock traded as high as $19.12 and last traded at $19.05. Approximately 83,027 shares changed hands during mid-day trading, an increase of 35% from the average daily volume of 61,673 shares. The stock had previously closed at $18.14.
Wall Street Analyst Weigh In
A number of equities analysts have recently weighed in on FRGE shares. JMP Securities lowered 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. Piper Sandler raised Forge Global from a "neutral" rating to an "overweight" rating and set a $30.00 price objective on the stock in a report on Monday, May 12th. Finally, JPMorgan Chase & Co. reiterated a "neutral" rating and set a $18.00 price objective on shares of Forge Global in a research report on Wednesday, May 14th.
Check Out Our Latest Stock Analysis on Forge Global
Forge Global Price Performance
The firm has a market capitalization of $234.82 million, a P/E ratio of -3.67 and a beta of 2.19. The business's 50-day moving average is $14.70 and its 200 day moving average is $12.73.
Forge Global (NYSE:FRGE - Get Free Report) last released its quarterly earnings results on Wednesday, May 7th. The company reported ($1.29) EPS for the quarter, topping analysts' consensus estimates of ($1.34) by $0.05. Forge Global had a negative net margin of 74.82% and a negative return on equity of 27.44%. The business had revenue of $25.30 million for the quarter, compared to analyst estimates of $21.50 million. Analysts anticipate that Forge Global Holdings, Inc. will post -0.37 EPS for the current fiscal year.
Forge Global declared that its board has approved a share repurchase program on Wednesday, March 5th that allows the company to buyback $10.00 million in outstanding shares. This buyback authorization allows the company to repurchase up to 6.3% of its shares through open market purchases. Shares buyback programs are usually an indication that the company's board believes its shares are undervalued.
Insider Buying and Selling
In other Forge Global news, CRO Jennifer Phillips sold 16,150 shares of the firm's stock in a transaction dated Tuesday, April 15th. The shares were sold at an average price of $15.11, for a total value of $244,026.50. Following the transaction, the executive now directly owns 22,226 shares of the company's stock, valued at $335,834.86. This trade represents a 42.08% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO James Nevin bought 3,508 shares of the firm's stock in a transaction on Friday, May 16th. The stock was purchased at an average cost of $13.93 per share, for a total transaction of $48,866.44. Following the completion of the acquisition, the chief financial officer now owns 3,508 shares in the company, valued at approximately $48,866.44. This trade represents a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders have sold 18,586 shares of company stock valued at $281,747. 4.50% of the stock is owned by company insiders.
Hedge Funds Weigh In On Forge Global
Hedge funds have recently bought and sold shares of the company. Prudential Financial Inc. bought a new position in Forge Global in the 4th quarter valued at about $27,000. ProShare Advisors LLC increased its holdings in Forge Global by 51.3% in the 4th quarter. ProShare Advisors LLC now owns 32,807 shares of the company's stock valued at $31,000 after buying an additional 11,126 shares during the period. D. E. Shaw & Co. Inc. bought a new position in Forge Global in the 4th quarter valued at about $32,000. Focus Partners Wealth bought a new position in Forge Global in the 4th quarter valued at about $37,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in Forge Global by 4.5% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 68,888 shares of the company's stock valued at $39,000 after buying an additional 2,964 shares during the period. 40.67% of the stock is owned by institutional investors.
Forge Global Company Profile
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Get Free Report)
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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