Forge Global (NYSE:FRGE) Stock Price Up 5% - Should You Buy?

Forge Global Holdings, Inc. (NYSE:FRGE - Get Free Report)'s share price rose 5% during mid-day trading on Thursday . The stock traded as high as $19.12 and last traded at $19.05. Approximately 83,027 shares traded hands during trading, an increase of 35% from the average daily volume of 61,673 shares. The stock had previously closed at $18.14.

Analyst Upgrades and Downgrades

FRGE has been the subject of several recent research reports. 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. 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 report on Tuesday, April 8th. Wall Street Zen upgraded Forge Global from a "sell" rating to a "hold" rating in a report on Friday. Finally, JPMorgan Chase & Co. reissued a "neutral" rating and issued a $18.00 price target on shares of Forge Global in a research report on Wednesday, May 14th. Two equities research analysts have rated the stock with 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 "Moderate Buy" and a consensus target price of $38.25.

Forge Global Stock Down 0.2%

The company has a market capitalization of $233.90 million, a PE ratio of -3.66 and a beta of 2.19. The business has a 50 day simple moving average of $14.90 and a 200 day simple moving average of $12.71.

Forge Global (NYSE:FRGE - Get Free Report) last announced its quarterly earnings data on Wednesday, May 7th. The company reported ($1.29) EPS for the quarter, beating the consensus estimate of ($1.34) by $0.05. The firm had revenue of $25.30 million during the quarter, compared to analyst estimates of $21.50 million. Forge Global had a negative net margin of 74.82% and a negative return on equity of 27.44%. Equities analysts expect that Forge Global Holdings, Inc. will post -0.37 EPS for the current fiscal year.

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

Insider Buying and Selling at Forge Global

In other news, CFO James Nevin bought 3,508 shares of Forge Global stock in a transaction that occurred on Friday, May 16th. The stock was bought at an average price of $13.93 per share, for a total transaction of $48,866.44. Following the purchase, the chief financial officer directly owned 3,508 shares of the company's stock, valued at approximately $48,866.44. The trade was a ∞ increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CRO Jennifer Phillips sold 16,150 shares of Forge Global stock in a transaction dated Tuesday, April 15th. The stock was sold at an average price of $15.11, for a total value of $244,026.50. Following the sale, the executive directly owned 22,226 shares of the company's stock, valued at approximately $335,834.86. This represents a 42.08% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 18,586 shares of company stock valued at $281,747 over the last quarter. Insiders own 4.50% of the company's stock.

Institutional Investors Weigh In On Forge Global

A number of institutional investors and hedge funds have recently modified their holdings of FRGE. AWM Investment Company Inc. raised its position in Forge Global by 793.9% during the 1st quarter. AWM Investment Company Inc. now owns 3,928,927 shares of the company's stock worth $2,208,000 after buying an additional 3,489,424 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of Forge Global by 1.2% in the fourth quarter. Geode Capital Management LLC now owns 2,651,436 shares of the company's stock worth $2,469,000 after acquiring an additional 31,550 shares during the period. Wells Fargo & Company MN raised its holdings in shares of Forge Global by 0.6% during the fourth quarter. Wells Fargo & Company MN now owns 2,583,455 shares of the company's stock worth $2,405,000 after purchasing an additional 15,695 shares during the last quarter. Alyeska Investment Group L.P. acquired a new position in Forge Global during the first quarter valued at $1,119,000. Finally, Northern Trust Corp boosted its holdings in Forge Global by 14.6% in the fourth 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. 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.