JPMorgan Chase & Co. restated their neutral rating on shares of Forge Global (NYSE:FRGE - Free Report) in a research note issued to investors on Wednesday morning, MarketBeat Ratings reports. The firm currently has a $18.00 price target on the stock.
Several other equities analysts have also recently issued reports on the company. Piper Sandler upgraded Forge Global from a "neutral" rating to an "overweight" rating and set a $30.00 price target on the stock in a report on Monday, May 12th. JMP Securities cut 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.
Check Out Our Latest Stock Analysis on Forge Global
Forge Global Trading Up 2.3%
Forge Global stock traded up $0.33 during mid-day trading on Wednesday, hitting $14.68. The stock had a trading volume of 51,812 shares, compared to its average volume of 95,726. The stock has a 50-day simple moving average of $11.00 and a two-hundred day simple moving average of $12.71. The stock has a market capitalization of $180.93 million, a PE ratio of -34.13 and a beta of 2.27. Forge Global has a 12 month low of $6.60 and a 12 month high of $29.40.
Forge Global (NYSE:FRGE - Get Free Report) last posted its quarterly earnings results on Wednesday, May 7th. The company reported ($1.29) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.34) by $0.05. The business had revenue of $25.30 million for the quarter, compared to analysts' expectations of $21.50 million. Forge Global had a negative return on equity of 29.04% and a negative net margin of 95.85%. Sell-side analysts expect that Forge Global will post -0.37 earnings per share for the current fiscal year.
Forge Global declared that its board has authorized a stock repurchase plan on Wednesday, March 5th that authorizes the company to repurchase $10.00 million in outstanding shares. This repurchase authorization authorizes the company to buy up to 6.3% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company's management believes its stock is undervalued.
Insider Buying and Selling at Forge Global
In other news, CRO Jennifer Phillips sold 16,150 shares of the firm's stock in a transaction dated Tuesday, April 15th. The stock was sold at an average price of $15.11, for a total transaction of $244,026.50. Following the sale, the executive now owns 22,226 shares of the company's stock, valued at $335,834.86. This trade represents a 42.08% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 4.50% of the company's stock.
Institutional Investors Weigh In On Forge Global
A number of hedge funds have recently modified their holdings of FRGE. AWM Investment Company Inc. lifted its position in shares of Forge Global by 793.9% in the first quarter. AWM Investment Company Inc. now owns 3,928,927 shares of the company's stock worth $2,208,000 after purchasing an additional 3,489,424 shares in the last quarter. Alyeska Investment Group L.P. bought a new position in shares of Forge Global during the 1st quarter worth approximately $1,119,000. Jane Street Group LLC boosted its stake in shares of Forge Global by 355.4% during the 4th quarter. Jane Street Group LLC now owns 685,172 shares of the company's stock worth $638,000 after acquiring an additional 534,717 shares during the period. Nuveen LLC bought a new position in shares of Forge Global during the 1st quarter worth approximately $231,000. Finally, Whetstone Capital Advisors LLC bought a new stake in Forge Global in the 1st quarter valued at $209,000. Institutional investors and hedge funds own 40.67% of the company's stock.
About Forge Global
(
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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