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Piper Sandler upgraded shares of Forge Global (NYSE:FRGE – Free Report) from a neutral rating to an overweight rating in a report released on Monday, Marketbeat.com reports. Piper Sandler currently has $30.00 price target on the stock.
Separately, JMP Securities dropped their target price on Forge Global from $75.00 to $60.00 and set a “market outperform” rating for the company in a research report on Tuesday, April 8th.
View Our Latest Report on FRGE
Forge Global Price Performance
Shares of FRGE stock opened at $15.61 on Monday. The stock’s fifty day simple moving average is $10.51 and its 200 day simple moving average is $12.79. The firm has a market cap of $192.44 million, a price-to-earnings ratio of -36.30 and a beta of 2.27. Forge Global has a one year low of $6.60 and a one year high of $29.40.
Forge Global (NYSE:FRGE – Get Free Report) last issued its quarterly earnings data 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. Forge Global had a negative return on equity of 29.04% and a negative net margin of 95.85%. The firm had revenue of $25.30 million during the quarter, compared to the consensus estimate of $21.50 million. On average, research analysts anticipate that Forge Global will post -0.37 earnings per share for the current year.
Forge Global announced that its board has authorized a share repurchase program on Wednesday, March 5th that permits the company to buyback $10.00 million in shares. This buyback authorization permits the company to reacquire up to 6.3% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.
Insider Transactions at Forge Global
In related news, CRO Jennifer Phillips sold 16,150 shares of the company’s 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 completion of the sale, the executive now owns 22,226 shares in the company, valued at approximately $335,834.86. This represents a 42.08% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 7.22% of the stock is currently owned by corporate insiders.
Institutional Investors Weigh In On Forge Global
A number of institutional investors and hedge funds have recently added to or reduced their stakes in FRGE. Barclays PLC increased its holdings in Forge Global by 278.5% in the third quarter. Barclays PLC now owns 150,241 shares of the company’s stock valued at $197,000 after purchasing an additional 110,549 shares during the last quarter. Miracle Mile Advisors LLC increased its holdings in Forge Global by 116.8% in the fourth quarter. Miracle Mile Advisors LLC now owns 86,700 shares of the company’s stock valued at $81,000 after purchasing an additional 46,700 shares during the last quarter. SG Americas Securities LLC increased its holdings in Forge Global by 167.3% in the fourth quarter. SG Americas Securities LLC now owns 65,361 shares of the company’s stock valued at $61,000 after purchasing an additional 40,908 shares during the last quarter. Los Angeles Capital Management LLC acquired a new position in Forge Global in the fourth quarter valued at about $226,000. Finally, Intech Investment Management LLC grew its stake in Forge Global by 361.3% in the fourth quarter. Intech Investment Management LLC now owns 55,500 shares of the company’s stock valued at $52,000 after acquiring an additional 43,468 shares during the period. Institutional investors own 40.67% of the company’s stock.
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.
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