Forge Global (NYSE:FRGE) Upgraded by Piper Sandler to “Overweight” Rating

Piper Sandler upgraded shares of Forge Global (NYSE:FRGE) from a neutral rating to an overweight rating in a research report sent to investors on Monday morning, MarketBeat Ratings reports. They currently have $30.00 target price on the stock.

Separately, JMP Securities reduced their price target on shares of Forge Global from $75.00 to $60.00 and set a “market outperform” rating on the stock in a research report on Tuesday, April 8th.

Forge Global Stock Down 13.2%

NYSE FRGE opened at $15.45 on Monday. The company has a market cap of $190.47 million, a PE ratio of -35.93 and a beta of 2.27. Forge Global has a 52 week low of $6.60 and a 52 week high of $29.40. The firm’s 50-day simple moving average is $10.78 and its two-hundred day simple moving average is $12.84.

Forge Global (NYSE:FRGE) last announced its quarterly earnings results on Wednesday, May 7th. The company reported ($1.29) earnings per share for the quarter, beating the consensus estimate of ($1.34) by $0.05. The firm 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%. As a group, equities research analysts anticipate that Forge Global will post -0.37 EPS for the current year.

Forge Global announced that its Board of Directors has initiated a share repurchase plan on Wednesday, March 5th that allows the company to buyback $10.00 million in shares. This buyback authorization allows the company to reacquire up to 6.3% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board of directors believes its stock is undervalued.

Insider Activity at Forge Global

In other Forge Global news, CRO Jennifer Phillips sold 16,150 shares of the stock in a transaction that occurred on Tuesday, April 15th. The shares were sold at an average price of $15.11, for a total transaction of $244,026.50. Following the completion of the sale, 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 sale was disclosed in a filing with the SEC, which is available through the SEC website. 7.22% of the stock is currently owned by corporate insiders.

Institutional Trading of Forge Global

Several hedge funds have recently made changes to their positions in the business. Barclays PLC raised its holdings in shares of Forge Global by 278.5% in the third quarter. Barclays PLC now owns 150,241 shares of the company’s stock worth $197,000 after buying an additional 110,549 shares during the period. Miracle Mile Advisors LLC boosted its holdings in Forge Global by 116.8% during the 4th quarter. Miracle Mile Advisors LLC now owns 86,700 shares of the company’s stock valued at $81,000 after acquiring an additional 46,700 shares during the period. SG Americas Securities LLC grew its position in Forge Global by 167.3% in the 4th quarter. SG Americas Securities LLC now owns 65,361 shares of the company’s stock valued at $61,000 after acquiring an additional 40,908 shares during the last quarter. Los Angeles Capital Management LLC purchased a new stake in Forge Global in the fourth quarter worth $226,000. Finally, Intech Investment Management LLC lifted its position in shares of Forge Global by 361.3% during the fourth quarter. Intech Investment Management LLC now owns 55,500 shares of the company’s stock worth $52,000 after purchasing an additional 43,468 shares during the last quarter. 40.67% of the stock is currently owned by hedge funds and other institutional investors.

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.