Forge Global Holdings, Inc. (NYSE:FRGE) Sees Significant Growth in Short Interest

Forge Global Holdings, Inc. (NYSE:FRGE) was the recipient of a large growth in short interest in the month of March. As of March 31st, there was short interest totalling 4,350,000 shares, a growth of 45.5% from the March 15th total of 2,990,000 shares. Based on an average daily trading volume, of 683,300 shares, the days-to-cover ratio is presently 6.4 days. Approximately 3.6% of the company’s stock are short sold.

Analyst Ratings Changes

FRGE has been the subject of a number of recent analyst reports. JMP Securities decreased 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. JPMorgan Chase & Co. reissued an “underweight” rating on shares of Forge Global in a report on Tuesday, January 7th.

Forge Global Stock Up 1.7 %

FRGE stock traded up $0.15 during trading on Friday, reaching $8.79. The company’s stock had a trading volume of 307,283 shares, compared to its average volume of 41,132. The company’s fifty day moving average is $10.74 and its 200-day moving average is $13.55. The company has a market capitalization of $1.65 billion, a P/E ratio of -20.43 and a beta of 2.39. Forge Global has a 1 year low of $6.60 and a 1 year high of $31.65.

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

Insider Transactions at Forge Global

In other Forge Global news, CRO Jennifer Phillips sold 16,150 shares of the business’s stock in a transaction on 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 now directly owns 22,226 shares of the company’s stock, valued at approximately $335,834.86. The trade was a 42.08 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 7.22% of the company’s stock.

Institutional Trading of Forge Global

A number of large investors have recently made changes to their positions in FRGE. State Street Corp lifted its stake in shares of Forge Global by 1.2% during the 3rd quarter. State Street Corp now owns 2,263,898 shares of the company’s stock worth $2,966,000 after acquiring an additional 25,833 shares during the last quarter. Barclays PLC boosted its position in Forge Global by 278.5% during 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 in the last quarter. Geode Capital Management LLC grew its position in shares of Forge Global by 0.7% in the 3rd quarter. Geode Capital Management LLC now owns 2,619,886 shares of the company’s stock worth $3,433,000 after buying an additional 18,913 shares during the last quarter. Miracle Mile Advisors LLC grew 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 worth $81,000 after purchasing an additional 46,700 shares during the last quarter. Finally, SG Americas Securities LLC grew its stake in Forge Global by 167.3% during the 4th quarter. SG Americas Securities LLC now owns 65,361 shares of the company’s stock worth $61,000 after buying an additional 40,908 shares during the last quarter. 40.67% of the stock is currently owned by institutional investors.

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.