Forge Global Holdings, Inc. (NYSE:FRGE) CFO Acquires $48,866.44 in Stock

Forge Global Holdings, Inc. (NYSE:FRGE) CFO James Nevin acquired 3,508 shares of Forge Global stock in a transaction on Friday, May 16th. The shares were bought at an average cost of $13.93 per share, with a total value of $48,866.44. Following the completion of the transaction, the chief financial officer now owns 3,508 shares of the company’s stock, valued at approximately $48,866.44. This trade represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink.

Forge Global Stock Performance

Shares of Forge Global stock opened at $14.18 on Wednesday. The firm has a 50-day moving average of $11.24 and a 200-day moving average of $12.71. The stock has a market cap of $174.81 million, a PE ratio of -32.98 and a beta of 2.27. Forge Global Holdings, Inc. has a 52-week low of $6.60 and a 52-week high of $29.40.

Forge Global (NYSE:FRGE) last announced its earnings results on Wednesday, May 7th. The company reported ($1.29) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.34) by $0.05. The company had revenue of $25.30 million during the quarter, compared to analysts’ expectations of $21.50 million. Forge Global had a negative net margin of 95.85% and a negative return on equity of 29.04%. Equities research analysts predict that Forge Global Holdings, Inc. will post -0.37 earnings per share for the current fiscal year.

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

Wall Street Analyst Weigh In

A number of research firms have commented on FRGE. JMP Securities reduced their price objective on shares of 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. Piper Sandler raised shares of Forge Global from a “neutral” rating to an “overweight” rating and set a $30.00 target price for the company in a research report on Monday, May 12th. Finally, JPMorgan Chase & Co. reissued a “neutral” rating and issued a $18.00 target price on shares of Forge Global in a research report on Wednesday, May 14th.

Institutional Investors Weigh In On Forge Global

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