Insider Selling: Forge Global Holdings, Inc. (NYSE:FRGE) CRO Sells 810 Shares of Stock

Forge Global Holdings, Inc. (NYSE:FRGE) CRO Jennifer Phillips sold 810 shares of the company’s stock in a transaction dated Tuesday, June 17th. The shares were sold at an average price of $16.43, for a total value of $13,308.30. Following the completion of the sale, the executive now directly owns 17,281 shares of the company’s stock, valued at approximately $283,926.83. This trade represents a 4.48% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink.

Jennifer Phillips also recently made the following trade(s):

• On Thursday, May 29th, Jennifer Phillips sold 1,126 shares of Forge Global stock. The stock was sold at an average price of $15.02, for a total value of $16,912.52.
• On Monday, May 19th, Jennifer Phillips sold 500 shares of Forge Global stock. The stock was sold at an average price of $15.00, for a total value of $7,500.00.
• On Tuesday, April 15th, Jennifer Phillips sold 16,150 shares of Forge Global stock. The stock was sold at an average price of $15.11, for a total value of $244,026.50.

Forge Global Price Performance

FRGE opened at $17.35 on Friday. The business has a 50 day simple moving average of $14.02 and a 200-day simple moving average of $12.67. The stock has a market capitalization of $213.86 million, a P/E ratio of -3.34 and a beta of 2.19. Forge Global Holdings, Inc. has a 12 month low of $6.60 and a 12 month high of $24.45.

Forge Global (NYSE:FRGE) last posted its quarterly earnings results on Wednesday, May 7th. The company reported ($1.29) EPS for the quarter, beating the consensus estimate of ($1.34) by $0.05. The business had revenue of $25.30 million during the quarter, compared to analysts’ expectations of $21.50 million. Forge Global had a negative return on equity of 27.44% and a negative net margin of 74.82%. Research analysts anticipate that Forge Global Holdings, Inc. will post -0.37 EPS for the current year.

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

Analyst Upgrades and Downgrades

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

Institutional Trading of Forge Global

Hedge funds have recently modified their holdings of the business. Prudential Financial Inc. acquired a new stake in shares of Forge Global in the 4th quarter valued at approximately $27,000. ProShare Advisors LLC increased its stake in Forge Global by 51.3% in the 4th quarter. ProShare Advisors LLC now owns 32,807 shares of the company’s stock valued at $31,000 after purchasing an additional 11,126 shares in the last quarter. D. E. Shaw & Co. Inc. acquired a new position in Forge Global during the fourth quarter worth $32,000. Focus Partners Wealth acquired a new position in Forge Global during the fourth quarter worth $37,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Forge Global by 4.5% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 68,888 shares of the company’s stock worth $39,000 after purchasing an additional 2,964 shares during the last quarter. 40.67% of the stock is owned by institutional investors and hedge funds.

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.