Forge Global (NYSE:FRGE) Releases Quarterly Earnings Results, Misses Expectations By $0.34 EPS

Forge Global (NYSE:FRGE) issued its earnings results on Thursday. The company reported ($1.37) EPS for the quarter, missing analysts’ consensus estimates of ($1.03) by ($0.34), FiscalAI reports. Forge Global had a negative net margin of 73.62% and a negative return on equity of 28.21%. The firm had revenue of $21.26 million during the quarter, compared to the consensus estimate of $24.01 million.

Forge Global Stock Performance

NYSE FRGE traded down $0.27 on Thursday, reaching $44.14. 1,476,974 shares of the stock traded hands, compared to its average volume of 152,748. Forge Global has a 12 month low of $6.60 and a 12 month high of $44.76. The company has a fifty day moving average price of $20.43 and a 200-day moving average price of $18.35. The company has a market cap of $600.35 million, a price-to-earnings ratio of -8.28 and a beta of 2.27.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the company. UBS Group lowered Forge Global from a “buy” rating to a “neutral” rating and increased their price objective for the company from $34.00 to $45.00 in a report on Tuesday. Wall Street Zen upgraded shares of Forge Global from a “sell” rating to a “hold” rating in a report on Saturday, November 8th. Piper Sandler downgraded shares of Forge Global from an “overweight” rating to a “neutral” rating and set a $45.00 target price on the stock. in a research note on Thursday, November 6th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Forge Global in a research report on Wednesday, October 8th. Finally, Citigroup reissued a “market outperform” rating on shares of Forge Global in a research report on Tuesday, October 28th. Two investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $42.00.

Insider Buying and Selling at Forge Global

In related news, CEO Kelly Rodriques sold 3,530 shares of the company’s stock in a transaction that occurred on Wednesday, August 20th. The stock was sold at an average price of $19.71, for a total value of $69,576.30. Following the sale, the chief executive officer owned 572,332 shares in the company, valued at $11,280,663.72. This represents a 0.61% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 4.50% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in FRGE. Vanguard Group Inc. raised its stake in Forge Global by 5.8% during the third quarter. Vanguard Group Inc. now owns 433,969 shares of the company’s stock worth $7,334,000 after purchasing an additional 23,952 shares during the period. AQR Capital Management LLC grew its position in Forge Global by 305.0% in the 1st quarter. AQR Capital Management LLC now owns 194,616 shares of the company’s stock valued at $109,000 after acquiring an additional 146,565 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in Forge Global during the 2nd quarter worth approximately $1,891,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of 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 acquiring an additional 2,964 shares during the period. Finally, BNP Paribas Financial Markets boosted its stake in shares of Forge Global by 303.8% in the 3rd quarter. BNP Paribas Financial Markets now owns 2,144 shares of the company’s stock valued at $36,000 after buying an additional 1,613 shares during the period. 40.67% of the stock is owned by institutional investors and hedge funds.

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.