Forge Global (NYSE:FRGE) Upgraded at Piper Sandler

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

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

Forge Global Trading Down 13.2%

FRGE stock opened at $15.45 on Monday. Forge Global has a 1-year low of $6.60 and a 1-year high of $29.40. The business’s 50 day moving average is $10.78 and its 200-day moving average is $12.84. The firm has a market cap of $190.47 million, a P/E ratio of -35.93 and a beta of 2.27.

Forge Global (NYSE:FRGE) last announced its earnings results on Wednesday, May 7th. The company reported ($1.29) EPS for the quarter, topping the consensus estimate of ($1.34) by $0.05. Forge Global had a negative return on equity of 29.04% and a negative net margin of 95.85%. The company had revenue of $25.30 million for the quarter, compared to analysts’ expectations of $21.50 million. Sell-side analysts forecast that Forge Global will post -0.37 EPS for the current year.

Forge Global declared that its Board of Directors has initiated a share repurchase program on Wednesday, March 5th that permits the company to repurchase $10.00 million in shares. This repurchase authorization permits the company to reacquire up to 6.3% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s leadership believes its shares are undervalued.

Insider Activity at Forge Global

In other news, CRO Jennifer Phillips sold 16,150 shares of the firm’s 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 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 this link. 7.22% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the business. Barclays PLC boosted its holdings in Forge Global by 278.5% during the 3rd quarter. Barclays PLC now owns 150,241 shares of the company’s stock worth $197,000 after acquiring an additional 110,549 shares during the last quarter. SG Americas Securities LLC lifted its position in shares of Forge Global by 167.3% during the fourth quarter. SG Americas Securities LLC now owns 65,361 shares of the company’s stock valued at $61,000 after purchasing an additional 40,908 shares in the last quarter. 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 valued at $52,000 after purchasing an additional 43,468 shares in the last quarter. Los Angeles Capital Management LLC purchased a new position in Forge Global during the fourth quarter worth about $226,000. Finally, Miracle Mile Advisors LLC grew its position in Forge Global by 116.8% in the 4th 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 in the last quarter. 40.67% of the stock is 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.