Forge Global Holdings, Inc. (NYSE:FRGE) CFO James Nevin Acquires 3,508 Shares

Forge Global Holdings, Inc. (NYSE:FRGE) CFO James Nevin acquired 3,508 shares of the stock in a transaction dated Friday, May 16th. The stock was acquired at an average price of $13.93 per share, for a total transaction of $48,866.44. Following the completion of the acquisition, the chief financial officer now directly owns 3,508 shares of the company’s stock, valued at $48,866.44. The trade was a ∞ increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink.

Forge Global Trading Down 3.1%

Shares of FRGE opened at $14.18 on Wednesday. The company has a market cap of $174.81 million, a price-to-earnings ratio of -32.98 and a beta of 2.27. Forge Global Holdings, Inc. has a 1-year low of $6.60 and a 1-year high of $29.40. The company’s fifty day simple moving average is $11.24 and its 200 day simple moving average is $12.71.

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

Forge Global declared that its Board of Directors has authorized a share buyback program on Wednesday, March 5th that permits the company to buyback $10.00 million in outstanding shares. This buyback authorization permits the company to repurchase up to 6.3% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its shares are undervalued.

Hedge Funds Weigh In On Forge Global

A number of institutional investors have recently added to or reduced their stakes in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased 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 buying an additional 2,964 shares during the last quarter. Interval Partners LP boosted its position in Forge Global by 1.2% during the first quarter. Interval Partners LP now owns 308,388 shares of the company’s stock worth $173,000 after purchasing an additional 3,578 shares during the period. AQR Capital Management LLC boosted its position in Forge Global by 305.0% during the first quarter. AQR Capital Management LLC now owns 194,616 shares of the company’s stock worth $109,000 after purchasing an additional 146,565 shares during the period. AWM Investment Company Inc. boosted its position in Forge Global by 793.9% during the first quarter. AWM Investment Company Inc. now owns 3,928,927 shares of the company’s stock worth $2,208,000 after purchasing an additional 3,489,424 shares during the period. Finally, Alyeska Investment Group L.P. bought a new position in Forge Global during the first quarter worth $1,119,000. 40.67% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. Piper Sandler upgraded shares of Forge Global from a “neutral” rating to an “overweight” rating and set a $30.00 price objective on the stock in a report on Monday, May 12th. JMP Securities lowered their price objective on shares of Forge Global from $75.00 to $60.00 and set a “market outperform” rating on the stock in a report on Tuesday, April 8th. Finally, JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $18.00 price objective on shares of Forge Global in a report on Wednesday, May 14th.

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.