Forge Global (NYSE:FRGE) Issues Earnings Results, Misses Estimates By $0.34 EPS

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

Forge Global Stock Performance

NYSE FRGE traded down $0.27 during trading on Thursday, reaching $44.14. 1,476,974 shares of the company traded hands, compared to its average volume of 152,748. Forge Global has a 1-year low of $6.60 and a 1-year high of $44.76. The stock’s 50 day moving average price is $20.43 and its two-hundred day moving average price is $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.

Analysts Set New Price Targets

A number of brokerages have weighed in on FRGE. UBS Group cut Forge Global from a “buy” rating to a “neutral” rating and boosted their price target for the stock from $34.00 to $45.00 in a research report on Tuesday. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Forge Global in a research report on Wednesday, October 8th. Citigroup reissued a “market outperform” rating on shares of Forge Global in a research report on Tuesday, October 28th. Wall Street Zen upgraded shares of Forge Global from a “sell” rating to a “hold” rating in a research note on Saturday, November 8th. Finally, 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 report on Thursday, November 6th. Two investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $42.00.

Insider Buying and Selling

In other Forge Global news, CEO Kelly Rodriques sold 3,530 shares of the company’s stock in a transaction 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 directly 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 legal filing with the SEC, which is available at this hyperlink. 4.50% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Forge Global

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Raymond James Financial Inc. acquired a new position in Forge Global during the second quarter worth $1,891,000. Vanguard Group Inc. increased its holdings in shares of Forge Global by 5.8% during the 3rd quarter. Vanguard Group Inc. now owns 433,969 shares of the company’s stock worth $7,334,000 after acquiring an additional 23,952 shares during the last quarter. AQR Capital Management LLC raised its position in shares of Forge Global by 305.0% in the first quarter. AQR Capital Management LLC now owns 194,616 shares of the company’s stock valued at $109,000 after purchasing an additional 146,565 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings 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 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 purchasing an additional 1,613 shares during the period. 40.67% of the stock is currently 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.