Forge Global (NYSE:FRGE) Rating Lowered to Sell at Wall Street Zen

Forge Global (NYSE:FRGE) was downgraded by equities researchers at Wall Street Zen from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Friday.

A number of other research analysts have also commented on the company. Piper Sandler raised 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. JPMorgan Chase & Co. reaffirmed a “neutral” rating and issued a $18.00 price objective on shares of Forge Global in a report on Wednesday, May 14th. Finally, JMP Securities reduced their target price on Forge Global from $75.00 to $60.00 and set a “market outperform” rating on the stock in a report on Tuesday, April 8th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $38.25.

Forge Global Stock Up 4.8%

Shares of Forge Global stock opened at $18.20 on Friday. Forge Global has a 12-month low of $6.60 and a 12-month high of $23.85. The stock has a market cap of $224.42 million, a P/E ratio of -3.51 and a beta of 2.29. The business’s 50 day moving average is $16.26 and its 200-day moving average is $13.11.

Forge Global (NYSE:FRGE) last posted 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 analyst estimates of $21.50 million. Forge Global had a negative return on equity of 27.44% and a negative net margin of 74.82%. On average, sell-side analysts expect that Forge Global will post -0.37 EPS for the current year.

Insider Activity

In related news, CFO James Nevin acquired 3,508 shares of the stock in a transaction dated Friday, May 16th. The stock was bought at an average cost of $13.93 per share, for a total transaction of $48,866.44. Following the completion of the transaction, the chief financial officer directly owned 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 Securities & Exchange Commission, which is available at this link. Insiders sold 2,436 shares of company stock worth $37,721 in the last ninety days. 4.50% of the stock is owned by company insiders.

Institutional Investors Weigh In On Forge Global

A number of hedge funds have recently added to or reduced their stakes in the business. Truist Financial Corp acquired a new stake in Forge Global in the second quarter valued at approximately $190,000. Brendel Financial Advisors LLC acquired a new stake in Forge Global in the second quarter valued at approximately $209,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Forge Global by 4.5% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 68,888 shares of the company’s stock valued at $39,000 after acquiring an additional 2,964 shares during the period. Interval Partners LP grew its stake in Forge Global by 1.2% in the first quarter. Interval Partners LP now owns 308,388 shares of the company’s stock valued at $173,000 after acquiring an additional 3,578 shares during the period. Finally, AQR Capital Management LLC grew its stake in 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 acquiring an additional 146,565 shares during the period. 40.67% of the stock is currently owned by institutional investors.

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.