Forge Global Holdings, Inc. (NYSE:FRGE) Short Interest Up 18.4% in February

Forge Global Holdings, Inc. (NYSE:FRGE) was the recipient of a significant increase in short interest in February. As of February 28th, there was short interest totalling 3,340,000 shares, an increase of 18.4% from the February 13th total of 2,820,000 shares. Based on an average daily trading volume, of 659,300 shares, the days-to-cover ratio is presently 5.1 days. Approximately 2.8% of the company’s shares are short sold.

Insider Buying and Selling

In other news, CRO Jennifer Phillips sold 159,108 shares of Forge Global stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $1.00, for a total transaction of $159,108.00. Following the sale, the executive now owns 604,728 shares of the company’s stock, valued at approximately $604,728. The trade was a 20.83 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Kelly Rodriques sold 50,000 shares of the stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $0.80, for a total value of $40,000.00. Following the completion of the transaction, the chief executive officer now owns 8,030,213 shares of the company’s stock, valued at $6,424,170.40. The trade was a 0.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 7.22% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of FRGE. Prudential Financial Inc. purchased a new position in shares of Forge Global during the fourth quarter worth $27,000. ProShare Advisors LLC raised its stake in shares of Forge Global by 51.3% in the fourth quarter. ProShare Advisors LLC now owns 32,807 shares of the company’s stock valued at $31,000 after acquiring an additional 11,126 shares in the last quarter. D. E. Shaw & Co. Inc. acquired a new stake in shares of Forge Global in the fourth quarter valued at $32,000. Focus Partners Wealth acquired a new stake in shares of Forge Global in the fourth quarter valued at $37,000. Finally, Intech Investment Management LLC raised its stake in shares of Forge Global by 361.3% in the fourth quarter. Intech Investment Management LLC now owns 55,500 shares of the company’s stock valued at $52,000 after acquiring an additional 43,468 shares in the last quarter. 40.67% of the stock is currently owned by hedge funds and other institutional investors.

Forge Global Price Performance

NYSE FRGE opened at $0.60 on Thursday. The stock has a market capitalization of $112.51 million, a P/E ratio of -1.39 and a beta of 2.21. Forge Global has a 12 month low of $0.55 and a 12 month high of $3.56. The firm’s 50-day moving average is $0.79 and its two-hundred day moving average is $1.01.

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

Analyst Ratings Changes

Separately, JPMorgan Chase & Co. reiterated an “underweight” rating on shares of Forge Global in a report on Tuesday, January 7th.

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.