JMP Securities Has Lowered Expectations for Forge Global (NYSE:FRGE) Stock Price

Forge Global (NYSE:FRGE) had its target price reduced by JMP Securities from $5.00 to $4.00 in a research note issued to investors on Tuesday morning,Benzinga reports. They currently have a market outperform rating on the stock.

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

Forge Global Stock Down 1.4 %

Shares of FRGE opened at $0.62 on Tuesday. Forge Global has a 12 month low of $0.44 and a 12 month high of $2.37. The company’s fifty day moving average is $0.74 and its 200-day moving average is $0.94. The firm has a market cap of $116.27 million, a price-to-earnings ratio of -1.44 and a beta of 2.39.

Shares of Forge Global are set to reverse split on Tuesday, April 15th. The 1-15 reverse split was announced on Monday, March 31st. The number of shares owned by shareholders will be adjusted after the closing bell on Monday, April 14th.

Forge Global declared that its board has initiated a share repurchase plan on Wednesday, March 5th that permits the company to repurchase $10.00 million in outstanding shares. This repurchase authorization permits the company to repurchase up to 6.3% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s management believes its stock is undervalued.

Insider Buying and Selling

In other news, CRO Jennifer Phillips sold 159,108 shares of the firm’s stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $1.00, for a total value of $159,108.00. Following the sale, the executive now owns 604,728 shares in the company, valued at approximately $604,728. This trade represents a 20.83 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Kelly Rodriques sold 50,000 shares of the company’s stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $0.80, for a total transaction of $40,000.00. Following the transaction, the chief executive officer now owns 8,030,213 shares of the company’s stock, valued at approximately $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. Insiders own 7.22% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Prudential Financial Inc. acquired a new stake in Forge Global during the fourth quarter worth about $27,000. ProShare Advisors LLC lifted its position in shares of Forge Global by 51.3% in the 4th quarter. ProShare Advisors LLC now owns 32,807 shares of the company’s stock worth $31,000 after acquiring an additional 11,126 shares during the period. D. E. Shaw & Co. Inc. acquired a new stake in shares of Forge Global during the 4th quarter worth approximately $32,000. Focus Partners Wealth bought a new stake in shares of Forge Global during the fourth quarter valued at approximately $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 purchasing an additional 43,468 shares in the last quarter. Institutional investors own 40.67% of the company’s stock.

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.