Forge Global (NYSE:FRGE) Shares Gap Up – Here’s Why

Forge Global Holdings, Inc. (NYSE:FRGE)’s stock price gapped up before the market opened on Tuesday . The stock had previously closed at $9.63, but opened at $9.85. Forge Global shares last traded at $12.21, with a volume of 108,020 shares traded.

Analyst Upgrades and Downgrades

A number of research firms have commented on FRGE. JMP Securities reduced their price target on Forge Global from $75.00 to $60.00 and set a “market outperform” rating on the stock in a research report on Tuesday, April 8th. JPMorgan Chase & Co. reissued an “underweight” rating on shares of Forge Global in a research report on Tuesday, January 7th.

Forge Global Stock Up 21.0 %

The stock’s 50-day simple moving average is $0.72 and its 200 day simple moving average is $0.91. The firm has a market cap of $2.19 billion, a P/E ratio of -25.89 and a beta of 2.39.

Forge Global announced that its board has approved a stock repurchase program on Wednesday, March 5th that allows the company to buyback $10.00 million in shares. This buyback authorization allows the company to reacquire up to 6.3% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.

Insiders Place Their Bets

In other Forge Global news, CEO Kelly Rodriques sold 3,333 shares of Forge Global stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $12.00, for a total value of $39,996.00. Following the completion of the sale, the chief executive officer now directly owns 535,347 shares of the company’s stock, valued at approximately $6,424,164. The trade was a 0.62 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CRO Jennifer Phillips sold 10,607 shares of the company’s stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $15.00, for a total transaction of $159,105.00. Following the transaction, the executive now owns 40,315 shares in the company, valued at $604,725. This represents a 20.83 % decrease in their position. The disclosure for this sale can be found here. 7.22% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Forge Global

A number of hedge funds have recently added to or reduced their stakes in the company. Prudential Financial Inc. acquired a new position in shares of Forge Global during the fourth quarter worth approximately $27,000. ProShare Advisors LLC raised its holdings in Forge Global by 51.3% during the fourth quarter. ProShare Advisors LLC now owns 32,807 shares of the company’s stock worth $31,000 after buying an additional 11,126 shares during the last quarter. D. E. Shaw & Co. Inc. bought a new position in shares of Forge Global in the fourth quarter valued at $32,000. Focus Partners Wealth acquired a new position in shares of Forge Global during the fourth quarter valued at about $37,000. Finally, Intech Investment Management LLC increased its position in shares of Forge Global by 361.3% during the fourth quarter. Intech Investment Management LLC now owns 55,500 shares of the company’s stock worth $52,000 after acquiring an additional 43,468 shares in the last quarter. Institutional investors and hedge funds own 40.67% of the company’s stock.

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.