Forge Global (NYSE:FRGE) Sees Large Volume Increase – Still a Buy?

Forge Global Holdings, Inc. (NYSE:FRGE) saw unusually-strong trading volume on Friday . Approximately 250,771 shares traded hands during trading, an increase of 100% from the previous session’s volume of 125,610 shares.The stock last traded at $43.9870 and had previously closed at $44.07.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on FRGE shares. Weiss Ratings restated a “sell (d-)” rating on shares of Forge Global in a research note on Wednesday, October 8th. Citigroup reissued a “market outperform” rating on shares of Forge Global in a research report on Tuesday, October 28th. Piper Sandler cut Forge Global from an “overweight” rating to a “neutral” rating and set a $45.00 price target for the company. in a research report on Thursday. Wall Street Zen upgraded Forge Global from a “sell” rating to a “hold” rating in a research note on Saturday. Finally, UBS Group set a $60.00 price objective on Forge Global in a research note on Tuesday, October 28th. Three investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $45.75.

Forge Global Price Performance

The firm’s fifty day simple moving average is $18.86 and its 200 day simple moving average is $17.69. The company has a market capitalization of $598.33 million, a PE ratio of -8.26 and a beta of 2.27.

Insider Buying and Selling

In related news, CEO Kelly Rodriques sold 3,530 shares of Forge Global stock in a transaction that occurred on Wednesday, August 20th. The stock was sold at an average price of $19.71, for a total transaction of $69,576.30. Following the completion of the transaction, the chief executive officer directly owned 572,332 shares in the company, valued at approximately $11,280,663.72. This trade represents a 0.61% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 4.50% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Forge Global

Hedge funds and other institutional investors have recently made changes to their positions in the company. AWM Investment Company Inc. lifted its stake in shares of Forge Global by 793.9% in the 1st quarter. AWM Investment Company Inc. now owns 3,928,927 shares of the company’s stock valued at $2,208,000 after purchasing an additional 3,489,424 shares during the period. Alyeska Investment Group L.P. purchased a new position in Forge Global in the first quarter valued at $1,119,000. Nuveen LLC acquired a new position in shares of Forge Global in the first quarter worth about $231,000. Whetstone Capital Advisors LLC acquired a new position in shares of Forge Global in the first quarter worth about $209,000. Finally, AQR Capital Management LLC boosted its stake in shares of Forge Global by 305.0% during the 1st quarter. AQR Capital Management LLC now owns 194,616 shares of the company’s stock worth $109,000 after acquiring an additional 146,565 shares in the last quarter. Institutional investors and hedge funds 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.