Forge Global (NYSE:FRGE) Issues Earnings Results

Forge Global (NYSE:FRGE) announced its quarterly earnings data on Thursday. The company reported ($1.37) earnings per share for the quarter, missing the consensus estimate of ($1.03) by ($0.34), FiscalAI reports. The company had revenue of $21.26 million during the quarter, compared to analyst estimates of $24.01 million. Forge Global had a negative net margin of 73.62% and a negative return on equity of 28.21%.

Forge Global Trading Down 0.6%

Shares of FRGE stock opened at $44.14 on Friday. The firm has a market capitalization of $600.30 million, a price-to-earnings ratio of -8.28 and a beta of 2.27. The business’s 50-day moving average price is $20.96 and its 200-day moving average price is $18.53. Forge Global has a 12 month low of $6.60 and a 12 month high of $44.76.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the company. Wall Street Zen upgraded Forge Global from a “sell” rating to a “hold” rating in a research report on Saturday, November 8th. Piper Sandler lowered shares of Forge Global from an “overweight” rating to a “neutral” rating and set a $45.00 target price on the stock. in a report on Thursday, November 6th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Forge Global in a report on Wednesday, October 8th. Citigroup reiterated a “market outperform” rating on shares of Forge Global in a research report on Tuesday, October 28th. Finally, UBS Group downgraded shares of Forge Global from a “buy” rating to a “neutral” rating and boosted their price objective for the company from $34.00 to $45.00 in a research report on Tuesday. Two equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $42.00.

Insiders Place Their Bets

In other news, CEO Kelly Rodriques sold 3,530 shares of the firm’s stock in a transaction dated 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 $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 is available through the SEC website. 4.50% of the stock is owned by insiders.

Institutional Investors Weigh In On Forge Global

Large investors have recently modified their holdings of the company. BNP Paribas Financial Markets raised its stake in Forge Global by 303.8% during the third quarter. BNP Paribas Financial Markets now owns 2,144 shares of the company’s stock worth $36,000 after buying an additional 1,613 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Forge Global by 4.5% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 68,888 shares of the company’s stock worth $39,000 after acquiring an additional 2,964 shares during the period. AQR Capital Management LLC raised its position in shares of Forge Global by 305.0% in 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. Raymond James Financial Inc. bought a new position in shares of Forge Global in the 2nd quarter worth about $1,891,000. Finally, Vanguard Group Inc. lifted its stake in shares of Forge Global by 5.8% in the 3rd quarter. Vanguard Group Inc. now owns 433,969 shares of the company’s stock valued at $7,334,000 after purchasing an additional 23,952 shares during the period. 40.67% of the stock is currently owned by institutional investors and hedge funds.

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.