Forge Global (NYSE:FRGE) Hits New 52-Week High – What’s Next?

Forge Global Holdings, Inc. (NYSE:FRGE)’s share price reached a new 52-week high during trading on Tuesday . The stock traded as high as $44.79 and last traded at $44.6650, with a volume of 63468 shares. The stock had previously closed at $44.58.

Analyst Ratings Changes

A number of analysts recently commented on FRGE shares. Citigroup lowered Forge Global from an “outperform” rating to a “market perform” rating in a report on Friday, December 12th. Citizens Jmp restated a “market perform” rating on shares of Forge Global in a research report on Friday, December 12th. Wall Street Zen raised shares of Forge Global from a “sell” rating to a “hold” rating in a research report on Saturday, November 8th. UBS Group downgraded shares of Forge Global from a “buy” rating to a “neutral” rating and increased their target price for the company from $34.00 to $45.00 in a research report on Tuesday, November 11th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Forge Global in a research note on Wednesday, October 8th. One research analyst has rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $42.00.

Forge Global Stock Up 0.7%

The firm’s 50-day moving average price is $41.33 and its 200-day moving average price is $26.32. The company has a market cap of $610.34 million, a P/E ratio of -8.63 and a beta of 2.18.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in FRGE. Millennium Management LLC increased its holdings in Forge Global by 220.7% during the 3rd quarter. Millennium Management LLC now owns 188,260 shares of the company’s stock worth $3,182,000 after acquiring an additional 129,559 shares during the period. Bank of America Corp DE boosted its stake in shares of Forge Global by 442.4% in the 3rd quarter. Bank of America Corp DE now owns 37,964 shares of the company’s stock valued at $642,000 after purchasing an additional 30,965 shares in the last quarter. Raymond James Financial Inc. boosted its position in Forge Global by 11.8% during the third quarter. Raymond James Financial Inc. now owns 111,006 shares of the company’s stock valued at $1,876,000 after buying an additional 11,672 shares during the period. Two Sigma Investments LP purchased a new position in Forge Global in the 3rd quarter worth approximately $488,000. Finally, BNP Paribas Financial Markets increased its stake in shares of Forge Global by 303.8% in 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 period. Hedge funds and other institutional investors own 40.67% of the company’s stock.

About Forge Global

Forge Global is a financial technology company that operates a digital marketplace for trading shares in private companies. The platform connects shareholders, including employees and early investors, with accredited and institutional buyers seeking exposure to late-stage private ventures ahead of their initial public offerings. By facilitating secondary transactions, Forge Global aims to provide liquidity solutions that traditionally have been limited in private markets.

The company’s core services include trade execution, settlement, and custody for pre-IPO securities, supported by an integrated suite of portfolio management and data-analytics tools.