Forge Global (NYSE:FRGE) Shares Gap Up – Still a Buy?

Forge Global Holdings, Inc. (NYSE:FRGE) shares 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 changing hands.

Wall Street Analyst Weigh In

Several research firms recently weighed in on FRGE. JMP Securities cut their price target on shares of Forge Global from $75.00 to $60.00 and set a “market outperform” rating on the stock in a report on Tuesday, April 8th. JPMorgan Chase & Co. restated an “underweight” rating on shares of Forge Global in a research note on Tuesday, January 7th.

Forge Global Trading Up 21.0 %

The firm has a 50-day moving average price of $0.72 and a 200-day moving average price of $0.91. The stock has a market capitalization of $2.19 billion, a PE ratio of -25.89 and a beta of 2.39.

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

Insider Buying and Selling at Forge Global

In related news, CEO Kelly Rodriques sold 3,333 shares of the business’s stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $12.00, for a total value of $39,996.00. Following the sale, the chief executive officer now directly owns 535,347 shares in the company, valued at approximately $6,424,164. The trade was a 0.62 % decrease in their position. The sale was disclosed in a legal filing 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 sale, the executive now directly owns 40,315 shares in the company, valued at approximately $604,725. This trade represents a 20.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 7.22% of the company’s stock.

Institutional Trading of Forge Global

Several hedge funds and other institutional investors have recently modified their holdings of FRGE. Geode Capital Management LLC boosted its holdings in Forge Global by 1.2% in the 4th quarter. Geode Capital Management LLC now owns 2,651,436 shares of the company’s stock worth $2,469,000 after buying an additional 31,550 shares during the period. Wells Fargo & Company MN boosted its holdings in shares of Forge Global by 0.6% in the fourth quarter. Wells Fargo & Company MN now owns 2,583,455 shares of the company’s stock worth $2,405,000 after acquiring an additional 15,695 shares during the period. State Street Corp raised its stake in shares of Forge Global by 1.2% during the 3rd quarter. State Street Corp now owns 2,263,898 shares of the company’s stock valued at $2,966,000 after purchasing an additional 25,833 shares during the period. Northern Trust Corp raised its stake in shares of Forge Global by 14.6% during the 4th quarter. Northern Trust Corp now owns 1,069,884 shares of the company’s stock valued at $996,000 after purchasing an additional 135,946 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its holdings in Forge Global by 4.0% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 965,837 shares of the company’s stock worth $1,265,000 after purchasing an additional 36,913 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.