Forge Global (NYSE:FRGE) Sees Strong Trading Volume – Still a Buy?

Shares of Forge Global Holdings, Inc. (NYSE:FRGE) saw an uptick in trading volume on Wednesday . 101,246 shares traded hands during mid-day trading, an increase of 73% from the previous session’s volume of 58,469 shares.The stock last traded at $12.09 and had previously closed at $11.83.

Wall Street Analysts Forecast Growth

FRGE has been the subject of several research analyst reports. JPMorgan Chase & Co. reiterated an “underweight” rating on shares of Forge Global in a research note on Tuesday, January 7th. JMP Securities reduced their price objective on shares of Forge Global from $75.00 to $60.00 and set a “market outperform” rating for the company in a research report on Tuesday, April 8th.

Forge Global Trading Down 18.8 %

The stock’s 50-day simple moving average is $10.86 and its 200-day simple moving average is $13.66. The stock has a market cap of $1.81 billion, a price-to-earnings ratio of -22.35 and a beta of 2.39.

Forge Global announced that its Board of Directors has authorized a share buyback program on Wednesday, March 5th that permits the company to buyback $10.00 million in shares. This buyback authorization permits the company to reacquire up to 6.3% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s management believes its stock is undervalued.

Insider Activity at Forge Global

In related news, CRO Jennifer Phillips sold 10,607 shares of the company’s stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $15.00, for a total transaction of $159,105.00. Following the completion of the sale, the executive now directly owns 40,315 shares in the company, valued at $604,725. This represents a 20.83 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 7.22% of the stock is currently owned by insiders.

Institutional Trading of Forge Global

Hedge funds and other institutional investors have recently modified their holdings of the stock. Prudential Financial Inc. acquired a new position in Forge Global in the 4th quarter worth about $27,000. ProShare Advisors LLC raised its holdings in Forge Global by 51.3% in the 4th quarter. ProShare Advisors LLC now owns 32,807 shares of the company’s stock valued at $31,000 after buying an additional 11,126 shares during the last quarter. D. E. Shaw & Co. Inc. bought a new stake in Forge Global during the 4th quarter worth approximately $32,000. Focus Partners Wealth acquired a new position in Forge Global in the 4th quarter valued at approximately $37,000. Finally, Intech Investment Management LLC lifted its holdings 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 purchasing an additional 43,468 shares during the period. 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.