Insider Selling: Forge Global Holdings, Inc. (NYSE:FRGE) CRO Sells $244,026.50 in Stock

Forge Global Holdings, Inc. (NYSE:FRGE) CRO Jennifer Phillips sold 16,150 shares of the stock in a transaction on Tuesday, April 15th. The stock was sold at an average price of $15.11, for a total value of $244,026.50. Following the completion of the transaction, the executive now owns 22,226 shares of the company’s stock, valued at approximately $335,834.86. This trade represents a 42.08 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link.

Jennifer Phillips also recently made the following trade(s):

• On Tuesday, February 18th, Jennifer Phillips sold 10,607 shares of Forge Global stock. The stock was sold at an average price of $15.00, for a total transaction of $159,105.00.

Forge Global Price Performance

Shares of Forge Global stock opened at $8.79 on Friday. The stock has a market cap of $110.27 million, a price-to-earnings ratio of -20.43 and a beta of 2.39. Forge Global Holdings, Inc. has a 1 year low of $6.60 and a 1 year high of $31.65. The firm’s 50-day moving average is $10.67 and its 200 day moving average is $13.46.

Forge Global announced that its Board of Directors has authorized a stock buyback plan 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 plans are usually a sign that the company’s leadership believes its shares are undervalued.

Hedge Funds Weigh In On Forge Global

A number of hedge funds have recently added to or reduced their stakes in the company. ProShare Advisors LLC boosted its stake in Forge Global by 51.3% during the 4th quarter. ProShare Advisors LLC now owns 32,807 shares of the company’s stock valued at $31,000 after purchasing an additional 11,126 shares during the last quarter. Bank of America Corp DE raised its position in Forge Global by 10.2% in the 4th quarter. Bank of America Corp DE now owns 143,525 shares of the company’s stock worth $133,000 after buying an additional 13,281 shares during the last quarter. Wells Fargo & Company MN lifted its stake in Forge Global by 0.6% during the 4th quarter. Wells Fargo & Company MN now owns 2,583,455 shares of the company’s stock valued at $2,405,000 after acquiring an additional 15,695 shares during the period. Schonfeld Strategic Advisors LLC boosted its holdings in shares of Forge Global by 9.8% during the 4th quarter. Schonfeld Strategic Advisors LLC now owns 185,010 shares of the company’s stock valued at $172,000 after acquiring an additional 16,485 shares during the last quarter. Finally, Geode Capital Management LLC grew its stake in shares of Forge Global by 0.7% in the third quarter. Geode Capital Management LLC now owns 2,619,886 shares of the company’s stock worth $3,433,000 after acquiring an additional 18,913 shares during the period. 40.67% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

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

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.