Forge Global (NYSE:FRGE) Upgraded to Buy at UBS Group

UBS Group upgraded shares of Forge Global (NYSE:FRGE) from a neutral rating to a buy rating in a report published on Tuesday, MarketBeat Ratings reports. The firm currently has $3.00 price target on the stock.

Forge Global Price Performance

NYSE:FRGE opened at $1.27 on Tuesday. Forge Global has a 1-year low of $1.17 and a 1-year high of $4.02. The firm’s fifty day moving average price is $1.41 and its 200 day moving average price is $1.69. The firm has a market cap of $229.92 million, a price-to-earnings ratio of -2.54 and a beta of 2.38.

Forge Global (NYSE:FRGE) last announced its earnings results on Wednesday, August 7th. The company reported ($0.08) earnings per share for the quarter, beating the consensus estimate of ($0.12) by $0.04. Forge Global had a negative net margin of 96.65% and a negative return on equity of 27.75%. The firm had revenue of $22.28 million during the quarter, compared to the consensus estimate of $20.24 million. During the same quarter in the previous year, the company posted ($0.12) EPS. As a group, analysts expect that Forge Global will post -0.34 earnings per share for the current fiscal year.

Insider Buying and Selling at Forge Global

In related news, CEO Kelly Rodriques sold 108,646 shares of the company’s stock in a transaction that occurred on Monday, August 12th. The stock was sold at an average price of $1.23, for a total transaction of $133,634.58. Following the sale, the chief executive officer now directly owns 9,055,936 shares of the company’s stock, valued at approximately $11,138,801.28. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, COO Drew Sievers sold 24,051 shares of the company’s stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $1.30, for a total value of $31,266.30. Following the completion of the sale, the chief operating officer now owns 832,444 shares in the company, valued at $1,082,177.20. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Kelly Rodriques sold 108,646 shares of the company’s stock in a transaction on Monday, August 12th. The shares were sold at an average price of $1.23, for a total value of $133,634.58. Following the completion of the sale, the chief executive officer now owns 9,055,936 shares of the company’s stock, valued at approximately $11,138,801.28. The disclosure for this sale can be found here. Insiders have sold a total of 727,452 shares of company stock valued at $1,000,345 in the last three months. Corporate insiders own 9.84% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Miracle Mile Advisors LLC bought a new stake in Forge Global in the 1st quarter valued at $29,000. Norden Group LLC acquired a new position in Forge Global in the second quarter worth $53,000. Price T Rowe Associates Inc. MD increased its position in Forge Global by 29.4% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 33,686 shares of the company’s stock valued at $66,000 after acquiring an additional 7,663 shares in the last quarter. The Manufacturers Life Insurance Company raised its position in Forge Global by 23.8% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 49,008 shares of the company’s stock worth $72,000 after purchasing an additional 9,406 shares during the last quarter. Finally, Renaissance Technologies LLC lifted its stake in shares of Forge Global by 42.2% during the second quarter. Renaissance Technologies LLC now owns 49,900 shares of the company’s stock valued at $73,000 after acquiring an additional 14,800 shares during the period. Institutional investors and hedge funds own 40.67% of the company’s stock.

Forge Global Company Profile

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.