JPMorgan Chase & Co. Reaffirms “Underweight” Rating for Forge Global (NYSE:FRGE)

Forge Global (NYSE:FRGE)‘s stock had its “underweight” rating reaffirmed by investment analysts at JPMorgan Chase & Co. in a research report issued to clients and investors on Tuesday, Marketbeat.com reports.

Forge Global Stock Performance

FRGE opened at $0.88 on Tuesday. Forge Global has a one year low of $0.80 and a one year high of $3.56. The stock has a market capitalization of $162.81 million, a P/E ratio of -2.05 and a beta of 2.33. The business’s 50-day simple moving average is $1.01 and its 200-day simple moving average is $1.24.

Forge Global (NYSE:FRGE) last issued its quarterly earnings data on Wednesday, November 6th. The company reported ($0.10) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.01). The firm had revenue of $19.22 million during the quarter, compared to analysts’ expectations of $22.80 million. Forge Global had a negative net margin of 95.85% and a negative return on equity of 29.04%. On average, equities research analysts forecast that Forge Global will post -0.37 EPS for the current fiscal year.

Insider Activity

In other Forge Global news, CRO Jennifer Phillips sold 25,000 shares of Forge Global stock in a transaction that occurred on Monday, November 4th. The stock was sold at an average price of $1.14, for a total value of $28,500.00. Following the transaction, the executive now directly owns 829,581 shares in the company, valued at approximately $945,722.34. This trade represents a 2.93 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Kelly Rodriques sold 50,000 shares of the stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $1.33, for a total value of $66,500.00. Following the sale, the chief executive officer now directly owns 8,476,028 shares of the company’s stock, valued at approximately $11,273,117.24. This represents a 0.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 354,181 shares of company stock valued at $397,631. Insiders own 9.84% of the company’s stock.

Hedge Funds Weigh In On Forge Global

Large investors have recently bought and sold shares of the company. SG Americas Securities LLC acquired a new position in shares of Forge Global during the third quarter worth about $32,000. GSA Capital Partners LLP acquired a new position in Forge Global during the 3rd quarter worth approximately $96,000. 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 worth $2,966,000 after buying an additional 25,833 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of Forge Global by 23.1% in the 2nd quarter. Bank of New York Mellon Corp now owns 373,341 shares of the company’s stock valued at $545,000 after buying an additional 70,058 shares during the period. Finally, First Eagle Investment Management LLC boosted its position in shares of Forge Global by 64.4% during the 2nd quarter. First Eagle Investment Management LLC now owns 221,959 shares of the company’s stock worth $324,000 after purchasing an additional 86,959 shares in the last quarter. Hedge funds and other institutional investors 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.