Forge Global (NYSE:FRGE) Given New $4.00 Price Target at JMP Securities

Forge Global (NYSE:FRGE) had its price objective decreased by JMP Securities from $5.00 to $4.00 in a research note published on Tuesday morning,Benzinga reports. JMP Securities currently has a market outperform rating on the stock.

Separately, JPMorgan Chase & Co. reissued an “underweight” rating on shares of Forge Global in a research report on Tuesday, January 7th.

Forge Global Price Performance

NYSE FRGE opened at $0.58 on Tuesday. The company has a fifty day moving average price of $0.73 and a 200-day moving average price of $0.92. Forge Global has a 1 year low of $0.44 and a 1 year high of $2.30. The firm has a market cap of $109.31 million, a price-to-earnings ratio of -1.35 and a beta of 2.39.

Forge Global’s stock is set to reverse split on the morning of Tuesday, April 15th. The 1-15 reverse split was announced on Monday, March 31st. The number of shares owned by shareholders will be adjusted after the closing bell on Monday, April 14th.

Forge Global announced that its board has approved a share buyback program on Wednesday, March 5th that allows the company to buyback $10.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 6.3% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling

In related news, CEO Kelly Rodriques sold 50,000 shares of Forge Global stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $0.80, for a total value of $40,000.00. Following the sale, the chief executive officer now owns 8,030,213 shares of the company’s stock, valued at approximately $6,424,170.40. The trade was a 0.62 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CRO Jennifer Phillips sold 159,108 shares of the company’s stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $1.00, for a total value of $159,108.00. Following the completion of the transaction, the executive now owns 604,728 shares in the company, valued at approximately $604,728. The trade was a 20.83 % decrease in their position. The disclosure for this sale can be found here. 7.22% of the stock is owned by insiders.

Institutional Investors Weigh In On Forge Global

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

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.