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

UBS Group upgraded shares of Forge Global (NYSE:FRGE) from a neutral rating to a buy rating in a research note issued to investors on Tuesday morning, MarketBeat reports. They currently have $3.00 target price on the stock.

Forge Global Price Performance

NYSE FRGE opened at $1.27 on Tuesday. The stock’s 50-day moving average is $1.41 and its 200-day moving average is $1.69. Forge Global has a one year low of $1.17 and a one year high of $4.02. The firm has a market cap of $229.92 million, a P/E ratio of -2.54 and a beta of 2.38.

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

Insider Transactions at Forge Global

In related news, COO Drew Sievers sold 24,051 shares of the 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 sale, the chief operating officer now owns 832,444 shares in the company, valued at approximately $1,082,177.20. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Forge Global news, COO Drew Sievers sold 24,051 shares of the stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $1.30, for a total transaction of $31,266.30. Following the transaction, the chief operating officer now owns 832,444 shares in the company, valued at approximately $1,082,177.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Kelly Rodriques sold 85,000 shares of the company’s stock in a transaction dated Wednesday, July 10th. The shares were sold at an average price of $1.39, for a total transaction of $118,150.00. Following the completion of the transaction, the chief executive officer now owns 10,009,551 shares in the company, valued at $13,913,275.89. The disclosure for this sale can be found here. Insiders have sold a total of 727,452 shares of company stock worth $1,000,345 in the last 90 days. Corporate insiders own 9.84% of the company’s stock.

Hedge Funds Weigh In On Forge Global

Institutional investors have recently added to or reduced their stakes in the stock. Abacus Wealth Partners LLC grew its holdings in Forge Global by 107.3% during the 4th quarter. Abacus Wealth Partners LLC now owns 942,866 shares of the company’s stock worth $3,234,000 after acquiring an additional 487,959 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank bought a new stake in shares of Forge Global during the fourth quarter worth about $134,000. Swiss National Bank bought a new position in Forge Global in the 4th quarter valued at about $766,000. Virtu Financial LLC bought a new stake in Forge Global during the fourth quarter worth $289,000. Finally, Miracle Mile Advisors LLC purchased a new stake in Forge Global in the 1st quarter valued at about $29,000. 40.67% of the stock is currently owned by institutional investors and hedge funds.

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.