Forge Global (NYSE:FRGE) Sees Unusually-High Trading Volume – Here’s Why

Shares of Forge Global Holdings, Inc. (NYSE:FRGE) saw unusually-strong trading volume on Thursday . Approximately 143,220 shares were traded during mid-day trading, a decline of 2% from the previous session’s volume of 146,440 shares.The stock last traded at $44.3790 and had previously closed at $44.41.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Forge Global in a research report on Wednesday, October 8th. Citigroup reissued a “market outperform” rating on shares of Forge Global in a research note on Tuesday, October 28th. Wall Street Zen raised Forge Global from a “sell” rating to a “hold” rating in a report on Saturday, November 8th. UBS Group lowered Forge Global from a “buy” rating to a “neutral” rating and boosted their price objective for the stock from $34.00 to $45.00 in a report on Tuesday. Finally, Piper Sandler cut shares of Forge Global from an “overweight” rating to a “neutral” rating and set a $45.00 price objective on the stock. in a research report on Thursday, November 6th. Two equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $42.00.

Forge Global Price Performance

The firm has a market cap of $599.84 million, a PE ratio of -8.28 and a beta of 2.27. The company has a 50 day simple moving average of $21.50 and a 200-day simple moving average of $18.75.

Insiders Place Their Bets

In other Forge Global news, CEO Kelly Rodriques sold 3,530 shares of the company’s stock in a transaction dated Wednesday, August 20th. The shares were sold at an average price of $19.71, for a total transaction of $69,576.30. Following the completion of the sale, the chief executive officer directly owned 572,332 shares in the company, valued at $11,280,663.72. This represents a 0.61% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 4.50% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Forge Global

Several institutional investors and hedge funds have recently modified their holdings of the stock. AWM Investment Company Inc. raised its position in shares of Forge Global by 793.9% in the 1st quarter. AWM Investment Company Inc. now owns 3,928,927 shares of the company’s stock worth $2,208,000 after acquiring an additional 3,489,424 shares in the last quarter. Alyeska Investment Group L.P. purchased a new position in shares of Forge Global during the first quarter valued at approximately $1,119,000. Charles Schwab Investment Management Inc. boosted its position in shares of Forge Global by 13.1% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 995,979 shares of the company’s stock worth $560,000 after purchasing an additional 115,536 shares in the last quarter. Vanguard Group Inc. increased its holdings in shares of Forge Global by 5.8% during the third quarter. Vanguard Group Inc. now owns 433,969 shares of the company’s stock valued at $7,334,000 after acquiring an additional 23,952 shares in the last quarter. Finally, Nuveen LLC bought a new position in Forge Global in the 1st quarter worth about $231,000. 40.67% of the stock is owned by hedge funds and other institutional investors.

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.