Wall Street Zen Upgrades Forge Global (NYSE:FRGE) to Hold

Forge Global (NYSE:FRGE) was upgraded by analysts at Wall Street Zen from a “sell” rating to a “hold” rating in a research report issued on Saturday.

A number of other equities analysts have also weighed in on the stock. UBS Group set a $60.00 target price on shares of Forge Global in a research report on Tuesday, October 28th. Weiss Ratings restated a “sell (d-)” rating on shares of Forge Global in a research note on Wednesday, October 8th. Citigroup reaffirmed a “market outperform” rating on shares of Forge Global in a report on Tuesday, October 28th. Finally, Piper Sandler cut shares of Forge Global from an “overweight” rating to a “neutral” rating and set a $45.00 target price on the stock. in a report on Thursday. Three equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $45.75.

Forge Global Stock Performance

Shares of FRGE opened at $44.00 on Friday. Forge Global has a fifty-two week low of $6.60 and a fifty-two week high of $44.08. The business has a 50-day moving average of $18.86 and a 200 day moving average of $17.73. The firm has a market cap of $598.33 million, a P/E ratio of -8.26 and a beta of 2.27.

Insider Activity at Forge Global

In related news, CEO Kelly Rodriques sold 7,470 shares of the business’s stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $20.55, for a total transaction of $153,508.50. Following the completion of the transaction, the chief executive officer owned 575,862 shares of the company’s stock, valued at approximately $11,833,964.10. The trade was a 1.28% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 4.50% of the company’s stock.

Institutional Trading of Forge Global

Several institutional investors and hedge funds have recently bought and sold shares of the company. Charles Schwab Investment Management Inc. grew its position in shares of Forge Global by 13.1% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 995,979 shares of the company’s stock valued at $560,000 after purchasing an additional 115,536 shares in the last quarter. Nuveen LLC purchased a new stake in shares of Forge Global in the first quarter worth $231,000. Whetstone Capital Advisors LLC bought a new stake in Forge Global during the first quarter valued at $209,000. Alyeska Investment Group L.P. bought a new stake in Forge Global during the first quarter valued at $1,119,000. Finally, AWM Investment Company Inc. grew its position in Forge Global by 793.9% during the first quarter. AWM Investment Company Inc. now owns 3,928,927 shares of the company’s stock worth $2,208,000 after buying an additional 3,489,424 shares in the last quarter. 40.67% of the stock is currently 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.