Forge Global’s (FRGE) “Underweight” Rating Reiterated at JPMorgan Chase & Co.

JPMorgan Chase & Co. reissued their underweight rating on shares of Forge Global (NYSE:FRGE) in a report released on Tuesday, MarketBeat Ratings reports.

Forge Global Trading Down 7.8 %

Shares of NYSE:FRGE opened at $0.77 on Tuesday. The business has a 50-day moving average price of $0.99 and a 200 day moving average price of $1.23. Forge Global has a 12-month low of $0.76 and a 12-month high of $3.56. The company has a market capitalization of $141.53 million, a price-to-earnings ratio of -1.78 and a beta of 2.33.

Forge Global (NYSE:FRGE) last released its quarterly earnings results on Wednesday, November 6th. The company reported ($0.10) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.01). The company 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%. As a group, equities research analysts predict that Forge Global will post -0.37 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CRO Jennifer Phillips sold 50,000 shares of the stock in a transaction on Tuesday, October 22nd. The stock was sold at an average price of $1.28, for a total value of $64,000.00. Following the transaction, the executive now owns 968,497 shares of the company’s stock, valued at $1,239,676.16. This represents a 4.91 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Kelly Rodriques sold 25,000 shares of Forge Global stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $1.04, for a total value of $26,000.00. Following the sale, the chief executive officer now directly owns 8,153,110 shares of the company’s stock, valued at $8,479,234.40. This trade represents a 0.31 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 354,181 shares of company stock worth $397,631 over the last 90 days. Corporate insiders own 9.84% of the company’s stock.

Institutional Investors Weigh In On Forge Global

Hedge funds and other institutional investors have recently made changes to their positions in the business. Bank of New York Mellon Corp lifted its position in Forge Global by 23.1% in the second quarter. Bank of New York Mellon Corp now owns 373,341 shares of the company’s stock valued at $545,000 after acquiring an additional 70,058 shares during the last quarter. Norden Group LLC purchased a new stake in shares of Forge Global in the 2nd quarter valued at about $53,000. Renaissance Technologies LLC boosted its position in shares of Forge Global by 42.2% in the 2nd quarter. Renaissance Technologies LLC now owns 49,900 shares of the company’s stock valued at $73,000 after purchasing an additional 14,800 shares during the period. First Eagle Investment Management LLC grew its stake in 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 buying an additional 86,959 shares during the last quarter. Finally, Interval Partners LP acquired a new position in Forge Global during the second quarter worth approximately $373,000. Institutional investors and hedge funds own 40.67% of the company’s stock.

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.