Forge Global Holdings, Inc. (NYSE:FRGE) Sees Large Growth in Short Interest

Forge Global Holdings, Inc. (NYSE:FRGE) was the recipient of a large growth in short interest in February. As of February 28th, there was short interest totalling 3,340,000 shares, a growth of 18.4% from the February 13th total of 2,820,000 shares. Based on an average daily volume of 659,300 shares, the short-interest ratio is currently 5.1 days. Approximately 2.8% of the shares of the stock are sold short.

Forge Global Stock Up 7.4 %

FRGE stock opened at $0.62 on Wednesday. Forge Global has a 52-week low of $0.55 and a 52-week high of $3.56. The stock’s fifty day simple moving average is $0.79 and its 200-day simple moving average is $1.02. The stock has a market capitalization of $116.65 million, a price-to-earnings ratio of -1.44 and a beta of 2.21.

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

Insider Activity at Forge Global

In other Forge Global news, CEO Kelly Rodriques sold 50,000 shares of the stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $0.80, for a total transaction of $40,000.00. Following the sale, the chief executive officer now owns 8,030,213 shares in the company, valued at approximately $6,424,170.40. This represents a 0.62 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CRO Jennifer Phillips sold 159,108 shares of the stock in a transaction 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 sale, the executive now owns 604,728 shares in the company, valued at approximately $604,728. This trade represents a 20.83 % decrease in their position. The disclosure for this sale can be found here. 7.22% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Forge Global

Several hedge funds have recently made changes to their positions in the business. Geode Capital Management LLC boosted its holdings in shares of Forge Global by 1.2% during the fourth quarter. Geode Capital Management LLC now owns 2,651,436 shares of the company’s stock worth $2,469,000 after purchasing an additional 31,550 shares during the last quarter. Wells Fargo & Company MN raised its position in shares of Forge Global by 0.6% in the 4th quarter. Wells Fargo & Company MN now owns 2,583,455 shares of the company’s stock worth $2,405,000 after buying an additional 15,695 shares during the period. State Street Corp raised its position in shares of Forge Global by 1.2% in the 3rd quarter. State Street Corp now owns 2,263,898 shares of the company’s stock worth $2,966,000 after buying an additional 25,833 shares during the period. Northern Trust Corp raised its position in shares of Forge Global by 14.6% in the 4th quarter. Northern Trust Corp now owns 1,069,884 shares of the company’s stock worth $996,000 after buying an additional 135,946 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its position in shares of Forge Global by 4.0% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 965,837 shares of the company’s stock worth $1,265,000 after buying an additional 36,913 shares during the period. Institutional investors and hedge funds own 40.67% of the company’s stock.

Analyst Upgrades and Downgrades

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

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.