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

JPMorgan Chase & Co. restated their underweight rating on shares of Forge Global (NYSE:FRGE) in a research report sent to investors on Tuesday morning, MarketBeat reports.

Forge Global Stock Down 7.8 %

FRGE opened at $0.77 on Tuesday. The company has a market cap of $141.53 million, a PE ratio of -1.78 and a beta of 2.33. Forge Global has a 52 week low of $0.76 and a 52 week high of $3.56. The business has a 50 day moving average price of $0.99 and a two-hundred day moving average price of $1.23.

Forge Global (NYSE:FRGE) last released its quarterly earnings data on Wednesday, November 6th. The company reported ($0.10) EPS for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.01). Forge Global had a negative return on equity of 29.04% and a negative net margin of 95.85%. The company had revenue of $19.22 million for the quarter, compared to analysts’ expectations of $22.80 million. As a group, sell-side analysts expect that Forge Global will post -0.37 EPS for the current fiscal year.

Insider Transactions at Forge Global

In related news, CRO Jennifer Phillips sold 38,916 shares of the company’s stock in a transaction that occurred on Thursday, October 24th. The stock was sold at an average price of $1.21, for a total value of $47,088.36. Following the sale, the executive now owns 879,581 shares of the company’s stock, valued at approximately $1,064,293.01. This represents a 4.24 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Kelly Rodriques sold 25,000 shares of the firm’s stock in a transaction on Monday, December 16th. The stock was sold at an average price of $1.04, for a total value of $26,000.00. Following the transaction, the chief executive officer now directly owns 8,153,110 shares of the company’s stock, valued at $8,479,234.40. The trade was a 0.31 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 354,181 shares of company stock valued at $397,631 in the last 90 days. 9.84% of the stock is currently owned by insiders.

Institutional Trading of Forge Global

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Geode Capital Management LLC boosted its holdings in shares of Forge Global by 0.7% during the third quarter. Geode Capital Management LLC now owns 2,619,886 shares of the company’s stock worth $3,433,000 after purchasing an additional 18,913 shares during the last quarter. State Street Corp lifted its position in Forge Global by 1.2% during the third 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. Charles Schwab Investment Management Inc. boosted its stake in 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 last quarter. Bank of New York Mellon Corp grew its holdings in Forge Global by 23.1% in the 2nd quarter. Bank of New York Mellon Corp now owns 373,341 shares of the company’s stock valued at $545,000 after buying an additional 70,058 shares during the period. Finally, Interval Partners LP acquired a new position in shares of Forge Global during the 2nd quarter valued at about $373,000. Hedge funds and other institutional investors own 40.67% of the company’s stock.

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.