Forge Global Holdings, Inc. (NYSE:FRGE) Short Interest Up 18.4% in February

Forge Global Holdings, Inc. (NYSE:FRGE - Get Free Report) was the recipient of a significant 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. Approximately 2.8% of the company's stock are short sold. Based on an average trading volume of 659,300 shares, the days-to-cover ratio is currently 5.1 days.

Insider Activity at Forge Global

In related news, CRO Jennifer Phillips sold 159,108 shares of Forge Global stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $1.00, for a total transaction of $159,108.00. Following the transaction, the executive now directly owns 604,728 shares of the company's stock, valued at $604,728. This trade represents a 20.83 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Kelly Rodriques sold 50,000 shares of the company's stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $0.80, for a total value of $40,000.00. Following the sale, the chief executive officer now owns 8,030,213 shares of the company's stock, valued at approximately $6,424,170.40. This represents a 0.62 % decrease in their position. The disclosure for this sale can be found here. 7.22% of the stock is currently owned by corporate insiders.

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Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in FRGE. AWM Investment Company Inc. purchased a new position in shares of Forge Global in the 4th quarter valued at approximately $409,000. ProShare Advisors LLC increased its stake in Forge Global by 51.3% during the 4th quarter. ProShare Advisors LLC now owns 32,807 shares of the company's stock valued at $31,000 after purchasing an additional 11,126 shares in the last quarter. Focus Partners Wealth purchased a new position in shares of Forge Global in the fourth quarter worth $37,000. D. E. Shaw & Co. Inc. purchased a new position in shares of Forge Global in the fourth quarter worth $32,000. Finally, Deutsche Bank AG grew its holdings in shares of Forge Global by 438.1% during the fourth quarter. Deutsche Bank AG now owns 245,790 shares of the company's stock valued at $229,000 after buying an additional 200,110 shares during the last quarter. 40.67% of the stock is owned by institutional investors and hedge funds.

Forge Global Price Performance

NYSE FRGE traded up $0.01 on Friday, hitting $0.61. The stock had a trading volume of 735,347 shares, compared to its average volume of 595,208. The business's fifty day moving average price is $0.78 and its 200 day moving average price is $1.00. The stock has a market cap of $115.52 million, a price-to-earnings ratio of -1.43 and a beta of 2.21. Forge Global has a 52-week low of $0.55 and a 52-week high of $3.56.

Forge Global declared that its Board of Directors has authorized a stock buyback program on Wednesday, March 5th that allows the company to buyback $10.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 6.3% of its stock through open market purchases. Stock buyback programs are generally an indication that the company's board of directors believes its shares are undervalued.

Analyst Upgrades and Downgrades

Separately, JPMorgan Chase & Co. reiterated an "underweight" rating on shares of Forge Global in a research note on Tuesday, January 7th.

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.