Short Interest in Forge Global Holdings, Inc. (NYSE:FRGE) Increases By 25.3%

Forge Global Holdings, Inc. (NYSE:FRGE - Get Free Report) was the recipient of a significant growth in short interest in the month of February. As of February 15th, there was short interest totalling 2,820,000 shares, a growth of 25.3% from the January 31st total of 2,250,000 shares. Based on an average daily volume of 646,100 shares, the short-interest ratio is currently 4.4 days. Currently, 2.4% of the company's shares are short sold.

Forge Global Trading Down 2.9 %

Shares of FRGE traded down $0.02 during midday trading on Friday, hitting $0.65. 648,711 shares of the company's stock traded hands, compared to its average volume of 638,766. Forge Global has a 1 year low of $0.64 and a 1 year high of $3.56. The firm's fifty day moving average is $0.83 and its 200-day moving average is $1.06. The stock has a market capitalization of $122.17 million, a price-to-earnings ratio of -1.51 and a beta of 2.21.

Forge Global announced that its Board of Directors has approved a stock repurchase plan on Wednesday, March 5th that allows the company to buyback $10.00 million in shares. This buyback authorization allows the company to buy up to 6.3% of its stock through open market purchases. Stock buyback plans are generally an indication that the company's management believes its stock is undervalued.

Wall Street Analyst Weigh In

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

Remove Ads

Insider Activity at Forge Global

In other Forge Global news, 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 transaction of $40,000.00. Following the completion of the sale, the chief executive officer now owns 8,030,213 shares in the company, valued at $6,424,170.40. This represents a 0.62 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CRO Jennifer Phillips sold 159,108 shares of the company's stock in a transaction on Tuesday, February 18th. The stock was 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 of the company's stock, valued at approximately $604,728. This represents a 20.83 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 235,508 shares of company stock worth $226,508. Company insiders own 7.22% of the company's stock.

Institutional Trading of Forge Global

Hedge funds and other institutional investors have recently made changes to their positions in the business. Prudential Financial Inc. acquired a new position in shares of Forge Global in the 4th quarter valued at $27,000. ProShare Advisors LLC increased its position in shares of Forge Global by 51.3% in the 4th quarter. ProShare Advisors LLC now owns 32,807 shares of the company's stock valued at $31,000 after acquiring an additional 11,126 shares during the period. D. E. Shaw & Co. Inc. acquired a new position in shares of Forge Global in the 4th quarter valued at $32,000. Focus Partners Wealth acquired a new position in shares of Forge Global in the 4th quarter valued at $37,000. Finally, Intech Investment Management LLC increased its position in shares of Forge Global by 361.3% in the 4th quarter. Intech Investment Management LLC now owns 55,500 shares of the company's stock valued at $52,000 after acquiring an additional 43,468 shares during the period. Hedge funds and other institutional investors 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.