Forge Global (NYSE:FRGE - Get Free Report) announced that its Board of Directors has authorized a stock buyback plan on Wednesday, March 5th, RTT News reports. The company plans to repurchase $10.00 million in shares. This repurchase authorization authorizes the company to reacquire up to 6.3% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's board believes its stock is undervalued.
Analysts Set New Price Targets
Separately, JPMorgan Chase & Co. reiterated an "underweight" rating on shares of Forge Global in a research report on Tuesday, January 7th.
View Our Latest Research Report on Forge Global
Forge Global Price Performance
FRGE stock traded down $0.02 during midday trading on Friday, hitting $0.65. The stock had a trading volume of 648,711 shares, compared to its average volume of 638,766. The firm has a market cap of $122.17 million, a price-to-earnings ratio of -1.51 and a beta of 2.21. The business has a 50-day moving average of $0.83 and a two-hundred day moving average of $1.06. Forge Global has a 52-week low of $0.64 and a 52-week high of $3.56.
Insider Buying and Selling
In other 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 value of $40,000.00. Following the sale, the chief executive officer now directly 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible 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 directly owns 604,728 shares in the company, valued at $604,728. This trade represents a 20.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 235,508 shares of company stock valued at $226,508 over the last ninety days. Company insiders own 7.22% of the company's stock.
About Forge Global
(
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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.
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