Forge Global (NYSE:FRGE) Announces Earnings Results, Beats Estimates By $0.01 EPS

Forge Global (NYSE:FRGE - Get Free Report) issued its quarterly earnings results on Wednesday. The company reported ($0.08) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.09) by $0.01, Zacks reports. Forge Global had a negative net margin of 95.85% and a negative return on equity of 29.04%. The business had revenue of $18.59 million during the quarter, compared to analyst estimates of $20.75 million.

Forge Global Price Performance

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

Analyst Upgrades and Downgrades

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

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

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Insiders Place Their Bets

In other news, CEO Kelly Rodriques sold 25,000 shares of the stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $1.04, for a total transaction of $26,000.00. Following the sale, the chief executive officer now directly owns 8,153,110 shares in the company, valued at approximately $8,479,234.40. This represents a 0.31 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CRO Jennifer Phillips sold 159,108 shares of the business's stock in a transaction that occurred 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 transaction, the executive now owns 604,728 shares of the company's stock, valued at $604,728. This represents a 20.83 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 235,508 shares of company stock valued at $226,508 over the last 90 days. 7.22% of the stock is owned by company insiders.

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.