Forge Global (NYSE:FRGE) Price Target Lowered to $4.00 at JMP Securities

Forge Global (NYSE:FRGE - Free Report) had its target price lowered by JMP Securities from $5.00 to $4.00 in a research report sent to investors on Tuesday morning,Benzinga reports. JMP Securities currently has a market outperform rating on the stock.

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

Forge Global Stock Performance

Shares of FRGE traded up $0.04 during mid-day trading on Tuesday, hitting $0.62. 462,977 shares of the company were exchanged, compared to its average volume of 523,867. The stock has a market cap of $115.71 million, a price-to-earnings ratio of -1.43 and a beta of 2.39. Forge Global has a 1-year low of $0.44 and a 1-year high of $2.19. The company has a 50 day moving average of $0.73 and a 200-day moving average of $0.92.

Forge Global shares are set to reverse split before the market opens on Tuesday, April 15th. The 1-15 reverse split was announced on Monday, March 31st. The number of shares owned by shareholders will be adjusted after the closing bell on Monday, April 14th.

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

Insider Transactions at Forge Global

In other news, CEO Kelly Rodriques sold 50,000 shares of Forge Global 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 transaction, the chief executive officer now owns 8,030,213 shares in the company, valued at $6,424,170.40. The trade was a 0.62 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CRO Jennifer Phillips sold 159,108 shares of the business's stock in a transaction dated 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 in the company, valued at approximately $604,728. The trade was a 20.83 % decrease in their position. The disclosure for this sale can be found here. Insiders own 7.22% of the company's stock.

Institutional Trading of Forge Global

Several hedge funds have recently made changes to their positions in the company. AWM Investment Company Inc. acquired a new position in Forge Global in the fourth quarter valued at approximately $409,000. ProShare Advisors LLC raised its position in Forge Global by 51.3% in the fourth 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 during the period. Focus Partners Wealth acquired a new position in shares of Forge Global in the 4th quarter valued at $37,000. D. E. Shaw & Co. Inc. purchased a new position in shares of Forge Global during the 4th quarter worth $32,000. Finally, Deutsche Bank AG grew its holdings in shares of Forge Global by 438.1% during the 4th quarter. Deutsche Bank AG now owns 245,790 shares of the company's stock worth $229,000 after purchasing an additional 200,110 shares during the period. 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.