Forge Global (NYSE:FRGE) Sees Large Volume Increase - Still a Buy?

Forge Global Holdings, Inc. (NYSE:FRGE - Get Free Report) saw strong trading volume on Wednesday . 101,246 shares were traded during trading, an increase of 73% from the previous session's volume of 58,469 shares.The stock last traded at $12.09 and had previously closed at $11.83.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on FRGE shares. JPMorgan Chase & Co. reiterated an "underweight" rating on shares of Forge Global in a research report on Tuesday, January 7th. JMP Securities decreased their target price on shares of Forge Global from $75.00 to $60.00 and set a "market outperform" rating on the stock in a report on Tuesday, April 8th.

Forge Global Stock Up 1.7 %

The company has a 50-day moving average of $10.67 and a 200 day moving average of $13.46. The firm has a market capitalization of $1.65 billion, a PE ratio of -20.43 and a beta of 2.39.

Forge Global declared that its Board of Directors has approved a stock buyback program on Wednesday, March 5th that allows the company to buyback $10.00 million in shares. This buyback authorization allows the company to reacquire up to 6.3% of its shares through open market purchases. Shares buyback programs are usually a sign that the company's management believes its shares are undervalued.

Insider Buying and Selling

In related news, CRO Jennifer Phillips sold 16,150 shares of the stock in a transaction on Tuesday, April 15th. The stock was sold at an average price of $15.11, for a total value of $244,026.50. Following the transaction, the executive now owns 22,226 shares of the company's stock, valued at $335,834.86. This represents a 42.08 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 7.22% of the stock is owned by company insiders.

Hedge Funds Weigh In On Forge Global

Hedge funds and other institutional investors have recently modified their holdings of the company. AWM Investment Company Inc. purchased a new stake in Forge Global in the fourth quarter worth approximately $409,000. ProShare Advisors LLC grew its holdings in shares of 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 during the last quarter. Focus Partners Wealth bought a new stake in shares of Forge Global in the 4th quarter valued at about $37,000. D. E. Shaw & Co. Inc. bought a new stake in Forge Global in the fourth quarter valued at approximately $32,000. Finally, Deutsche Bank AG boosted its position in Forge Global by 438.1% during the 4th 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 period. 40.67% of the stock is currently owned by hedge funds and other institutional investors.

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.