Forge Global (NYSE:FRGE) Sees Strong Trading Volume – Here’s Why

Shares of Forge Global Holdings, Inc. (NYSE:FRGE) saw unusually-high trading volume on Wednesday . Approximately 101,246 shares traded hands 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.

Analyst Upgrades and Downgrades

FRGE has been the topic of several analyst reports. JMP Securities reduced their target price on Forge Global from $75.00 to $60.00 and set a “market outperform” rating on the stock in a report on Tuesday, April 8th. JPMorgan Chase & Co. restated an “underweight” rating on shares of Forge Global in a report on Tuesday, January 7th.

Forge Global Stock Down 18.8 %

The firm has a market capitalization of $1.81 billion, a P/E ratio of -22.35 and a beta of 2.39. The company’s 50 day moving average is $10.86 and its 200-day moving average is $13.66.

Forge Global declared that its Board of Directors has initiated a stock repurchase program on Wednesday, March 5th that permits the company to repurchase $10.00 million in outstanding shares. This repurchase authorization permits the company to buy up to 6.3% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board believes its shares are undervalued.

Insider Activity

In related news, CRO Jennifer Phillips sold 10,607 shares of the company’s stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $15.00, for a total transaction of $159,105.00. Following the completion of the sale, the executive now owns 40,315 shares in the company, valued at approximately $604,725. This represents a 20.83 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 7.22% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. AWM Investment Company Inc. bought a new position in shares of Forge Global during the 4th quarter worth approximately $409,000. ProShare Advisors LLC increased its position 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 during the 4th quarter worth $37,000. D. E. Shaw & Co. Inc. bought a new position in Forge Global during the fourth quarter valued at about $32,000. Finally, Deutsche Bank AG increased its holdings in Forge Global by 438.1% during the fourth quarter. Deutsche Bank AG now owns 245,790 shares of the company’s stock worth $229,000 after buying an additional 200,110 shares during the last quarter. 40.67% of the stock is currently owned by hedge funds and other institutional investors.

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.