Share Repurchase Plan Declared by Forge Global (NYSE:FRGE)

Forge Global (NYSE:FRGE) declared that its Board of Directors has approved a stock buyback program on Wednesday, March 5th, RTT News reports. The company plans to buyback $10.00 million in shares. This buyback authorization allows the company to repurchase up to 6.3% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s management believes its stock is undervalued.

Analyst Upgrades and Downgrades

Separately, JPMorgan Chase & Co. reiterated an “underweight” rating on shares of Forge Global in a research note on Tuesday, January 7th.

Forge Global Price Performance

FRGE opened at $0.65 on Friday. The business has a fifty day simple moving average of $0.83 and a 200 day simple moving average of $1.06. The company has a market capitalization of $122.17 million, a PE ratio of -1.51 and a beta of 2.21. Forge Global has a 1 year low of $0.64 and a 1 year high of $3.56.

Insider Activity

In related news, CRO Jennifer Phillips sold 159,108 shares of the company’s stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $1.00, for a total transaction of $159,108.00. Following the completion of the sale, the executive now directly owns 604,728 shares in the company, valued at $604,728. This represents a 20.83 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Kelly Rodriques sold 50,000 shares of the company’s 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 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 disclosure for this sale can be found here. In the last three months, insiders sold 235,508 shares of company stock worth $226,508. 7.22% of the stock is currently 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.