Forge Global Holdings, Inc. (NYSE:FRGE) Sees Large Growth in Short Interest

Forge Global Holdings, Inc. (NYSE:FRGE) was the recipient of a large increase in short interest in the month of February. As of February 28th, there was short interest totalling 3,340,000 shares, an increase of 18.4% from the February 13th total of 2,820,000 shares. Based on an average daily volume of 659,300 shares, the days-to-cover ratio is currently 5.1 days. Currently, 2.8% of the shares of the company are short sold.

Analysts Set New Price Targets

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

Insider Activity at Forge Global

In related news, CRO Jennifer Phillips sold 159,108 shares of the company’s stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $1.00, for a total value of $159,108.00. Following the completion of the sale, the executive now directly owns 604,728 shares of the company’s stock, valued at $604,728. This represents a 20.83 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Kelly Rodriques sold 50,000 shares of the company’s stock in a transaction dated Wednesday, January 15th. The shares were sold at an average price of $0.80, for a total value of $40,000.00. Following the completion of the sale, the chief executive officer now directly owns 8,030,213 shares of the company’s stock, valued at approximately $6,424,170.40. This trade represents a 0.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 7.22% of the company’s stock.

Hedge Funds Weigh In On Forge Global

A number of large investors have recently modified their holdings of FRGE. Jane Street Group LLC raised its stake in shares of Forge Global by 355.4% during the 4th quarter. Jane Street Group LLC now owns 685,172 shares of the company’s stock worth $638,000 after buying an additional 534,717 shares in the last quarter. AWM Investment Company Inc. purchased a new position in Forge Global in the 4th quarter valued at approximately $409,000. Renaissance Technologies LLC increased its stake in Forge Global by 325.2% in the 4th quarter. Renaissance Technologies LLC now owns 456,323 shares of the company’s stock valued at $425,000 after purchasing an additional 348,997 shares in the last quarter. JPMorgan Chase & Co. increased its stake in Forge Global by 341.0% in the 4th quarter. JPMorgan Chase & Co. now owns 381,805 shares of the company’s stock valued at $355,000 after purchasing an additional 295,235 shares in the last quarter. Finally, Los Angeles Capital Management LLC purchased a new position in Forge Global in the 4th quarter valued at approximately $226,000. 40.67% of the stock is owned by hedge funds and other institutional investors.

Forge Global Stock Up 7.4 %

FRGE opened at $0.62 on Wednesday. The business has a 50 day moving average price of $0.79 and a two-hundred day moving average price of $1.02. The company has a market cap of $116.65 million, a PE ratio of -1.44 and a beta of 2.21. Forge Global has a 52 week low of $0.55 and a 52 week high of $3.56.

Forge Global declared that its Board of Directors has initiated a share repurchase program on Wednesday, March 5th that allows the company to buyback $10.00 million in shares. This buyback authorization allows the company to repurchase up to 6.3% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s management believes its stock is undervalued.

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.