Forge Global (NYSE:FRGE) Rating Reiterated by Oppenheimer

Oppenheimer reiterated their outperform rating on shares of Forge Global (NYSE:FRGE) in a report released on Wednesday morning, Benzinga reports. Oppenheimer currently has a $3.50 target price on the stock.

Forge Global Stock Down 7.2 %

Shares of NYSE FRGE opened at $1.93 on Wednesday. Forge Global has a 52 week low of $1.10 and a 52 week high of $4.02. The firm has a 50-day moving average price of $1.94 and a 200 day moving average price of $2.43. The stock has a market capitalization of $346.44 million, a price-to-earnings ratio of -3.71 and a beta of 2.60.

Insider Activity at Forge Global

In related news, CEO Kelly Rodriques sold 22,434 shares of the firm’s stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $2.00, for a total value of $44,868.00. Following the completion of the sale, the chief executive officer now owns 10,953,176 shares in the company, valued at $21,906,352. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders sold 114,818 shares of company stock worth $269,377 over the last 90 days. Company insiders own 11.26% of the company’s stock.

Hedge Funds Weigh In On Forge Global

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in FRGE. BlackRock Inc. raised its position in Forge Global by 393.8% during the second quarter. BlackRock Inc. now owns 7,474,829 shares of the company’s stock worth $18,164,000 after acquiring an additional 5,961,171 shares during the last quarter. MUFG Americas Holdings Corp acquired a new position in Forge Global during the third quarter worth about $8,140,000. State Street Corp raised its position in Forge Global by 397.6% during the second quarter. State Street Corp now owns 1,828,086 shares of the company’s stock worth $4,442,000 after acquiring an additional 1,460,669 shares during the last quarter. Geode Capital Management LLC raised its position in Forge Global by 124.5% during the second quarter. Geode Capital Management LLC now owns 1,995,803 shares of the company’s stock worth $4,850,000 after acquiring an additional 1,106,935 shares during the last quarter. Finally, Northern Trust Corp raised its position in Forge Global by 396.3% during the second quarter. Northern Trust Corp now owns 875,678 shares of the company’s stock worth $2,128,000 after acquiring an additional 699,233 shares during the last quarter. Institutional investors and hedge funds 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 offers trading solution, a platform that connects investors with private company shareholders and enables them to efficiently facilitate private share transactions; and custody solution, which enables clients to securely custody and manage assets.