Forge Global (NYSE:FRGE) Board of Directors Announces Stock Repurchase Plan

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

Forge Global Stock Down 4.8 %

FRGE stock opened at $0.85 on Thursday. The firm has a market cap of $158.02 million, a PE ratio of -1.97 and a beta of 2.30. The business has a 50 day moving average of $0.84 and a 200-day moving average of $1.07. Forge Global has a 12-month low of $0.70 and a 12-month high of $3.56.

Forge Global (NYSE:FRGE) last released its earnings results on Wednesday, March 5th. The company reported ($0.08) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.09) by $0.01. Forge Global had a negative return on equity of 29.04% and a negative net margin of 95.85%. On average, research analysts expect that Forge Global will post -0.37 earnings per share for the current year.

Analysts Set New Price Targets

Separately, JPMorgan Chase & Co. reissued an “underweight” rating on shares of Forge Global in a report 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 that occurred on Tuesday, February 18th. The stock was sold at an average price of $1.00, for a total value of $159,108.00. Following the transaction, the executive now owns 604,728 shares in the company, valued at approximately $604,728. This represents a 20.83 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Kelly Rodriques sold 50,000 shares of the company’s stock in a transaction that occurred on 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 transaction, the chief executive officer now owns 8,030,213 shares in the company, valued at approximately $6,424,170.40. The trade was a 0.62 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 235,508 shares of company stock worth $226,508. Insiders own 9.84% of the company’s stock.

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.