SAN FRANCISCO - Forge Global Holdings, Inc. (NYSE: FRGE), a prominent player in the private securities marketplace, announced today that James Nevin, a former executive of the London Stock Exchange Group (LON:LSEG), will take over as Chief Financial Officer (CFO) starting January 20, 2025. Nevin's appointment follows the transition of Mark Lee, the current CFO since 2018, who will now focus on strategic financial and wealth initiatives as Chief of Strategic Wealth Solutions at Forge. According to InvestingPro data, Forge faces significant financial challenges, with an EBITDA of -$82.2 million in the last twelve months and a market capitalization of approximately $146 million.
Kelly Rodriques, CEO of Forge, emphasized the importance of Nevin's role in the company's growth strategy and profitability objectives. Despite the company's stock declining over 70% in the past year, InvestingPro analysis indicates the stock is currently trading below its Fair Value. Rodriques praised Lee's contributions to Forge's financial foundation, which he believes have positioned the company for continued momentum.
James Nevin brings over 25 years of experience in financial and capital markets to his new role at Forge. His tenure at LSEG included leadership positions where he was instrumental in driving growth across various business lines, such as the Funds, Research and Content, and Data Solutions. Nevin's responsibilities at LSEG encompassed global business performance and financial oversight of divisions, including FTSE Russell Indexes and financial data services.
Nevin expressed his excitement about leading Forge's finance organization and collaborating with the team, investors, and partners to propel the company through an accelerated growth phase.
Forge Global operates as a leading provider of marketplace infrastructure, data services, and technology solutions for participants in the private market. Forge Securities LLC, a member of FINRA, runs an alternative trading system as part of its offerings. The company maintains a strong liquidity position with a current ratio of 5.37, though InvestingPro data shows it is currently burning through cash with revenue of $79.8 million in the last twelve months.
This press release includes forward-looking statements regarding Forge's financial position, operating performance, and business expansion opportunities. While analysts project continued challenges with an EPS forecast of -$0.35 for FY2024, the company maintains a gross profit margin of 99.32%. However, these statements are based on current expectations and assumptions and are subject to risks and uncertainties that may cause actual results to differ materially.
The information for this article is based on a press release statement from Forge Global.
In other recent news, Forge Global Holdings Inc. reported its financial results for the third quarter of fiscal 2024. The earnings call was led by CEO, Kelly Rodriques, and CFO, Mark Lee, and while no specific bullish or bearish highlights were mentioned, they did provide forward-looking statements reflecting current expectations about future events and financial performance. The company's financials and future outlook can be reviewed on Forge's Investor Relations website.
In other developments, JPMorgan analysts downgraded Forge Global Holdings Inc. stock rating from Neutral to Underweight. This assessment was based on a lack of near-term catalysts and continued pressure on volumes that could delay the company's path to profitability. Despite Forge's strong position to take advantage of growing private-market assets under management (AUM) and an increasing number of large private companies in the medium term, JPMorgan raised concerns about the immediate future. They suggested that the anticipated recovery in capital markets activity in 2025 might not result in the expected increase in Forge's transaction volumes.
These are recent developments that provide investors with valuable insights into Forge's operations and performance.
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