Forge Global Holdings, Inc. (NYSE:FRGE) CEO Rodriques Kelly has sold a significant portion of his company stock, according to a recent filing. The transactions, which took place on May 22 and May 23, involved the sale of 33,762 and 26,238 shares respectively, totaling over $106,468.
The shares were sold at varying prices, with the first batch going for a volume-weighted average price between $1.80 and $1.82, and the second batch between $1.69 and $1.77. These prices reflect a range of values for the stock at the time of the transactions.
Following these sales, Kelly still retains a substantial stake in the company, with direct ownership of 10,310,574 shares after the May 22 transaction and 10,284,336 shares after the May 23 transaction. Additionally, there are holdings that might be considered indirect, as Kelly has ties to Operative Capital SPV I, LLC and Operative Capital LP, which hold 1,596,734 and 689,045 shares respectively. These indirect holdings are noted with the stipulation that Kelly may be deemed the beneficial owner due to his managerial role, though he disclaims beneficial ownership except where he has a pecuniary interest.
This latest move by the CEO of Forge Global, a company specializing in security and commodity brokerage services, is part of the regular financial disclosures required of company insiders. The sale has been publicly reported as per the requirements for executives and directors of publicly-traded companies.
InvestingPro Insights
As Forge Global Holdings, Inc. (NYSE:FRGE) navigates through the financial year, the recent stock sales by CEO Rodriques Kelly have drawn attention to the company's market performance and financial health. The InvestingPro data provides a clearer picture of the company's current valuation and performance metrics. With a market capitalization of $310.48 million, FRGE's stock trades with a negative price-to-earnings (P/E) ratio of -3.54, reflecting investor sentiment about the company's profitability challenges. Moreover, the company's revenue growth has been positive, with a 13.49% increase over the last twelve months as of Q1 2024, and an even more impressive quarterly revenue growth of 24.31% for Q1 2024.
InvestingPro Tips suggest that FRGE's stock price movements are quite volatile, which may be of interest to investors looking for high-risk, high-reward opportunities. Analysts also predict that the company will not be profitable this year, and the stock has fared poorly over the last month with a -12.69% return. However, a silver lining for the company is that its liquid assets exceed short-term obligations, which may provide some financial stability amidst the volatility.
For investors seeking a deeper analysis, additional InvestingPro Tips are available, which can shed more light on Forge Global's financial position and market performance. There are 9 more tips listed on InvestingPro for FRGE, which can be accessed by visiting https://www.investing.com/pro/FRGE. To further enhance your investing strategy, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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