Forge Global Holdings (FRGE) AI Stock Analysis

• Market Cap: $234.24M
• Dividend Yield: N/A
• Average Volume (3M): 101.31K
• Price to Earnings (P/E): ―
• Beta (1Y): 2.71
• Revenue Growth: 16.03%
• EPS Growth: 30.99%
• Country: US
• Employees: 300
• Sector: Technology
• Sector Strength: 86
• Industry: Software - Application
• EPS (TTM): -1.29
• Shares Outstanding: 12,328,245
• 10 Day Avg. Volume: 116,739
• 30 Day Avg. Volume: 101,310
• PEG Ratio: -0.02
• Price to Book (P/B): 0.78
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -3.30
• Enterprise Value/Market Cap: 0.27
• Enterprise Value/Revenue: 0.20
• Enterprise Value/Gross Profit: -1.54
• Enterprise Value/Ebitda: -0.21
• 1Y Price Target: $27.00
• Price Target Upside: 42.11% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 6

• Rating: 58 Neutral
• Price Target: $19.50 ▲(2.63%Upside)

Forge Global Holdings shows strong revenue growth and strategic partnerships, which are positive drivers. However, the persistent financial challenges, including ongoing losses and cash flow issues, weigh heavily on the overall score. The stock's technical momentum is strong but is tempered by its high volatility and overbought status, while valuation concerns further detract from its attractiveness.

Positive Factors

Financial Performance

Forge reported total net revenue of $25.1 million, marking its best quarterly revenue performance since 2021, driven by strong transaction volumes.

Market Position

Forge is in a unique position within its industry, viewed as a disruptor with credible secular potential.

Strategic Initiatives

Forge is broadening its business through more partnerships and a prospective acquisition, signaling steady progress against its strategic initiatives.

Negative Factors

Economic Environment

Economic uncertainty is expected to slow tech IPO activity and keep private company valuations under pressure.

Market Volatility

The near-term volume outlook appears choppy due to ongoing volatility in broader markets.

Revenue Growth

Private market conditions remain challenging, which should weigh on revenue growth in the near term.

Forge Global Holdings Business Overview & Revenue Model

Company Description

Forge Global Holdings (FRGE) is a leading financial services company that specializes in providing marketplace solutions for private equity and pre-IPO companies. The company operates a platform that facilitates the buying and selling of private company shares, catering to a wide range of investors, including institutions, private equity firms, and accredited individuals. Forge Global Holdings is at the forefront of the private market ecosystem, offering liquidity and transparency to a traditionally opaque sector.

How the Company Makes Money

Forge Global Holdings makes money primarily through transaction fees charged on the trades executed on its platform. These fees are levied on both the buy-side and sell-side participants in private equity transactions. Additionally, the company generates revenue through ancillary services such as data analytics and advisory services that provide insights into the private markets. Forge may also engage in strategic partnerships with financial institutions and other entities that facilitate access to a broader range of private market opportunities, thereby enhancing its revenue streams.

Forge Global Holdings Financial Statement Overview

Summary

Forge Global Holdings faces significant financial challenges, with persistent losses and cash flow issues. While revenue shows some growth, profitability remains elusive. The balance sheet is relatively strong with low leverage, but the company needs to improve operational efficiency and cash generation to support sustainable growth.

Income Statement

The income statement shows a challenging financial performance, with consistent negative gross profit margins, indicating cost issues. The net profit margin is also negative, reflecting persistent losses. Revenue growth has been volatile, with recent TTM growth slightly positive. However, EBIT and EBITDA margins remain negative, showing operational inefficiencies.

Balance Sheet

The balance sheet is relatively stable, with a low debt-to-equity ratio indicating manageable leverage. However, the return on equity is negative due to losses. The equity ratio is strong, suggesting financial stability and a solid capital base, but the company's ability to generate returns from equity investment is concerning.

Cash Flow

Cash flow metrics highlight liquidity issues, with negative free cash flow growth, indicating potential cash constraints. The operating cash flow to net income ratio is negative, reflecting inefficiencies in converting revenue into cash. Despite these challenges, the company maintains sufficient cash reserves to manage short-term obligations.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	85.38M	79.33M	69.82M	68.90M	128.06M	47.76M
Gross Profit	-41.09M	-42.07M	69.39M	-112.94M	125.02M	43.87M
EBITDA	-65.93M	-72.95M	-80.62M	-119.90M	-713.00K	-2.02M
Net Income	-63.88M	-66.33M	-90.22M	-111.91M	-18.50M	-9.71M
Balance Sheet
Total Assets	249.46M	263.51M	310.73M	363.73M	257.89M	258.50M
Cash, Cash Equivalents and Short-Term Investments	70.47M	106.21M	152.42M	193.14M	74.78M	40.58M
Total Debt	13.69M	14.57M	10.82M	7.44M	10.53M	31.29M
Total Liabilities	32.67M	36.76M	42.31M	38.27M	64.48M	109.15M
Stockholders Equity	213.51M	223.58M	263.51M	319.39M	193.42M	149.35M
Cash Flow
Free Cash Flow	-41.73M	-41.33M	-41.98M	-75.46M	7.64M	-3.69M
Operating Cash Flow	-40.99M	-40.53M	-41.46M	-68.81M	10.90M	-2.53M
Investing Cash Flow	-15.66M	5.47M	-8.16M	-6.65M	-3.26M	-23.37M
Financing Cash Flow	-2.47M	-3.89M	57.00K	192.86M	26.58M	39.38M

Forge Global Holdings Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 19.00
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Negative
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FRGE, the sentiment is Positive. The current price of 19 is above the 20-day moving average (MA) of 16.19, above the 50-day MA of 14.62, and above the 200-day MA of 14.39, indicating a bullish trend. The MACD of 1.25 indicates Negative momentum. The RSI at 72.38 is Negative, neither overbought nor oversold. The STOCH value of 87.12 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for FRGE.

Forge Global Holdings Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	63 Neutral	$33.22B	5.99	-11.76%	1.91%	5.50%	-19.96%
FRGE	58 Neutral	$234.24M	―	-27.44%	―	16.03%	30.99%
SMRT	58 Neutral	$175.08M	―	-22.66%	―	-25.43%	-135.09%
MAPS	57 Neutral	$134.12M	10.77	23.24%	―	0.20%	―
PSQH	51 Neutral	$93.81M	―	-223.65%	―	221.24%	13.36%
SVCO	49 Neutral	$146.05M	―	-127.52%	―	―	―
NXTT	44 Neutral	$889.98M	0.90	80.54%	―	-44.58%	1200.82%

Forge Global Holdings Corporate Events

Forge Global Holds 2025 Annual Stockholders Meeting

Forge Global Holdings, Inc. held its 2025 Annual Meeting of Stockholders on June 20, 2025, where 69.27% of the voting power was represented. During the meeting, stockholders elected Class III directors and ratified KPMG LLP as the independent registered public accounting firm for 2025. However, proposals concerning executive compensation and amendments to the company’s stock option plan did not pass.

The most recent analyst rating on (FRGE) stock is a Hold with a $30.00 price target. To see the full list of analyst forecasts on Forge Global Holdings stock, see the FRGE Stock Forecast page.

Forge Global Announces Departure of Chief Revenue Officer

On April 20, 2025, Forge Global Holdings, Inc. announced the mutual agreement for the separation of Jennifer Phillips as the Chief Revenue and Growth Officer, effective June 26, 2025. Post-separation, Phillips will continue as a consultant until December 2025 to aid in the transition. Her separation agreement includes equity acceleration and extended rights to exercise options for 18 months, alongside a potential cash payment for her consulting services.

Forge Global Holdings Announces Reverse Stock Split

On March 31, 2025, Forge Global Holdings announced that its Board of Directors approved a 1-for-15 reverse stock split of its Common Stock, effective April 14, 2025. This decision follows the approval by stockholders on March 27, 2025, and aims to meet the minimum bid price requirement for continued listing on the New York Stock Exchange. The reverse stock split will convert fifteen current shares into one new share, with adjustments made to equity incentive plans and outstanding warrants. Stockholders will receive cash for fractional shares, and no action is required from them to receive post-split shares.