SAN FRANCISCO—Rodriques Kelly, the Chief Executive Officer of Forge Global Holdings, Inc. (NYSE:FRGE), recently sold a portion of his stake in the company, according to a filing with the Securities and Exchange Commission. The transactions, executed under a prearranged 10b5-1 trading plan, involved the sale of 50,000 shares of common stock over two days.
On November 15, Kelly sold 25,000 shares at a volume-weighted average price of $0.8774. The following trading day, November 18, he sold another 25,000 shares at an average price of $0.8227. The total value of these transactions amounted to $42,502, with prices ranging from $0.8227 to $0.8774 per share.
Following these sales, Kelly directly owns 8,386,112 shares. Additionally, he holds indirect ownership of shares through various entities, including a Roth IRA and investments in Operative Capital SPV I, LLC, and Operative Capital LP.
In other recent news, Forge Global Holdings Inc. has announced its financial results for the third quarter of fiscal 2024. The earnings call, led by CEO Kelly Rodriques and CFO Mark Lee, was aimed at providing an overview of the company's performance. A replay of the webcast and the investor presentation are available on Forge's Investor Relations page for those interested in gaining a deeper understanding of the company's financials and future outlook.
During the call, forward-looking statements were made, reflecting current expectations about future events and financial performance. However, the summary did not disclose any specific bearish or bullish highlights, nor any misses in Forge's third quarter financial performance. The call also included a Q&A session, though no specific questions or answers were detailed in the summary.
These recent developments underscore Forge's commitment to transparency and engagement with its investors.
InvestingPro Insights
The recent stock sales by Forge Global Holdings' CEO Rodriques Kelly come at a time when the company is facing significant financial challenges. According to InvestingPro data, Forge Global's market capitalization stands at a modest $174.69 million, reflecting the company's struggles in the current market environment.
InvestingPro Tips highlight that Forge Global is "quickly burning through cash" and is "not profitable over the last twelve months." These factors may have influenced Kelly's decision to sell shares, as the company grapples with financial pressures. The stock's performance has been particularly weak, with InvestingPro data showing a one-year price total return of -72.17% as of the most recent data.
Despite these challenges, it's worth noting that Forge Global's revenue growth remains positive, with a 18.08% increase over the last twelve months. However, the company's operating income margin of -108.25% underscores the ongoing profitability issues.
For investors seeking a more comprehensive analysis, InvestingPro offers 14 additional tips for Forge Global Holdings, providing deeper insights into the company's financial health and market position.
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