Forge Global Holdings (FRGE – Research Report), the Technology sector company, was revisited by a Wall Street analyst today. Analyst Ken Worthington from J.P. Morgan upgraded the rating on the stock to a Hold and gave it a $18.00 price target.
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Ken Worthington has given his Hold rating due to a combination of factors affecting Forge Global Holdings. The company has shown strong revenue growth in the first quarter of 2025, with a 37% increase quarter-over-quarter, driven by robust transaction volumes. However, despite this positive performance, there is an expectation of a decline in transaction volumes and revenues in the second quarter due to ongoing macroeconomic uncertainties and softening buyside demand.
Furthermore, while Forge is making progress with strategic initiatives and partnerships, such as the Yahoo partnership and ICE distribution agreement, these efforts are still in the early stages and may take time to yield significant results. The company’s business model is sensitive to transaction volumes, and the net take rates have been declining, which poses a challenge to organic revenue growth. Thus, despite Forge’s potential to benefit from the growing private market, the lack of immediate catalysts and the current financial metrics justify a Hold rating.
Worthington covers the Financial sector, focusing on stocks such as Victory Capital Holdings, Brookfield Corporation, and Charles Schwab. According to TipRanks, Worthington has an average return of 2.0% and a 52.86% success rate on recommended stocks.