Why is Forge Global (FRGE) stock soaring today?

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Why is Forge Global (FRGE) stock soaring today?

 Why is Forge Global (FRGE) stock soaring today?
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Highlights:

  • FRGE stock jumped over 67 per cent on Thursday morning.
  • The company debuted in the US market on March 22.
  • The FRGE stock witnessed highly volatile trading since it went public.

Forge Global Holdings, Inc. (NYSE: FRGE) gained significant attention from investors on Thursday, August 4, as seen by the jump in its price. The stock of the capital market company was up 67.29 per cent to US$ 7.6117 at 10:50 am ET on August 4.

However, compared to its all-time high price as a publicly traded company, it still traded significantly lower.

The company debuted in the US market through its listing on NYSE on March 22 through a special purpose acquisition company (SPAC) merger with Motive Capital Corp. It generated gross proceeds of about US$ 215 million.

Stock performance of Forge Global Holdings, Inc. (NYSE: FRGE):

The FRGE stock has witnessed high volatility since its debut in the public market, as evidenced by the fluctuations in its stock price.

At its current trading price on Thursday, the stock was up about 54.82 per cent from its low of US$ 4.49 and down by around 85 per cent from its high of US$ 47.50, as a publicly traded firm.

It noted its highest price as a publicly traded firm on March 31, 2022, and lowest price on August 3, 2022. The investors seemed interested in the stock after it reached its all-time low on Wednesday.

In contrast, it had a Relative Strength Index or RSI of about 47. RSI moves between zero to 100, and the range of 30-50 indicates that the stock could be in a highly volatile condition.

The San Francisco, California-based company holds a market cap of US$ 1.32 billion.

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Financial highlights:

The private securities marketplace operator said that it would release its second quarter fiscal 2022 earnings results on Thursday, August 11. The earnings from the latest quarter would provide insights into how the company has performed in the latest quarter.

Meanwhile, in the first quarter of fiscal 2022, Forge Global's total revenues, less transaction-based expenses, were US$ 19.89 million, down from US$ 31.07 million in the year-ago quarter. Its net and comprehensive loss totalled US$ 64.42 million, or US$ 0.98 per diluted share in Q1 FY21, against an income of US$ 938,000 in Q1 FY21.

Bottom line:

There is no apparent news for the recent jump in FRGE price. However, the company touching its lowest price on Wednesday could have drawn several investors towards it.

Among its recent developments, Forge Global appointed Johnathan H. Short as its Chief Legal Officer, the company said on July 15.

Forge Global Holdings, Inc. (NYSE: FRGE) gained significant attention from investors on Thursday, August 4, as seen by the jump in its price. The stock of the capital market company was up 67.29 per cent to US$ 7.6117 at 10:50 am ET on August 4.

However, compared to its all-time high price as a publicly traded company, it still traded significantly lower.

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