Forge Global Holdings, Inc. (FRGE) Stock Analysis
DELISTED 2026
What happened to Forge Global Holdings, Inc. (FRGE) stock?
Forge Global Holdings, Inc. (FRGE) no longer trades on public markets. It was delisted in March 2026. The figures below are historical and are not a current quote.
For informational purposes only. Not financial advice. Analysis by Sedat ANAK, Founder & Editor-in-Chief | AI-powered analysis. Data sourced from SEC filings and institutional-grade financial providers. Editorially reviewed. Not financial advice.
Forge Global Holdings, Inc. (FRGE) trades at $45.00. Forge Global Holdings, Inc. operates a marketplace for private company stock, providing infrastructure, data, and technology solutions. Market cap: $623M, Sector: Technology.
Last analyzed: May 6, 2026Analyst Coverage for FRGE: FRGE does not currently have published analyst price targets in our coverage universe. This is common for smaller-cap names with limited Wall Street coverage. In the absence of analyst consensus, our AI model evaluates FRGE against Technology peers across nine fundamental dimensions and assigns a neutral fundamental signal based on the underlying data.
FRGE: 1/2 scored disciplines lean bearish. Dominant signal: Seth Klarman bearish.
How is this calculated? →Forge Global Holdings, Inc. (FRGE) Technology Profile & Competitive Position
Forge Global Holdings, Inc. provides a marketplace for private company stock, offering infrastructure, data, and technology solutions to private market participants. The company enables shareholders to trade with accredited investors, positioning itself as a key facilitator in the evolving private equity landscape.
What Is the Investment Thesis for FRGE?
Forge Global Holdings, Inc. presents an interesting investment opportunity within the evolving private market landscape. The increasing trend of companies remaining private for extended periods drives demand for Forge's platform, which facilitates liquidity for shareholders. Key value drivers include transaction volume growth on the platform and expansion of data services offerings. The company's negative profit margin of -67.4% indicates potential for improved profitability through economies of scale and operational efficiencies. A beta of 2.23 suggests higher volatility compared to the broader market. Upcoming catalysts include potential partnerships with venture capital firms and expansion into new geographic markets. Potential risks include regulatory changes impacting private market trading and increased competition from alternative platforms.
Based on FMP financials and quantitative analysis
FRGE Key Highlights
Forge Global Holdings, Inc. operates a marketplace for private company stock, addressing the illiquidity of private equity.
- The company provides infrastructure, data, and technology solutions for private market participants.
- Forge enables shareholders to trade private company shares with accredited investors.
- Founded in 2014, the company is based in San Francisco, California.
- The company's market capitalization is $0.62 billion as of 2026-05-06.
Who Are FRGE's Competitors?
FRGE is benchmarked below against 8 industry peers on price, market cap, and our AI MoonshotScore.
| Company | Price | Change | Market Cap | AI Score |
|---|---|---|---|---|
| OPFI OppFi Inc. | $7.16 | -0.28% | $611M | 72 |
| DSP Viant Technology Inc. | $12.41 | -1.43% | $814M | 81 |
| RMNI Rimini Street, Inc. | $5.10 | +0.79% | $476M | 79 |
| MITK Mitek Systems, Inc. | $18.52 | -1.91% | $836M | 88 |
| DJCO Daily Journal Corporation | $614.70 | +2.77% | $847M | 72 |
| RDVT Red Violet, Inc. | $70.53 | +1.10% | $995M | 93 |
| UPBD Upbound Group, Inc. | $18.64 | -4.44% | $1.09B | 82 |
| PD PagerDuty, Inc. | $12.12 | -0.41% | $1.11B | 76 |
AI Score by Stock Expert AI · Price data: FMP / Yahoo Finance
What Are FRGE's Key Strengths?
Established marketplace for private company stock.
- Proprietary data and analytics capabilities.
- Strong network of participants.
- Technology-driven platform.
What Are FRGE's Weaknesses?
Negative profit margin.
- High beta indicating volatility.
- Reliance on regulatory environment.
- Limited brand recognition compared to larger financial institutions.
What Could Drive FRGE Stock Higher?
Potential partnerships with venture capital firms to expand deal flow.
- Expansion into new geographic markets, particularly in Asia-Pacific.
- Increasing demand for liquidity in the private equity market.
- Development of enhanced data analytics and valuation tools.
What Are the Key Risks for FRGE?
Negative return on equity (-29.8%) — the business is not currently generating profit on shareholder capital.
- Weak fundamentals — a Piotroski F-Score of 3/9 flags soft profitability, leverage or efficiency.
- Regulatory changes impacting private market trading.
- Increased competition from alternative platforms.
- Economic downturn affecting private equity valuations.
- Cybersecurity risks associated with handling sensitive financial data.
What Are the Growth Opportunities for FRGE?
- Expansion into new geographic markets represents a significant growth opportunity for Forge. By extending its platform to regions with burgeoning startup ecosystems, such as Asia-Pacific and Latin America, Forge can tap into new sources of transaction volume and diversify its revenue streams. This expansion requires establishing partnerships with local regulatory bodies and adapting the platform to meet regional compliance standards. The timeline for this expansion is estimated at 2-3 years, with a potential market size exceeding $100 billion in transaction volume.
- Developing enhanced data analytics and valuation tools for private companies can drive increased platform usage and revenue. By providing investors with comprehensive data insights, Forge can attract more sophisticated users and facilitate larger transaction sizes. This involves investing in data science capabilities and integrating alternative data sources into the platform. The timeline for this development is estimated at 12-18 months, with a potential market size of $50 million in annual recurring revenue.
- Forging strategic partnerships with venture capital firms and private equity funds can create a pipeline of deal flow and expand Forge's network of participants. By collaborating with these firms, Forge can gain access to a broader pool of private company shares and accredited investors. This involves establishing referral programs and co-marketing initiatives. The timeline for these partnerships is ongoing, with a potential impact of increasing transaction volume by 20% annually.
- Offering new financial products and services, such as structured notes and derivatives linked to private company valuations, can attract a wider range of investors and generate additional revenue streams. By innovating in product development, Forge can differentiate itself from competitors and capture a larger share of the private market. This involves obtaining regulatory approvals and managing the associated risks. The timeline for this development is estimated at 2-3 years, with a potential market size of $30 million in annual revenue.
- Leveraging blockchain technology to enhance the security and transparency of private market transactions can improve investor confidence and attract institutional investors. By implementing blockchain-based solutions, Forge can reduce the risk of fraud and streamline the settlement process. This involves investing in blockchain development and partnering with technology providers. The timeline for this implementation is estimated at 18-24 months, with a potential impact of increasing institutional participation by 15%.
What Are FRGE's Competitive Advantages?
- Established network of participants in the private market.
- Proprietary data and analytics on private company valuations.
- Integrated suite of services catering specifically to the needs of the private market.
- First-mover advantage in the private market trading platform space.
What Does FRGE Do?
Founded in 2014 and headquartered in San Francisco, California, Forge Global Holdings, Inc. has established itself as a provider of marketplace infrastructure, data services, and technology solutions tailored for participants in the private market. The company's core function is to enable the trading of private company shares, connecting shareholders with accredited investors. This platform addresses the historically illiquid nature of private equity, offering a mechanism for early investors and employees to realize returns on their holdings before a company undergoes an IPO or acquisition. Forge's evolution has been driven by the increasing demand for liquidity in the private market, fueled by the trend of companies staying private for longer periods. Its services include providing a secure trading platform, data analytics on private company valuations, and technology solutions to streamline the transaction process. Forge aims to bring transparency and efficiency to the private market, benefiting both sellers and buyers of private company stock. Its competitive positioning lies in its established network of participants and its integrated suite of services that cater specifically to the needs of the private market ecosystem.
What Products and Services Does FRGE Offer?
- Operate a marketplace for trading private company stock.
- Provide infrastructure for private market transactions.
- Offer data services related to private company valuations.
- Develop technology solutions for private market participants.
- Connect shareholders with accredited investors.
- Facilitate liquidity in the private equity market.
- Streamline the process of buying and selling private company shares.
How Does FRGE Make Money?
- Generate revenue through transaction fees charged on trades executed on the platform.
- Offer subscription-based data services providing insights into private company valuations.
- Provide technology solutions to private market participants for a fee.
- Potentially generate revenue from new financial products and services related to private equity.
What Industry Does FRGE Operate In?
Forge Global Holdings, Inc. operates within the software application industry, specifically catering to the private equity market. The industry is experiencing growth due to the increasing number of companies remaining private for longer, creating a demand for liquidity solutions. Competitors include other private market platforms and traditional investment banks that offer private placement services. Forge's focus on technology-driven solutions and data analytics differentiates it within the competitive landscape. The overall market for private equity secondary transactions is estimated to be substantial, presenting significant growth opportunities for Forge.
Who Are FRGE's Key Customers?
- Shareholders of private companies seeking liquidity.
- Accredited investors looking to invest in private companies.
- Venture capital firms and private equity funds seeking to manage their portfolios.
- Employees of private companies with equity compensation.
Forward Outlook
Wall Street analysts project Forge Global Holdings, Inc. revenue of about $136.0M for fiscal 2026, with EPS near $-2.52.
Financial Health
Forge Global Holdings, Inc.'s Piotroski F-Score is 3/9, a 9-point checklist of profitability, leverage and efficiency — flagging fundamental weakness worth scrutiny. Its Altman Z-Score of 5.80 places it in the safe zone, indicating low near-term bankruptcy risk.
Key Financial Metrics
Return on equity for Forge Global Holdings, Inc. stands at -29.8%, a gauge of how efficiently it converts shareholder capital into profit. Return on assets is -24.8%, showing how much profit it generates from its asset base. Its free cash flow yield is -6.5%, a gauge of the cash the business throws off relative to its market value. A current ratio of 2.55 indicates the company holds enough short-term assets to cover its near-term obligations. Its earnings yield is -10.4%, the inverse of the P/E and a quick read on earnings relative to price.
Forge Global Holdings, Inc. (FRGE) Valuation Context
Valued at $623M, FRGE is classified as a small-cap stock.
Company Profile
Forge Global Holdings, Inc. operates in the Software - Application industry within the Technology sector. It is headquartered in San Francisco, US. The company is led by CEO Kelly A. Rodriques. FRGE has traded publicly since 2021.
FRGE Financials
Fundamental Snapshot
Based on FMP financials and quantitative analysis · FY 2024
Bull Case vs Bear Case
Bull Case
- Recent insider buying suggests confidence in Forge's long-term prospects, indicating that management believes in the company's growth potential.
- Community sentiment has shifted positively as discussions around Forge's unique position in the private market space gain traction among retail investors.
- Strategic partnerships announced in the last month are enhancing Forge's market visibility and credibility, attracting interest from institutional players.
- The ongoing trend of digital asset adoption supports Forge's business model, positioning it well for future growth as more companies seek private market solutions.
Bear Case
- Concerns about market volatility have led to increased skepticism among some investors, impacting Forge's perceived stability.
- Negative sentiment from recent earnings reports has raised questions about Forge's revenue sustainability, leading to cautious outlooks from analysts.
- The competitive landscape in the private market sector is intensifying, with new entrants potentially eroding Forge's market share and pricing power.
- Community discussions reveal a faction of investors worried about regulatory risks surrounding digital assets, which could pose challenges for Forge's operations.
AI-generated arguments based on insider flow, news sentiment and technicals — not financial advice · March 2026
FRGE Latest News
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12 Financials Stocks Moving In Tuesday's After-Market Session
benzinga · Apr 22, 2025
Leadership: Kelly A. Rodriques
CEO
Kelly A. Rodriques serves as the CEO of Forge Global Holdings, Inc., leading a team of 300 employees. His career spans various leadership roles in the financial technology sector, with a focus on driving innovation and growth. Prior to Forge, Rodriques held executive positions at companies specializing in payments, wealth management, and capital markets. He brings extensive experience in building and scaling technology platforms and fostering strategic partnerships. His background includes a strong emphasis on regulatory compliance and risk management within the financial services industry.
Track Record: Under Kelly A. Rodriques' leadership, Forge Global Holdings, Inc. has expanded its platform and increased transaction volume. He has focused on enhancing the company's data analytics capabilities and forging strategic partnerships with venture capital firms. A key achievement has been navigating the evolving regulatory landscape and positioning Forge as a trusted provider of private market solutions. Rodriques has also overseen the company's efforts to innovate in product development and expand into new geographic markets.
Common Questions About FRGE (Technology)
What happened to Forge Global Holdings, Inc. (FRGE) stock?
Forge Global Holdings, Inc. (FRGE) no longer trades on public markets. It was delisted in March 2026. The figures below are historical and are not a current quote.
Can I still buy FRGE shares?
No. FRGE stopped trading on public markets in March 2026, so the shares are not available through a broker. Anything you see quoted for FRGE elsewhere is historical data, not a live market.
Are the figures on this page current?
No. Every number here is the last value recorded before FRGE stopped trading. Nothing on this page updates, and none of it is a current quote.
Why does this page still exist?
Because people still search for what happened to Forge Global Holdings, Inc.. An archived profile that states the delisting plainly is more useful than a dead link — provided it is labelled as history, which is what this page does.
What does Forge Global Holdings, Inc. do?
Forge Global Holdings, Inc. operates a marketplace that facilitates the buying and selling of shares in private companies. It provides a platform where shareholders of these companies can connect with accredited investors, offering liquidity in a traditionally illiquid market. The company's services include transaction processing, data analytics on private company valuations, and technology solutions to streamline the trading process.
What do analysts say about FRGE stock?
Analyst coverage of Forge Global Holdings, Inc. focuses on its growth potential within the expanding private market. Key valuation metrics include price-to-sales ratio and growth rate of transaction volume. Considerations include the company's ability to scale its platform, maintain regulatory compliance, and compete effectively with other private market platforms.
What are the main risks for FRGE?
Forge Global Holdings, Inc. faces several key risks, including regulatory changes that could impact private market trading, increased competition from alternative platforms, and economic downturns that could affect private equity valuations. Cybersecurity risks are also a concern, given the sensitive financial data handled by the company.
Disclaimer: This content is for informational purposes only and does not constitute investment advice. Always do your own research and consult a financial advisor.
Official Resources
Data provided for informational purposes only.
- Information is based on available profile, fundamentals, and existing AI insights as of 2026-05-06.
- Analyst consensus and market data may vary.