SAN FRANCISCO – Forge Global Holdings, Inc. (NYSE: FRGE), a prominent player in the private equity market, announced today that James Nevin, former CEO London Stock Exchange Group (LON: ), will take over as Chief Financial Officer (CFO) effective January 20, 2025. Nevin’s appointment follows the transition of Mark Lee, current CFO since 2018, who will now focus on strategic finance and property initiatives as Chief Strategic Wealth Solutions at Forge. According to InvestingPro data, Forge faces significant financial challenges, with EBITDA of -$82.2 million over the last twelve months and a market cap of approximately $146 million.
Kelly Rodriques, CEO of Forge, emphasized the importance of Nevin’s role in the company’s growth strategy and profitability goals. Despite the company’s stock falling by more than 70% in the past year, InvestingPro analysis shows that the shares are currently trading below their fair value. Rodriques praised Lee’s contributions to Forge’s financial foundation, which he believes has positioned the company for continued momentum.
James Nevin brings more than 25 years of financial and capital markets experience to his new role at Forge. His tenure at LSEG included leadership positions where he was instrumental in driving growth across various business lines, such as funds, research and content, and data solutions. Nevin’s responsibilities at LSEG included global business performance and financial oversight of the division, including Russell Indexes and financial data services.
Nevin expressed his excitement about leading Forge’s financial organization and working with the team, investors and partners to take the company through a phase of accelerated growth.
Forge Global operates as a leading provider of market infrastructure, data services and technology solutions for private market participants. Forge Securities LLC, member FINRA, operates an alternative trading system as part of its offering. The company nevertheless maintains a strong liquidity position with a current ratio of 5.37 InvestingPro the data shows that he is currently spending money with an income of $79.8 million in the last twelve months.
This press release includes forward-looking statements regarding Forge’s financial position, operating performance and business expansion opportunities. While analysts anticipate ongoing challenges with a forecast EPS of -$0.35 for FY2024, the company maintains a gross profit margin of 99.32%. However, these statements are based on current expectations and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially.
The information for this article is based on a press release from Forge Global.
In other recent news, Forge Global Holdings Inc. reported its financial results for the third quarter of fiscal 2024. The earnings call was led by CEO, Kelly Rodriques, and CFO, Mark Lee, and while no specific bullish or bearish highlights were mentioned, they made forward-looking statements that reflect current expectations about future events and financial results. The company’s financials and future outlook can be reviewed on Forge’s Investor Relations website.
On the other hand, analysts at JPMorgan downgraded shares of Forge Global Holdings Inc. from Neutral to Insufficient. This assessment was based on a lack of near-term catalysts and continued pressure on volumes that could delay the company’s path to profitability. Despite Forge’s strong position to take advantage of growing private market assets under management (AUM) and an increasing number of large private equity firms in the medium term, JPMorgan expressed concern for the immediate future. They suggested that the expected recovery in capital market activity in 2025 may not result in the expected increase in Forge’s transaction volume.
These are recent developments that provide investors with valuable insight into Forge’s business and performance.
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