
Shares of private market platform Forge Global FRGE.N plunge as much 21.1%, last down 16.8% at $0.68
Late Wednesday, FRGE reported Q4 revenue below Wall Street expectations for the second consecutive quarter
J.P. Morgan says there is considerable work ahead before FRGE can reach adjusted EBITDA break-even as the expected recovery in transaction volumes remains elusive
Still, brokerage says underlying data points towards improving volumes in 2025
William Blair says FRGE is well positioned for a stronger recovery in private market conditions, but the timing remains uncertain
Adds that it needs to see sustainable improvements to get more constructive on the stock
Stock down 27% YTD