Forge Global rises after Piper Sandler upgrades  to 'overweight'

Private securities marketplace Forge Global's FRGE.N shares jump as much as 13.3%; last up 3.7% at $15.04

Piper Sandler upgrades FRGE to "overweight" from "neutral"; maintains $30 PT, implying a 106.9% upside to stock's last close

Brokerage says FRGE shares are undervalued at current levels with essentially no debt

Says FRGE is well positioned to benefit from the increasing focus on private markets given its "industry leading trading and data offering"

FRGE's recent high-profile data partnerships are indicative of growing demand for private market data - Piper Sandler

4 of 6 brokerages rate the stock "buy" or higher, 1 "hold" and 1 "sell"; median PT is $30 - data compiled by LSEG

As of last close, FRGE stock up 3.8% YTD