AssetMark Financial Holdings, Inc. (NYSE:AMK – Get Rating) was the target of a significant decrease in short interest in the month of July. As of July 15th, there was short interest totalling 319,100 shares, a decrease of 16.7% from the June 30th total of 383,000 shares. Currently, 1.5% of the shares of the company are sold short. Based on an average daily trading volume, of 94,000 shares, the short-interest ratio is presently 3.4 days.
Insider Transactions at AssetMark Financial
In related news, CFO Gary G. Zyla sold 1,585 shares of the firm's stock in a transaction dated Thursday, June 9th. The shares were sold at an average price of $20.00, for a total value of $31,700.00. Following the completion of the sale, the chief financial officer now owns 99,431 shares in the company, valued at $1,988,620. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, CFO Gary G. Zyla sold 1,585 shares of the firm's stock in a transaction dated Thursday, June 9th. The shares were sold at an average price of $20.00, for a total value of $31,700.00. Following the completion of the sale, the chief financial officer now owns 99,431 shares in the company, valued at $1,988,620. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Michael Kim sold 1,801 shares of the firm's stock in a transaction dated Thursday, June 9th. The shares were sold at an average price of $20.00, for a total transaction of $36,020.00. Following the completion of the sale, the insider now owns 374,738 shares of the company's stock, valued at approximately $7,494,760. The disclosure for this sale can be found here. Over the last quarter, insiders sold 7,995 shares of company stock worth $159,076. Company insiders own 5.30% of the company's stock.
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Institutional Inflows and Outflows
A number of hedge funds have recently modified their holdings of the business. Jennison Associates LLC increased its stake in shares of AssetMark Financial by 2.7% during the 2nd quarter. Jennison Associates LLC now owns 859,346 shares of the company's stock worth $16,130,000 after purchasing an additional 22,685 shares in the last quarter. New York State Teachers Retirement System purchased a new position in shares of AssetMark Financial during the 2nd quarter worth approximately $30,000. SG Americas Securities LLC purchased a new position in shares of AssetMark Financial during the 2nd quarter worth approximately $152,000. CWM LLC purchased a new stake in AssetMark Financial in the 2nd quarter worth approximately $1,879,000. Finally, Amalgamated Bank purchased a new stake in AssetMark Financial in the 1st quarter worth approximately $49,000. 26.10% of the stock is owned by hedge funds and other institutional investors.
AssetMark Financial Price Performance
Shares of AMK traded up $0.39 during mid-day trading on Wednesday, reaching $20.08. 124,673 shares of the company's stock were exchanged, compared to its average volume of 85,145. The company has a quick ratio of 3.05, a current ratio of 3.05 and a debt-to-equity ratio of 0.11. The company has a 50-day simple moving average of $19.03 and a two-hundred day simple moving average of $20.96. AssetMark Financial has a 52-week low of $16.88 and a 52-week high of $29.54. The company has a market cap of $1.48 billion, a price-to-earnings ratio of 25.24 and a beta of 1.04.
Wall Street Analyst Weigh In
AMK has been the subject of a number of research reports. Raymond James reduced their price target on shares of AssetMark Financial from $36.00 to $30.00 and set a "strong-buy" rating for the company in a research report on Tuesday, July 12th. William Blair reiterated an "outperform" rating on shares of AssetMark Financial in a research report on Monday, July 25th. Finally, BMO Capital Markets reduced their price target on shares of AssetMark Financial from $32.00 to $27.00 in a research report on Monday, May 2nd.
AssetMark Financial Company Profile
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AssetMark Financial Holdings, Inc provides wealth management and technology solutions in the United States. It offers an open-architecture product platform, as well as client advice, asset allocation options, practice management, support services, and technology to the financial adviser channel. The company provides integrated technology platform for advisers for accessing a range of automated processes, including new account opening, portfolio construction, streamlined financial planning, customer billing, investor reporting, progress to goal analysis, and client activity tracking; advisory services; and curated investment platform.
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