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AssetMark Financial Holdings, Inc. (NYSE:AMK) Sees Large Drop in Short Interest

Financial News Live · Aug 17, 2022 07:01

AssetMark Financial Holdings, Inc. (NYSE:AMK – Get Rating) was the target of a significant drop in short interest in July. As of July 31st, there was short interest totalling 295,000 shares, a drop of 7.6% from the July 15th total of 319,100 shares. Based on an average trading volume of 97,300 shares, the short-interest ratio is presently 3.0 days. Currently, 1.4% of the company's stock are short sold.

AssetMark Financial Stock Up 0.1 %

Shares of AMK opened at $21.69 on Wednesday. The stock has a market cap of $1.60 billion, a price-to-earnings ratio of 22.13 and a beta of 1.04. The company has a quick ratio of 3.35, a current ratio of 3.35 and a debt-to-equity ratio of 0.11. AssetMark Financial has a 12 month low of $16.88 and a 12 month high of $29.54. The company has a 50-day moving average price of $19.01 and a two-hundred day moving average price of $20.71.

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AssetMark Financial (NYSE:AMK – Get Rating) last posted its earnings results on Wednesday, August 3rd. The company reported $0.40 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.37 by $0.03. AssetMark Financial had a net margin of 12.38% and a return on equity of 6.17%. The company had revenue of $151.21 million during the quarter, compared to analysts' expectations of $149.89 million. During the same quarter in the previous year, the company posted $0.27 earnings per share. Equities analysts predict that AssetMark Financial will post 1.52 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the company. Raymond James lowered their price target on AssetMark Financial from $36.00 to $30.00 and set a "strong-buy" rating on the stock in a research report on Tuesday, July 12th. BMO Capital Markets decreased their target price on AssetMark Financial from $32.00 to $27.00 in a research report on Monday, May 2nd. Finally, William Blair reissued an "outperform" rating on shares of AssetMark Financial in a research report on Monday, July 25th.

Insider Buying and Selling

In related news, CFO Gary G. Zyla sold 1,585 shares of the stock in a transaction on Thursday, June 9th. The stock was sold at an average price of $20.00, for a total transaction of $31,700.00. Following the completion of the sale, the chief financial officer now directly owns 99,431 shares in the company, valued at $1,988,620. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other AssetMark Financial news, insider Michael Kim sold 1,801 shares of the stock in a transaction on Thursday, June 9th. The shares were sold at an average price of $20.00, for a total transaction of $36,020.00. Following the transaction, the insider now directly owns 374,738 shares of the company's stock, valued at $7,494,760. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Gary G. Zyla sold 1,585 shares of the stock in a transaction on Thursday, June 9th. The stock was sold at an average price of $20.00, for a total transaction of $31,700.00. Following the transaction, the chief financial officer now directly owns 99,431 shares in the company, valued at $1,988,620. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 7,995 shares of company stock worth $159,076. Corporate insiders own 2.10% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the stock. New York State Teachers Retirement System acquired a new stake in AssetMark Financial during the 2nd quarter worth $30,000. Amalgamated Bank acquired a new stake in AssetMark Financial during the 1st quarter worth $49,000. Strs Ohio acquired a new stake in AssetMark Financial during the 1st quarter worth $140,000. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in AssetMark Financial by 80.7% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,878 shares of the company's stock worth $180,000 after acquiring an additional 3,071 shares during the period. Finally, SG Americas Securities LLC acquired a new stake in AssetMark Financial during the 2nd quarter worth $152,000. Institutional investors own 26.10% of the company's stock.

About AssetMark Financial

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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.