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

AssetMark Financial Holdings, Inc. (NYSE:AMK) was the target of a significant growth in short interest in June. As of June 15th, there was short interest totalling 775,000 shares, a growth of 80.7% from the May 31st total of 428,800 shares. Based on an average trading volume of 526,400 shares, the short-interest ratio is currently 1.5 days. Currently, 3.5% of the company’s stock are short sold.

Analyst Ratings Changes

AMK has been the topic of a number of recent analyst reports. Raymond James boosted their price objective on AssetMark Financial from $39.00 to $41.00 and gave the company a “strong-buy” rating in a research note on Thursday, April 11th. JPMorgan Chase & Co. cut shares of AssetMark Financial from an “overweight” rating to a “neutral” rating and set a $37.00 price objective for the company. in a report on Friday, April 26th. Finally, William Blair downgraded AssetMark Financial from an “outperform” rating to a “market perform” rating in a report on Thursday, April 25th.

AssetMark Financial Stock Performance

AssetMark Financial stock traded up $0.05 during midday trading on Friday, reaching $34.55. The stock had a trading volume of 1,019,178 shares, compared to its average volume of 433,305. The firm has a market capitalization of $2.57 billion, a PE ratio of 18.09 and a beta of 1.10. The company has a quick ratio of 4.65, a current ratio of 4.65 and a debt-to-equity ratio of 0.07. The firm’s 50-day moving average price is $34.18 and its 200 day moving average price is $33.11. AssetMark Financial has a 12 month low of $22.92 and a 12 month high of $37.54.

AssetMark Financial (NYSE:AMK) last posted its earnings results on Wednesday, May 1st. The company reported $0.60 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.60. The firm had revenue of $190.27 million for the quarter, compared to the consensus estimate of $143.91 million. AssetMark Financial had a return on equity of 12.93% and a net margin of 19.92%. The business’s quarterly revenue was up 11.7% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.53 earnings per share. As a group, research analysts predict that AssetMark Financial will post 2.44 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, COO Carrie E. Hansen sold 10,611 shares of AssetMark Financial stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $34.40, for a total transaction of $365,018.40. Following the completion of the sale, the chief operating officer now owns 134,582 shares of the company’s stock, valued at approximately $4,629,620.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In related news, insider Esi Minta-Jacobs sold 2,529 shares of AssetMark Financial stock in a transaction that occurred on Monday, June 10th. The shares were sold at an average price of $34.40, for a total transaction of $86,997.60. Following the sale, the insider now directly owns 66,766 shares of the company’s stock, valued at approximately $2,296,750.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Carrie E. Hansen sold 10,611 shares of the company’s stock in a transaction that occurred on Monday, June 10th. The shares were sold at an average price of $34.40, for a total value of $365,018.40. Following the completion of the transaction, the chief operating officer now directly owns 134,582 shares of the company’s stock, valued at approximately $4,629,620.80. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 39,251 shares of company stock worth $1,350,234. Corporate insiders own 2.00% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in AMK. Acadian Asset Management LLC boosted its holdings in AssetMark Financial by 6,360.0% in the 1st quarter. Acadian Asset Management LLC now owns 2,584 shares of the company’s stock valued at $91,000 after purchasing an additional 2,544 shares during the period. SG Americas Securities LLC purchased a new position in AssetMark Financial during the fourth quarter worth about $169,000. Price T Rowe Associates Inc. MD bought a new position in AssetMark Financial in the 1st quarter worth about $223,000. Arizona State Retirement System purchased a new stake in shares of AssetMark Financial in the 4th quarter valued at about $218,000. Finally, Dynamic Technology Lab Private Ltd bought a new stake in shares of AssetMark Financial during the 4th quarter valued at about $230,000. Institutional investors own 28.64% of the company’s stock.

AssetMark Financial Company Profile

AssetMark Financial Holdings, Inc, together with its subsidiaries, provides wealth management platform 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 solutions to the financial adviser channel.