AssetMark Financial Holdings (NYSE:AMK) saw a large drop in short interest in the month of July. As of July 15th, there was short interest totalling 1,580,000 shares, a drop of 13.7% from the June 30th total of 1,830,000 shares. Based on an average trading volume of 143,100 shares, the short-interest ratio is currently 11.0 days. Approximately 9.2% of the shares of the company are sold short.

Shares of NYSE AMK traded up $0.05 during midday trading on Friday, reaching $27.85. 215,736 shares of the stock were exchanged, compared to its average volume of 80,392. The company has a market capitalization of $2.02 billion and a P/E ratio of 51.57. AssetMark Financial has a 52-week low of $13.94 and a 52-week high of $34.02. The company has a current ratio of 3.56, a quick ratio of 3.56 and a debt-to-equity ratio of 0.14. The stock has a 50 day moving average price of $27.29 and a 200-day moving average price of $25.93.

AssetMark Financial (NYSE:AMK) last issued its quarterly earnings results on Tuesday, May 5th. The company reported $0.24 EPS for the quarter, topping analysts’ consensus estimates of $0.14 by $0.10. The business had revenue of $114.89 million during the quarter, compared to the consensus estimate of $115.55 million. AssetMark Financial had a negative net margin of 0.11% and a positive return on equity of 4.15%. On average, analysts forecast that AssetMark Financial will post 0.41 earnings per share for the current year.

Several brokerages recently commented on AMK. Credit Suisse Group reduced their price objective on shares of AssetMark Financial from $31.00 to $28.00 and set an “outperform” rating for the company in a research note on Wednesday, May 6th. Zacks Investment Research downgraded shares of AssetMark Financial from a “buy” rating to a “hold” rating in a report on Friday. Finally, Raymond James raised their target price on shares of AssetMark Financial from $27.00 to $31.00 and gave the company an “outperform” rating in a report on Wednesday, July 15th. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $29.67.

In related news, CEO Charles G. Goldman sold 88,317 shares of the firm’s stock in a transaction dated Monday, May 4th. The shares were sold at an average price of $23.10, for a total value of $2,040,122.70. Following the completion of the sale, the chief executive officer now owns 2,319,191 shares in the company, valued at $53,573,312.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Ted F. Angus sold 9,447 shares of the firm’s stock in a transaction dated Friday, July 10th. The shares were sold at an average price of $27.16, for a total transaction of $256,580.52. Following the completion of the sale, the executive vice president now owns 168,055 shares of the company’s stock, valued at approximately $4,564,373.80. The disclosure for this sale can be found here. Insiders sold a total of 483,712 shares of company stock valued at $12,261,069 in the last 90 days. Company insiders own 7.30% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of AMK. Legal & General Group Plc grew its holdings in shares of AssetMark Financial by 40.7% during the first quarter. Legal & General Group Plc now owns 3,460 shares of the company’s stock worth $70,000 after buying an additional 1,000 shares in the last quarter. Citigroup Inc. boosted its position in shares of AssetMark Financial by 41.1% in the first quarter. Citigroup Inc. now owns 3,965 shares of the company’s stock worth $81,000 after acquiring an additional 1,155 shares during the last quarter. SG Americas Securities LLC acquired a new stake in shares of AssetMark Financial in the first quarter worth approximately $110,000. Victory Capital Management Inc. acquired a new stake in shares of AssetMark Financial in the fourth quarter worth approximately $152,000. Finally, Strs Ohio boosted its position in shares of AssetMark Financial by 113.9% in the second quarter. Strs Ohio now owns 7,700 shares of the company’s stock worth $210,000 after acquiring an additional 4,100 shares during the last quarter. Institutional investors and hedge funds own 22.05% of the company’s stock.

About AssetMark Financial

AssetMark Financial Holdings, Inc provides wealth management and technology solutions in the United States. The company 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.

Further Reading: Sell-Side Analysts

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