A-Mark Precious Metals, Inc., listed on NASDAQ under the ticker symbol AMRK, announced that its CEO, Gregory Roberts, sold 20,000 shares of the company’s stock on November 25, 2023. The transaction was executed at an average price of $26.37, resulting in a total sale value of $527,400. Following this sale, Roberts retains ownership of 28,202 shares, valued at approximately $743,686.74, marking a significant reduction in his stake by 41.49%.
The details of the transaction were disclosed in a filing with the Securities and Exchange Commission (SEC). This information is publicly accessible, providing transparency regarding executive trading activities.
A-Mark’s Stock Performance and Financial Results
On the trading day following the sale, A-Mark Precious Metals opened at $27.27. The stock has shown robust performance in recent months, with a 50-day moving average price of $26.62 and a 200-day moving average of $23.85. Currently, A-Mark has a market capitalization of $672.04 million, a price-to-earnings (P/E) ratio of 97.39, and a beta of 0.34, indicating lower volatility compared to the broader market.
The company recently reported its quarterly earnings on November 7, 2023, revealing earnings per share (EPS) of $0.20. This result fell short of analysts’ expectations, who had anticipated an EPS of $0.86. A-Mark’s revenue for the quarter reached $3.68 billion, surpassing the consensus estimate of $2.67 billion. The company also reported a return on equity of 6.25% and a net margin of 0.06%.
Investor Activity and Analyst Ratings
Recent changes in investor positions highlight growing interest from institutional investors. Notably, MassMutual Private Wealth & Trust FSB increased its stake in A-Mark Precious Metals by an astonishing 15,414.3% in the third quarter, acquiring 1,086 shares valued at about $28,000. Similarly, PNC Financial Services Group Inc. boosted its holdings by 118.5%, now owning 1,311 shares worth $29,000.
Other investors, including the State of Alaska Department of Revenue and Jones Financial Companies Lllp, purchased new positions in the company during this period, each valued around $33,000. Overall, hedge funds and institutional investors control approximately 75.25% of A-Mark’s stock.
Analysts have varied opinions on A-Mark’s prospects. Zacks Research recently downgraded the stock from a “strong-buy” to a “hold” rating. Meanwhile, Roth Capital upgraded its assessment to a “strong-buy” status, indicating differing views on the company’s future performance. DA Davidson has set a price target of $34.00, while Weiss Ratings restated a “hold (c-)” rating.
Currently, A-Mark Precious Metals holds an average rating of “Moderate Buy” and an average target price of $34.67, according to data from MarketBeat.
As A-Mark continues to navigate the volatile precious metals market, the recent executive share sale and robust quarterly performance may influence investor sentiment and future trading activity.
