Ambac Financial Group, Inc. (NYSE:AMBC) Short Interest Down 22.5% in August

Key Points

• Ambac Financial Group experienced a 22.5% decrease in short interest in August, with 2,370,000 shares short sold as of August 15th.
• Truist Financial initiated coverage with a buy rating and a $10.00 price target, while the consensus rating stands at "Buy" with a target of $12.50.
• Insider transactions included CEO Claude Leblanc purchasing 25,000 shares at an average price of $7.03, increasing his ownership stake in the company.

Ambac Financial Group, Inc. (NYSE:AMBC - Get Free Report) was the recipient of a large decline in short interest in the month of August. As of August 15th, there was short interest totaling 2,370,000 shares, a decline of 22.5% from the July 31st total of 3,060,000 shares. Approximately 5.7% of the company's shares are sold short. Based on an average daily trading volume, of 981,900 shares, the days-to-cover ratio is presently 2.4 days. Based on an average daily trading volume, of 981,900 shares, the days-to-cover ratio is presently 2.4 days. Approximately 5.7% of the company's shares are sold short.

Insider Activity at Ambac Financial Group

In other news, CEO Claude Leblanc purchased 25,000 shares of Ambac Financial Group stock in a transaction dated Monday, August 11th. The shares were purchased at an average price of $7.03 per share, with a total value of $175,750.00. Following the transaction, the chief executive officer owned 603,291 shares in the company, valued at $4,241,135.73. This represents a 4.32% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 6.20% of the company's stock.

Institutional Investors Weigh In On Ambac Financial Group

Hedge funds have recently added to or reduced their stakes in the business. Envestnet Portfolio Solutions Inc. acquired a new stake in Ambac Financial Group during the 1st quarter worth approximately $110,000. Deutsche Bank AG lifted its holdings in Ambac Financial Group by 7.1% during the 1st quarter. Deutsche Bank AG now owns 723,250 shares of the company's stock worth $6,328,000 after buying an additional 48,117 shares in the last quarter. SG Americas Securities LLC acquired a new stake in Ambac Financial Group during the 1st quarter worth approximately $317,000. Two Sigma Investments LP lifted its holdings in Ambac Financial Group by 41.1% during the 4th quarter. Two Sigma Investments LP now owns 132,295 shares of the company's stock worth $1,674,000 after buying an additional 38,540 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in Ambac Financial Group by 23.6% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 194,034 shares of the company's stock worth $2,455,000 after buying an additional 37,067 shares in the last quarter. 84.49% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Separately, Truist Financial began coverage on shares of Ambac Financial Group in a report on Tuesday, July 15th. They issued a "buy" rating and a $10.00 price objective on the stock. One analyst has rated the stock with a Strong Buy rating and two have assigned a Buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Buy" and a consensus target price of $12.50.

Ambac Financial Group Price Performance

Shares of AMBC stock traded up $0.01 during trading hours on Friday, hitting $8.93. The company had a trading volume of 259,699 shares, compared to its average volume of 565,912. The company's fifty day moving average is $8.38 and its 200 day moving average is $7.98. Ambac Financial Group has a fifty-two week low of $5.99 and a fifty-two week high of $13.64. The stock has a market capitalization of $414.14 million, a PE ratio of -0.66 and a beta of 0.96.

Ambac Financial Group (NYSE:AMBC - Get Free Report) last issued its quarterly earnings data on Thursday, August 7th. The company reported ($0.22) EPS for the quarter, topping the consensus estimate of ($0.24) by $0.02. The firm had revenue of $16.20 million for the quarter, compared to analyst estimates of $55.59 million. Ambac Financial Group had a negative net margin of 215.40% and a negative return on equity of 3.50%. Equities analysts forecast that Ambac Financial Group will post 0.6 earnings per share for the current year.

Ambac Financial Group Company Profile

Ambac Financial Group, Inc operates as a financial services holding company. It operates three businesses: Specialty Property and Casualty Insurance, Insurance Distribution, and Legacy Financial Guarantee (LFG) Insurance. The Specialty Property and Casualty Insurance business provides specialty property and casualty program insurance with a focus commercial and personal liability risks.