Andersen Group Inc. $ANDG Shares Sold by Readystate Asset Management LP

Key Points

• Readystate Asset Management cut its Andersen Group stake by 62.5% in the second quarter, selling 25,000 shares and retaining 15,000 shares valued at approximately $566,000.
• Major shareholder Durable Capital Partners sold 336,736 shares for about $13.5 million, reducing its ownership by 20.16%; insiders collectively own 13% of the company.
• Andersen Group reported quarterly revenue of $217.66 million and an adjusted loss of $0.09 per share, beating analyst expectations. Analysts maintain a consensus “Moderate Buy” rating with an average price target of $53.33.

Readystate Asset Management LP decreased its stake in Andersen Group Inc. (NYSE:ANDG - Free Report) by 62.5% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 15,000 shares of the company's stock after selling 25,000 shares during the quarter. Readystate Asset Management LP's holdings in Andersen Group were worth $566,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. JPMorgan Chase & Co. purchased a new stake in Andersen Group in the 4th quarter worth approximately $45,987,000. J. Goldman & Co LP acquired a new position in shares of Andersen Group in the 4th quarter valued at $30,079,000. Brown Advisory Inc. acquired a new position in shares of Andersen Group in the 4th quarter valued at $29,365,000. Franklin Resources Inc. purchased a new stake in Andersen Group during the fourth quarter worth $25,864,000. Finally, Royce & Associates LP purchased a new stake in Andersen Group during the fourth quarter worth $19,948,000.

Insider Buying and Selling

In related news, major shareholder Durable Capital Partners Lp sold 336,736 shares of Andersen Group stock in a transaction that occurred on Tuesday, July 7th. The stock was sold at an average price of $40.01, for a total transaction of $13,472,807.36. Following the transaction, the insider owned 1,333,749 shares in the company, valued at approximately $53,363,297.49. This trade represents a 20.16% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 13.00% of the company's stock.

Andersen Group Stock Down 0.2%

Shares of NYSE ANDG opened at $56.12 on Tuesday. The stock has a market cap of $6.34 billion and a PE ratio of -105.89. The company has a current ratio of 2.19, a quick ratio of 2.19 and a debt-to-equity ratio of 7.82. Andersen Group Inc. has a 12-month low of $18.12 and a 12-month high of $57.62. The company has a 50-day moving average of $46.94 and a 200 day moving average of $37.06.

Andersen Group (NYSE:ANDG - Get Free Report) last released its earnings results on Wednesday, August 12th. The company reported ($0.09) earnings per share for the quarter, topping analysts' consensus estimates of ($0.16) by $0.07. The business had revenue of $217.66 million during the quarter. As a group, sell-side analysts predict that Andersen Group Inc. will post 0.73 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

ANDG has been the subject of a number of recent analyst reports. Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating and issued a $56.00 price objective on shares of Andersen Group in a report on Friday, August 14th. UBS Group raised their target price on Andersen Group from $34.00 to $42.00 and gave the company a "buy" rating in a research report on Thursday, May 14th. Robert W. Baird lifted their price target on Andersen Group from $57.00 to $64.00 and gave the company an "outperform" rating in a research note on Monday, August 31st. Morgan Stanley upped their price target on Andersen Group from $27.00 to $54.00 and gave the stock an "equal weight" rating in a report on Thursday, August 13th. Finally, Truist Financial increased their price target on Andersen Group from $42.00 to $55.00 and gave the stock a "buy" rating in a research report on Thursday, August 13th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Andersen Group presently has a consensus rating of "Moderate Buy" and an average target price of $53.33.

About Andersen Group

Our mission is to deliver exceptional client service grounded in integrity, transparency, and excellence. Since our founding in 2002, we have experienced rapid and sustained growth, powered by our people, our values and our relentless commitment to innovative, client-focused solutions. Building on the rich traditions and culture of the former Arthur Andersen, we are driven by a bold vision to lead in a complex global marketplace, creating lasting value for our clients, our people and our investors.

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