Assertio Holdings Inc (NASDAQ: ASRT) stock jumped 8.77% on Monday to $1.24 against a previous-day closing price of $1.14. With 1.91 million shares changed hands, the volume of the stock remained heavier than its average volume of 1.69 million shares. During the session, the Drug Manufacturers – Specialty & Generic company that operates in wider Healthcare sector, reached to the highest price of $1.2600 whereas the lowest price it dropped to was $1.1200. The 52-week range on ASRT shows that it touched its highest point at $8.01 and its lowest point at $0.87 during that stretch. It currently has a 1-year price target of $3.83. Beta for the stock currently stands at 1.20.
Price Performance and Earnings:
Stock performance is one of the indicators that investors use to determine whether they will profit from a stock. The price performance of ASRT was up-trending over the past week, with a rise of 19.23%, but this was down by -45.61% over a month. Three-month performance dropped to -63.53% while six-month performance fell -82.39%. The stock lost -56.03% in the past year, while it has lost -71.16% so far this year. A look at the trailing 12-month EPS for ASRT yields -2.05 with Next year EPS estimates of 0.14. For the next quarter, that number is 0.04. This implies an EPS growth rate of -61.76% for this year and -70.33% for next year.
Float and Shares Shorts:
At present, 94.67 million ASRT shares are outstanding with a float of 89.07 million shares on hand for trading. On Oct 30, 2023, short shares totaled 8.44 million, which was 9.06% higher than short shares on Sep 28, 2023. In addition to Mr. Daniel A. Peisert as the firm’s President, CEO & Director, Mr. Ajay Patel serves as its CFO, Senior VP & Chief Accounting Officer.
Through their ownership of 45.74% of ASRT’s outstanding shares, institutional investors have minority control over the company. Other institutions hold 30.56% of ASRT, in contrast to 17.44% held by mutual funds. Shares owned by individuals account for 1.71%. As the largest shareholder in ASRT with 5.87% of the stake, BlackRock Fund Advisors holds 5,465,182 shares worth 5,465,182. A second-largest stockholder of ASRT, Nantahala Capital Management LLC, holds 4,670,000 shares, controlling over 5.02% of the firm’s shares. The Vanguard Group, Inc. is the third largest shareholder in ASRT, holding 4,454,576 shares or 4.78% stake. With a 2.93% stake in ASRT, the Vanguard Total Stock Market ETF is the largest stakeholder. A total of 2,726,938 shares are owned by the mutual fund manager. The iShares Russell 2000 ETF, which owns about 2.26% of ASRT stock, is the second-largest Mutual Fund holder. It holds 2,101,380 shares valued at 4.52 million. Vanguard Extended Market Index Fu holds 1.35% of the stake in ASRT, owning 1,256,712 shares worth 2.7 million.
Reading analyst opinions is an effective way to decide where to invest, and there are several opinions available for ASRT since 0 analysts follow the stock currently. In the same way, a target price assigned to a stock can also reveal much about its potential. With ASRT analysts setting a high price target of $4.00 and a low target of $3.50, the average target price over the next 12 months is $3.83. Based on these targets, ASRT could surge 222.58% to reach the target high and rise by 182.26% to reach the target low. Reaching the average price target will result in a growth of 208.87% from current levels.
Summary of Insider Activity:
Insiders traded ASRT stock several times over the past three months with 1 Buys and 6 Sells. In these transactions, 19,404 shares were bought while 381,527 shares were sold. The number of buy transactions has increased to 23 while that of sell transactions has risen to 29 over the past year. The total number of shares bought during that period was 1,853,790 while 1,548,217 shares were sold.