Andersen Group (NYSE:ANDG) Reaches New 1-Year High – Here’s Why

Andersen Group Inc. (NYSE:ANDG)’s share price reached a new 52-week high during mid-day trading on Thursday. The stock traded as high as $57.76 and last traded at $57.39, with a volume of 271478 shares. The stock had previously closed at $54.40.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the company. Morgan Stanley lifted their target price on Andersen Group from $27.00 to $54.00 and gave the stock an “equal weight” rating in a research report on Thursday, August 13th. Wells Fargo & Company upped their target price on Andersen Group from $38.00 to $49.00 and gave the company an “equal weight” rating in a research report on Thursday, August 13th. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and set a $56.00 price target on shares of Andersen Group in a research report on Friday, August 14th. Truist Financial increased their price objective on shares of Andersen Group from $55.00 to $70.00 and gave the company a “buy” rating in a research note on Friday, September 25th. Finally, BMO Capital Markets began coverage on shares of Andersen Group in a report on Tuesday, September 8th. They set a “market perform” rating and a $58.00 price objective for the company. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $56.14.

Andersen Group Stock Performance

The company has a market capitalization of $6.47 billion and a P/E ratio of -107.72. The stock’s 50-day moving average price is $51.52 and its 200-day moving average price is $40.80. 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 (NYSE:ANDG) last announced its quarterly 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 company had revenue of $217.66 million for the quarter. As a group, equities analysts expect that Andersen Group Inc. will post 0.73 EPS for the current year.

Insider Buying and Selling at Andersen Group

In related news, major shareholder Durable Capital Partners Lp sold 336,736 shares of the stock in a transaction dated Tuesday, July 7th. The shares were sold at an average price of $40.01, for a total value of $13,472,807.36. Following the sale, the insider owned 1,333,749 shares of the company’s stock, valued at $53,363,297.49. This trade represents a 20.16% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 13.00% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Andersen Group

Several hedge funds and other institutional investors have recently made changes to their positions in ANDG. Allspring Global Investments Holdings LLC grew its position in Andersen Group by 1.0% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 130,856 shares of the company’s stock valued at $3,559,000 after buying an additional 1,267 shares in the last quarter. Bank of New York Mellon Corp lifted its position in Andersen Group by 47.0% in the first quarter. Bank of New York Mellon Corp now owns 18,636 shares of the company’s stock worth $507,000 after purchasing an additional 5,962 shares during the period. PNC Financial Services Group Inc. acquired a new position in shares of Andersen Group during the 4th quarter valued at $215,000. Corient Private Wealth LP lifted its holdings in shares of Andersen Group by 67.2% in the second quarter. Corient Private Wealth LP now owns 23,005 shares of the company’s stock valued at $868,000 after buying an additional 9,245 shares during the period. Finally, Bank of America Corp DE boosted its stake in Andersen Group by 512.0% during the first quarter. Bank of America Corp DE now owns 12,852 shares of the company’s stock valued at $350,000 after buying an additional 10,752 shares in the last quarter.

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.