Abrdn Share Price Approaches All-Time Lows – Time to Buy?

Abrdn Share Price Approaches All-Time Lows – Time to Buy?

October 3, 2022 0 By Alicia Hagen
  • Abrdn sees its share price approaching its all-time lows following soaring company woes.
  • Its revenue, profits, and assets under management maintained declines.
  • The stock might plummet to 100- new lows soon.

Abrdn’s share price has declined within the last few months, turning a renowned financial company into a backslider. The shares plunged towards the 134.98p lows, nearly 72% beneath its 2021 highest level. Meanwhile, its market capitalization declined to only 2.87 billion.

Abrdn Under Pressure

Formerly Standard Life Aberdeen, Abrdn is a finical services firm operating in three primary areas. First and foremost, the company offers investment solutions to customers globally. It boasts more than 500 billion pounds in AUM (assets under management).

Secondly, the firm offers advisory solutions. Lastly, Abrdn provided personal wealth services. It upgraded this capability last year by purchasing Interactive Investor amid a 1.5-billion-pound deal.

ABDN shares witnessed massive bearish bias over the last few months, with investors worrying about the company’s future. The latest results indicated that the firm’s revenue plunged by 8% to 696 million pounds during the year’s first half.

Meantime, the company saw its adjusted operating profit slumping to 115 million pounds, a 28% drop. Moreover, its AUM lost 6% to 508 million pounds. Meanwhile, the net flow dropped by 1% during the year’s first half. That saw the company moving from 102 million pounds’ net profit in 2021’s first half to a 289-million-pound loss.

Abrdn share crashed amidst continued broad market concerns. First and foremost, global stocks endured a challenging September, with the primary indices declining by approximately 10%. That was vital as the company invests in stock markets and earns when assets soar.

Meantime, the company drew fresh short sellers. Ken Griffin’s Blackrock and Citadel have executed short bets on ABDN. It’s unclear whether a whispered 500 million pound return to stakeholders will propel the stock.

Abrdn Share Price Prediction

The weekly timeframe shows ABDN share has declined within the previous few months. Meanwhile, the stock moved under the crucial 164.70p support, exploring its lowest market since August last year. Also, the shared declined under the 25 and 50-day MAs. Thus, ABDN might keep plunging, with sellers targeting the 100p support.