Man Group share price cup and handle points to more upside

on Feb 28, 2023
  • Man Group stock price surged after the company's inflows jumped.
  • The company also boosted its dividends as profits jumped.
  • The stock has formed a cup and handle pattern.

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Man Group (LON: EMG) share price went parabolic, becoming the best performer in the FTSE 250. The stock surged to a high of 271.2p on Tuesday, slightly below its all-time high of 273p. It has surged by more than 268% from its lowest point during the pandemic.

Man Group inflows rise

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Man Group is a leading asset management company that runs several strategies. Its Man AHL business provides technology-empowered active management strategies while Man Numeric provides institutional money management solutions in Boston. Further, the company runs Man GLG, Man GPM, and Man FRM.

Man Group has defied trends in the past few months. For one, results published on Tuesday showed that investors pumped funds into its ecosystem. Its inflows jumped by $3.1 billion, bringing total assets under management o over $143 billion. This is notable since companies in the industry like Abrdn saw outflows, as I wrote here.

Inflows are an important part of companies like Man Group since they increase the company’s management fees. Indeed, these fees jumped by 6% to $779 million. As a result, the company increased its dividend per share and increased its share repurchases. In a note, the company’s CEO said:

“There is a significant opportunity for active investment managers, particularly those with the ability to offer alpha irrespective of the direction of prevailing market trends and in a liquid, highly customisable format.”

Man Group share price forecast

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Man Group share price

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Man Group seems to have strong fundamentals as the amount of inflows jump. Technicals also point to more upside. As shown above, the stock remains above the 50-day and 200-day moving averages, which is a positive sign.

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The most important signal is that Man Group stock price has formed a cup and handle pattern. In fact, it has completed the handle section and retested the upper part of the cup. In most periods, this is one of the most accurate bullish signs.

Therefore, with its volume rising, there is a likelihood that the stock will continue soaring in the coming months. If this happens, the next logical level to watch will be at 300p.


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