Bowhead Specialty Holdings Inc. (NYSE:BOW) Sees Significant Decline in Short Interest

Bowhead Specialty Holdings Inc. (NYSE:BOW - Get Free Report) was the recipient of a large drop in short interest in February. As of February 15th, there was short interest totalling 346,800 shares, a drop of 23.6% from the January 31st total of 454,200 shares. Currently, 1.6% of the shares of the stock are sold short. Based on an average daily trading volume, of 138,400 shares, the short-interest ratio is currently 2.5 days.

Bowhead Specialty Price Performance

Shares of NYSE BOW traded down $0.18 during mid-day trading on Friday, reaching $33.54. The company's stock had a trading volume of 156,969 shares, compared to its average volume of 122,565. Bowhead Specialty has a 1-year low of $22.14 and a 1-year high of $37.81. The stock has a 50-day moving average of $32.88 and a two-hundred day moving average of $32.11.

Bowhead Specialty (NYSE:BOW - Get Free Report) last announced its quarterly earnings data on Tuesday, February 25th. The company reported $0.42 EPS for the quarter, topping analysts' consensus estimates of $0.35 by $0.07. The company had revenue of $184.77 million for the quarter, compared to analysts' expectations of $102.12 million. On average, equities analysts predict that Bowhead Specialty will post 1.36 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Ava Schnidman acquired 1,493 shares of Bowhead Specialty stock in a transaction on Friday, February 28th. The stock was bought at an average cost of $33.41 per share, for a total transaction of $49,881.13. Following the completion of the transaction, the director now owns 1,893 shares of the company's stock, valued at approximately $63,245.13. The trade was a 373.25 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through this link.

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Institutional Trading of Bowhead Specialty

Several institutional investors have recently made changes to their positions in BOW. Gallatin Point Capital LLC purchased a new position in Bowhead Specialty in the fourth quarter worth approximately $389,599,000. American Family Investments Inc. purchased a new position in shares of Bowhead Specialty during the 3rd quarter worth $169,826,000. Victory Capital Management Inc. increased its position in shares of Bowhead Specialty by 129.0% during the 4th quarter. Victory Capital Management Inc. now owns 1,508,003 shares of the company's stock worth $53,564,000 after purchasing an additional 849,408 shares during the last quarter. Wasatch Advisors LP raised its holdings in Bowhead Specialty by 125.3% in the 4th quarter. Wasatch Advisors LP now owns 812,901 shares of the company's stock valued at $28,874,000 after buying an additional 452,033 shares during the period. Finally, Polar Capital Holdings Plc lifted its position in Bowhead Specialty by 160.3% in the fourth quarter. Polar Capital Holdings Plc now owns 550,000 shares of the company's stock valued at $19,536,000 after buying an additional 338,738 shares during the last quarter.

Analyst Ratings Changes

A number of research firms have recently commented on BOW. Keefe, Bruyette & Woods raised shares of Bowhead Specialty from a "market perform" rating to an "outperform" rating and set a $44.00 target price for the company in a research note on Monday. JPMorgan Chase & Co. boosted their price objective on Bowhead Specialty from $26.00 to $30.00 and gave the stock a "neutral" rating in a research note on Thursday, November 7th. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, Bowhead Specialty has a consensus rating of "Moderate Buy" and a consensus price target of $33.60.

Bowhead Specialty Company Profile

Bowhead Specialty Holdings Inc provides specialty property and casualty insurance products in the United States. It underwrites casualty insurance solutions for risks in the construction, distribution, heavy manufacturing, real estate, and hospitality segments; professional liability insurance solutions for financial institutions, private and public directors and officers liability insurance, errors and omissions liability insurance, and cyber segments; and healthcare solutions for hospitals, senior care providers, managed care organizations, miscellaneous medical facilities, and healthcare management liability segments.