Bowhead Specialty (NYSE:BOW) Shares Gap Down - Here's Why

Bowhead Specialty Holdings Inc. (NYSE:BOW - Get Free Report)'s share price gapped down prior to trading on Tuesday . The stock had previously closed at $30.56, but opened at $28.71. Bowhead Specialty shares last traded at $29.25, with a volume of 32,844 shares trading hands.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. Royal Bank of Canada restated an "outperform" rating and set a $32.00 price target on shares of Bowhead Specialty in a report on Wednesday, August 7th. JMP Securities lifted their price objective on Bowhead Specialty from $31.00 to $32.00 and gave the company a "market outperform" rating in a research report on Tuesday, October 15th. Three analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $29.40.

Bowhead Specialty Trading Down 4.6 %

The firm has a 50 day simple moving average of $29.35.

Bowhead Specialty (NYSE:BOW - Get Free Report) last posted its earnings results on Tuesday, August 6th. The company reported $0.28 earnings per share for the quarter, beating the consensus estimate of $0.27 by $0.01. The company had revenue of $98.90 million for the quarter, compared to the consensus estimate of $94.28 million. The business's quarterly revenue was up 51.0% compared to the same quarter last year. On average, equities research analysts forecast that Bowhead Specialty Holdings Inc. will post 1.3 earnings per share for the current year.

Institutional Investors Weigh In On Bowhead Specialty

A number of large investors have recently added to or reduced their stakes in BOW. Peregrine Capital Management LLC acquired a new stake in shares of Bowhead Specialty in the second quarter worth $3,073,000. Lighthouse Investment Partners LLC bought a new position in Bowhead Specialty in the 2nd quarter worth $2,653,000. Sei Investments Co. acquired a new position in Bowhead Specialty during the 2nd quarter worth $2,021,000. The Manufacturers Life Insurance Company bought a new stake in Bowhead Specialty during the second quarter valued at about $1,458,000. Finally, Emerald Mutual Fund Advisers Trust acquired a new stake in shares of Bowhead Specialty in the second quarter valued at about $4,901,000.

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.