Bowhead Specialty (NYSE:BOW) Sees Strong Trading Volume – Should You Buy?

Bowhead Specialty Holdings Inc. (NYSE:BOW) saw unusually-strong trading volume on Monday . Approximately 135,189 shares were traded during mid-day trading, a decline of 33% from the previous session’s volume of 202,110 shares.The stock last traded at $41.43 and had previously closed at $42.15.

Analyst Ratings Changes

Separately, Keefe, Bruyette & Woods upgraded 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 report on Monday, March 3rd. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $33.60.

Bowhead Specialty Stock Performance

The business’s 50 day moving average price is $34.20 and its two-hundred day moving average price is $32.91.

Bowhead Specialty (NYSE:BOW) last posted its earnings results on Tuesday, February 25th. The company reported $0.42 earnings per share for the quarter, topping analysts’ consensus estimates of $0.35 by $0.07. The firm had revenue of $184.77 million for the quarter, compared to analysts’ expectations of $102.12 million. On average, sell-side analysts forecast that Bowhead Specialty Holdings Inc. will post 1.36 earnings per share for the current fiscal year.

Insider Activity

In other Bowhead Specialty news, Director Ava Schnidman acquired 1,493 shares of the business’s stock in a transaction on Friday, February 28th. The shares were acquired at an average price of $33.41 per share, for a total transaction of $49,881.13. Following the completion of the acquisition, the director now owns 1,893 shares in the company, valued at $63,245.13. This trade represents a 373.25 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Institutional Investors Weigh In On Bowhead Specialty

Several hedge funds have recently added to or reduced their stakes in the stock. Gallatin Point Capital LLC bought a new position in Bowhead Specialty in the 4th quarter worth about $389,599,000. American Family Investments Inc. bought a new stake in shares of Bowhead Specialty during the third quarter valued at approximately $169,826,000. Victory Capital Management Inc. raised its holdings in Bowhead Specialty by 129.0% in the 4th quarter. Victory Capital Management Inc. now owns 1,508,003 shares of the company’s stock worth $53,564,000 after acquiring an additional 849,408 shares during the last quarter. Wasatch Advisors LP increased its holdings in Bowhead Specialty by 125.3% during the fourth 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 last quarter. Finally, Polar Capital Holdings Plc increased 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 worth $19,536,000 after buying an additional 338,738 shares in the last quarter.

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.