Bowhead Specialty Holdings Inc. (NYSE:BOW) Sees Large Increase in Short Interest

Bowhead Specialty Holdings Inc. (NYSE:BOW) was the target of a large increase in short interest in February. As of February 27th, there was short interest totaling 950,096 shares, an increase of 20.3% from the February 12th total of 789,713 shares. Based on an average daily trading volume, of 319,632 shares, the short-interest ratio is presently 3.0 days. Approximately 2.9% of the shares of the stock are short sold. Approximately 2.9% of the shares of the stock are short sold. Based on an average daily trading volume, of 319,632 shares, the short-interest ratio is presently 3.0 days.

Institutional Trading of Bowhead Specialty

Several institutional investors have recently added to or reduced their stakes in BOW. Royal Bank of Canada boosted its position in Bowhead Specialty by 112.7% during the first quarter. Royal Bank of Canada now owns 5,406 shares of the company’s stock valued at $219,000 after buying an additional 2,864 shares during the period. AQR Capital Management LLC purchased a new position in shares of Bowhead Specialty in the first quarter worth about $430,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of Bowhead Specialty by 42.5% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,389 shares of the company’s stock valued at $382,000 after acquiring an additional 2,802 shares during the last quarter. Millennium Management LLC lifted its stake in shares of Bowhead Specialty by 75.8% in the 1st quarter. Millennium Management LLC now owns 250,277 shares of the company’s stock valued at $10,174,000 after acquiring an additional 107,896 shares during the last quarter. Finally, NewEdge Advisors LLC purchased a new stake in Bowhead Specialty during the 1st quarter valued at about $206,000.

Analysts Set New Price Targets

Several analysts have recently weighed in on the stock. Weiss Ratings restated a “hold (c-)” rating on shares of Bowhead Specialty in a research report on Monday, December 29th. Morgan Stanley cut their target price on shares of Bowhead Specialty from $31.00 to $29.00 and set an “equal weight” rating for the company in a research report on Monday, November 17th. Piper Sandler increased their target price on Bowhead Specialty from $30.00 to $32.00 and gave the company an “overweight” rating in a research note on Monday, December 22nd. Keefe, Bruyette & Woods lowered their price target on Bowhead Specialty from $38.00 to $36.00 and set an “outperform” rating on the stock in a research report on Tuesday, January 6th. Finally, Royal Bank Of Canada dropped their price target on Bowhead Specialty from $33.00 to $30.00 and set an “outperform” rating for the company in a research note on Wednesday, February 25th. Five investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $33.33.

Bowhead Specialty Price Performance

Shares of BOW stock traded down $0.02 during trading hours on Monday, hitting $22.58. 223,810 shares of the company’s stock were exchanged, compared to its average volume of 253,707. The company has a market capitalization of $740.30 million, a PE ratio of 14.20, a PEG ratio of 0.68 and a beta of -1.06. The company has a current ratio of 0.52, a quick ratio of 0.52 and a debt-to-equity ratio of 0.33. Bowhead Specialty has a 12-month low of $21.93 and a 12-month high of $42.29. The business’s 50 day simple moving average is $24.58 and its 200-day simple moving average is $26.29.

Bowhead Specialty (NYSE:BOW) last announced its quarterly earnings data on Tuesday, February 24th. The company reported $0.47 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.45 by $0.02. Bowhead Specialty had a net margin of 9.75% and a return on equity of 13.27%. The company had revenue of $151.68 million during the quarter, compared to analysts’ expectations of $145.99 million. On average, equities research analysts anticipate that Bowhead Specialty will post 1.36 earnings per share for the current year.

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.