Ategrity Specialty (NYSE:ASIC) Shares Gap Up – Time to Buy?

Ategrity Specialty (NYSE:ASIC)’s share price gapped up prior to trading on Friday. The stock had previously closed at $23.22, but opened at $24.72. Ategrity Specialty shares last traded at $24.54, with a volume of 611 shares traded.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on ASIC shares. Weiss Ratings cut Ategrity Specialty from a “hold (c+)” rating to a “hold (c)” rating in a report on Friday, October 9th. Citigroup upped their target price on shares of Ategrity Specialty from $28.50 to $29.00 and gave the company a “neutral” rating in a report on Thursday, October 22nd. Wall Street Zen cut shares of Ategrity Specialty from a “buy” rating to a “hold” rating in a research note on Saturday, October 10th. JPMorgan Chase & Co. lowered their price target on shares of Ategrity Specialty from $29.00 to $27.00 and set an “overweight” rating for the company in a report on Monday. Finally, Barclays cut their price objective on shares of Ategrity Specialty from $28.00 to $27.00 and set an “overweight” rating for the company in a research report on Thursday, October 22nd. Three investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $28.00.

Ategrity Specialty Stock Performance

The stock has a fifty day moving average price of $26.44 and a 200-day moving average price of $22.40. The firm has a market cap of $1.15 billion, a PE ratio of 12.07 and a beta of -0.55.

Ategrity Specialty (NYSE:ASIC) last released its quarterly earnings data on Wednesday, October 21st. The company reported $0.29 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.50 by ($0.21). The business had revenue of $125.59 million during the quarter. Ategrity Specialty had a return on equity of 15.51% and a net margin of 19.10%. As a group, equities analysts predict that Ategrity Specialty will post 2.03 earnings per share for the current fiscal year.

Institutional Trading of Ategrity Specialty

Hedge funds and other institutional investors have recently bought and sold shares of the company. State of Alaska Department of Revenue lifted its holdings in Ategrity Specialty by 52.6% in the third quarter. State of Alaska Department of Revenue now owns 5,589 shares of the company’s stock worth $142,000 after acquiring an additional 1,926 shares during the last quarter. Deutsche Bank AG bought a new stake in shares of Ategrity Specialty during the second quarter valued at about $218,000. Bank of New York Mellon Corp grew its position in Ategrity Specialty by 12.9% in the 1st quarter. Bank of New York Mellon Corp now owns 15,780 shares of the company’s stock valued at $312,000 after buying an additional 1,809 shares in the last quarter. ProCore Advisors LLC boosted its holdings in shares of Ategrity Specialty by 3.3% in the third quarter. ProCore Advisors LLC now owns 16,954 shares of the company’s stock valued at $433,000 after acquiring an additional 548 shares in the last quarter. Finally, State of Wyoming increased its stake in shares of Ategrity Specialty by 753.8% during the first quarter. State of Wyoming now owns 21,081 shares of the company’s stock valued at $417,000 after acquiring an additional 18,612 shares during the period.

About Ategrity Specialty

Ategrity Specialty is a specialty property and casualty insurance company focused on the excess and surplus (E&S) insurance market. The company provides coverage for risks that may be difficult to place in the standard insurance market because of their size, complexity, unusual characteristics or limited loss history.

Its business is centered on underwriting specialty commercial insurance products, including coverage for property and liability exposures. Ategrity Specialty works with insurance brokers and other distribution partners to develop tailored solutions for businesses with specialized insurance needs.

The company primarily serves the U.S.