Bowhead Specialty Holdings Inc. (NYSE:BOW) Short Interest Up 26.3% in May

Bowhead Specialty Holdings Inc. (NYSE:BOW - Get Free Report) was the recipient of a large increase in short interest in May. As of May 15th, there was short interest totalling 816,600 shares, an increase of 26.3% from the April 30th total of 646,300 shares. Based on an average daily volume of 306,600 shares, the days-to-cover ratio is presently 2.7 days. Approximately 4.1% of the shares of the stock are sold short.

Bowhead Specialty Price Performance

Shares of NYSE BOW traded up $0.28 during mid-day trading on Friday, hitting $36.30. 137,919 shares of the stock traded hands, compared to its average volume of 198,609. Bowhead Specialty has a twelve month low of $23.70 and a twelve month high of $42.29. The company has a market cap of $1.19 billion and a PE ratio of 27.71. The firm has a 50 day simple moving average of $38.80 and a two-hundred day simple moving average of $36.06.

Bowhead Specialty (NYSE:BOW - Get Free Report) last released its quarterly earnings data on Tuesday, May 6th. The company reported $0.34 earnings per share for the quarter, beating the consensus estimate of $0.33 by $0.01. The firm had revenue of $174.85 million for the quarter, compared to analyst estimates of $105.17 million. On average, equities research analysts anticipate that Bowhead Specialty will post 1.36 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Bowhead Specialty

Several hedge funds have recently modified their holdings of the company. Rhumbline Advisers lifted its holdings in Bowhead Specialty by 34.7% during the 1st quarter. Rhumbline Advisers now owns 16,973 shares of the company's stock worth $690,000 after buying an additional 4,372 shares during the period. Strs Ohio bought a new position in shares of Bowhead Specialty during the first quarter worth about $614,000. Voleon Capital Management LP raised its position in shares of Bowhead Specialty by 25.9% during the first quarter. Voleon Capital Management LP now owns 193,247 shares of the company's stock worth $7,855,000 after acquiring an additional 39,704 shares during the last quarter. Goldman Sachs Group Inc. lifted its stake in shares of Bowhead Specialty by 33.4% in the first quarter. Goldman Sachs Group Inc. now owns 121,705 shares of the company's stock worth $4,947,000 after acquiring an additional 30,440 shares during the period. Finally, NewEdge Advisors LLC acquired a new position in shares of Bowhead Specialty in the first quarter worth approximately $206,000.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the company. Morgan Stanley raised their target price on Bowhead Specialty from $36.00 to $39.00 and gave the company an "equal weight" rating in a report on Monday, May 19th. JMP Securities raised their target price on Bowhead Specialty from $38.00 to $40.00 and gave the company a "market outperform" rating in a report on Friday, April 11th. JPMorgan Chase & Co. raised their target price on Bowhead Specialty from $30.00 to $35.00 and gave the company a "neutral" rating in a report on Tuesday, April 8th. Keefe, Bruyette & Woods raised their target price on Bowhead Specialty from $43.00 to $45.00 and gave the company an "outperform" rating in a report on Friday, May 9th. Finally, Piper Sandler started coverage on Bowhead Specialty in a report on Wednesday, April 16th. They issued an "overweight" rating and a $44.00 target price on the stock. Two investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $39.67.

About Bowhead Specialty

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.