Bowhead Specialty (NYSE:BOW) Sees Large Volume Increase - Here's Why

Key Points

• Bowhead Specialty Holdings Inc. (NYSE:BOW) experienced a significant trading volume increase of 303%, with approximately 920,873 shares traded, indicating heightened investor interest.
• Multiple analysts have recently raised their price targets for Bowhead Specialty, with a consensus rating of "Moderate Buy" and an average target price of $39.67.
• The company reported earnings of $0.37 per share for the last quarter, surpassing estimates, alongside a revenue of $232.36 million that exceeded analyst expectations.

Shares of Bowhead Specialty Holdings Inc. (NYSE:BOW - Get Free Report) saw unusually-high trading volume on Thursday . Approximately 920,873 shares traded hands during mid-day trading, an increase of 303% from the previous session's volume of 228,255 shares.The stock last traded at $31.20 and had previously closed at $32.10.

Wall Street Analyst Weigh In

BOW has been the subject of a number of analyst reports. Keefe, Bruyette & Woods increased their price target on Bowhead Specialty from $43.00 to $45.00 and gave the company an "outperform" rating in a research report on Friday, May 9th. Morgan Stanley upped 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. Piper Sandler initiated coverage on Bowhead Specialty in a report on Wednesday, April 16th. They set an "overweight" rating and a $44.00 price target on the stock. Finally, 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 research report on Friday, April 11th. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. Based on data from MarketBeat, Bowhead Specialty currently has a consensus rating of "Moderate Buy" and an average price target of $39.67.

Bowhead Specialty Price Performance

The stock has a market capitalization of $1.02 billion, a P/E ratio of 21.20 and a beta of -0.69. The company has a 50 day simple moving average of $34.95 and a 200-day simple moving average of $36.00.

Bowhead Specialty (NYSE:BOW - Get Free Report) last announced its quarterly earnings data on Tuesday, August 5th. The company reported $0.37 earnings per share for the quarter, topping the consensus estimate of $0.36 by $0.01. The company had revenue of $232.36 million during the quarter, compared to analyst estimates of $134.66 million. Bowhead Specialty had a return on equity of 13.53% and a net margin of 10.05%. As a group, equities analysts forecast that Bowhead Specialty Holdings Inc. will post 1.36 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Bowhead Specialty

A number of large investors have recently made changes to their positions in BOW. Gallatin Point Capital LLC bought a new position in shares of Bowhead Specialty in the fourth quarter worth $389,599,000. Wasatch Advisors LP increased its stake in Bowhead Specialty by 125.3% in the 4th quarter. Wasatch Advisors LP now owns 812,901 shares of the company's stock worth $28,874,000 after acquiring an additional 452,033 shares during the last quarter. Polar Capital Holdings Plc raised its holdings in shares of Bowhead Specialty by 160.3% in the 4th quarter. Polar Capital Holdings Plc now owns 550,000 shares of the company's stock valued at $19,536,000 after acquiring an additional 338,738 shares in the last quarter. Bessemer Group Inc. bought a new stake in shares of Bowhead Specialty during the 1st quarter valued at about $12,297,000. Finally, Balyasny Asset Management L.P. boosted its position in shares of Bowhead Specialty by 274.8% during the 4th quarter. Balyasny Asset Management L.P. now owns 314,684 shares of the company's stock valued at $11,178,000 after acquiring an additional 230,722 shares during 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.

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