Bowhead Specialty (NYSE:BOW) Sees Unusually-High Trading Volume - Here's Why

Key Points

• Bowhead Specialty’s trading volume surged 179% to 600,880 shares, while the stock edged up 0.5% to $33.57.
• Analyst sentiment is mostly cautious: two analysts rate the stock a Buy and seven rate it Hold, producing an average rating of “Hold” and a consensus price target of $33.00.
• The company reported quarterly EPS of $0.48, slightly above the $0.47 consensus estimate, and analysts expect full-year EPS of $1.96.

Bowhead Specialty Holdings Inc. (NYSE:BOW - Get Free Report) saw strong trading volume on Wednesday . 600,880 shares traded hands during trading, an increase of 179% from the previous session's volume of 215,080 shares.The stock last traded at $33.57 and had previously closed at $33.48.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the stock. Keefe, Bruyette & Woods upped their price objective on shares of Bowhead Specialty from $34.00 to $36.00 and gave the stock an "outperform" rating in a report on Wednesday, July 8th. Morgan Stanley lifted their target price on shares of Bowhead Specialty from $28.00 to $30.00 and gave the company an "equal weight" rating in a report on Monday, July 6th. UBS Group set a $28.00 price target on Bowhead Specialty in a research report on Thursday, May 21st. Royal Bank Of Canada downgraded Bowhead Specialty from an "outperform" rating to a "sector perform" rating and cut their price target for the stock from $38.00 to $34.00 in a research note on Tuesday. Finally, Deutsche Bank Aktiengesellschaft lowered Bowhead Specialty from a "buy" rating to a "hold" rating and set a $34.00 price objective for the company. in a research report on Monday. Two analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $33.00.

Bowhead Specialty Trading Up 0.5%

The firm's 50 day moving average price is $29.23 and its 200-day moving average price is $26.20. The stock has a market cap of $1.11 billion, a P/E ratio of 19.45, a P/E/G ratio of 1.02 and a beta of -0.11. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.47 and a quick ratio of 0.47.

Bowhead Specialty (NYSE:BOW - Get Free Report) last posted its quarterly earnings results on Monday, August 3rd. The company reported $0.48 EPS for the quarter, beating analysts' consensus estimates of $0.47 by $0.01. The firm had revenue of $163.86 million for the quarter, compared to analysts' expectations of $278.69 million. Bowhead Specialty had a net margin of 10.11% and a return on equity of 14.26%. As a group, equities research analysts forecast that Bowhead Specialty Holdings Inc. will post 1.96 earnings per share for the current year.

Institutional Trading of Bowhead Specialty

Institutional investors have recently added to or reduced their stakes in the business. Langdon Equity Partners purchased a new position in shares of Bowhead Specialty in the fourth quarter worth $28,000. Versant Capital Management Inc boosted its position in shares of Bowhead Specialty by 262.6% during the second quarter. Versant Capital Management Inc now owns 1,037 shares of the company's stock valued at $31,000 after buying an additional 751 shares during the last quarter. Parallel Advisors LLC boosted its position in shares of Bowhead Specialty by 181.4% during the first quarter. Parallel Advisors LLC now owns 1,652 shares of the company's stock valued at $37,000 after buying an additional 1,065 shares during the last quarter. CWM LLC increased its holdings in Bowhead Specialty by 257.7% in the 4th quarter. CWM LLC now owns 1,481 shares of the company's stock worth $42,000 after buying an additional 1,067 shares in the last quarter. Finally, Raymond James Financial Inc. purchased a new position in Bowhead Specialty in the 2nd quarter worth about $52,000.

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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