Bowhead Specialty (NYSE:BOW) Shares Down 4% - Time to Sell?

Key Points

• Bowhead Specialty Holdings Inc. shares fell 4% during trading, dropping to $23.99 with a significant decline in volume, reflecting a 91% drop from the average session.
• Analysts have mixed views on the stock, with recent price targets ranging from $33.00 to $42.00, and five analysts rating it as a "Buy" while three provided a "Hold" rating.
• Recent insider trading activity includes Director Matthew Botein selling 2 million shares for approximately $61.32 million, indicating a notable decrease in his position by 18.23%.

Shares of Bowhead Specialty Holdings Inc. (NYSE:BOW - Get Free Report) fell 4% during trading on Thursday . The stock traded as low as $24.36 and last traded at $23.99. 23,344 shares were traded during trading, a decline of 91% from the average session volume of 252,602 shares. The stock had previously closed at $24.99.

Analyst Ratings Changes

Several research firms have commented on BOW. Piper Sandler set a $33.00 price target on shares of Bowhead Specialty in a research report on Thursday. Morgan Stanley decreased their price target on shares of Bowhead Specialty from $37.00 to $34.00 and set an "equal weight" rating for the company in a research report on Monday, August 18th. Zacks Research raised shares of Bowhead Specialty from a "strong sell" rating to a "hold" rating in a research report on Friday, August 15th. Keefe, Bruyette & Woods decreased their price target on shares of Bowhead Specialty from $45.00 to $42.00 and set an "outperform" rating for the company in a research report on Tuesday, August 12th. Finally, Deutsche Bank Aktiengesellschaft started coverage on shares of Bowhead Specialty in a research report on Friday, August 8th. They set a "buy" rating for the company. Five investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $36.50.

Bowhead Specialty Trading Down 3.1%

The company has a market capitalization of $794.06 million, a PE ratio of 16.47 and a beta of -0.87. The business's 50-day simple moving average is $30.24 and its 200-day simple moving average is $35.11.

Bowhead Specialty (NYSE:BOW - Get Free Report) last posted its earnings results on Tuesday, August 5th. The company reported $0.37 earnings per share for the quarter, beating the consensus estimate of $0.36 by $0.01. The firm had revenue of $232.36 million during the quarter, compared to analyst estimates of $134.66 million. Bowhead Specialty had a net margin of 10.05% and a return on equity of 13.25%. Sell-side analysts forecast that Bowhead Specialty Holdings Inc. will post 1.36 EPS for the current fiscal year.

Insider Buying and Selling at Bowhead Specialty

In other news, Director Matthew Botein sold 2,000,000 shares of the business's stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $30.66, for a total transaction of $61,320,000.00. Following the transaction, the director owned 8,968,445 shares of the company's stock, valued at approximately $274,972,523.70. The trade was a 18.23% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Gallatin Point Capital Llc sold 2,000,000 shares of the business's stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $30.66, for a total transaction of $61,320,000.00. Following the transaction, the director directly owned 8,968,445 shares in the company, valued at approximately $274,972,523.70. The trade was a 18.23% decrease in their position. The disclosure for this sale can be found here.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of BOW. SBI Securities Co. Ltd. acquired a new position in Bowhead Specialty in the first quarter valued at about $44,000. Raymond James Financial Inc. acquired a new position in Bowhead Specialty in the second quarter valued at about $52,000. Nemes Rush Group LLC acquired a new position in Bowhead Specialty in the first quarter valued at about $61,000. Tower Research Capital LLC TRC lifted its position in Bowhead Specialty by 99.0% in the second quarter. Tower Research Capital LLC TRC now owns 1,926 shares of the company's stock valued at $72,000 after buying an additional 958 shares during the last quarter. Finally, Police & Firemen s Retirement System of New Jersey lifted its position in Bowhead Specialty by 38.2% in the second quarter. Police & Firemen s Retirement System of New Jersey now owns 3,575 shares of the company's stock valued at $134,000 after buying an additional 989 shares during the last quarter.

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.

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