Emerald Advisers LLC Cuts Stock Holdings in Ategrity Specialty $ASIC

Key Points

• Emerald Advisers LLC sharply reduced its Ategrity Specialty stake by 98.2% in the first quarter, selling 163,975 shares and leaving it with 3,072 shares worth about $61,000.
• Ategrity Specialty’s stock was down 2.3% and opened at $24.52, with the company trading near its 52-week high of $25.84 and sporting a market cap of $1.18 billion.
• The company recently posted better-than-expected earnings, reporting $0.51 EPS versus $0.40 expected, while analysts currently hold a Moderate Buy consensus and average target price of $28.00.

Emerald Advisers LLC cut its stake in shares of Ategrity Specialty (NYSE:ASIC - Free Report) by 98.2% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,072 shares of the company's stock after selling 163,975 shares during the period. Emerald Advisers LLC's holdings in Ategrity Specialty were worth $61,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. Millennium Management LLC lifted its position in shares of Ategrity Specialty by 312.6% during the 4th quarter. Millennium Management LLC now owns 207,167 shares of the company's stock worth $4,353,000 after buying an additional 156,952 shares in the last quarter. Balyasny Asset Management L.P. increased its position in shares of Ategrity Specialty by 298.1% during the fourth quarter. Balyasny Asset Management L.P. now owns 170,734 shares of the company's stock valued at $3,587,000 after acquiring an additional 127,849 shares during the last quarter. Price T Rowe Associates Inc. MD increased its position in shares of Ategrity Specialty by 57.7% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 287,644 shares of the company's stock valued at $6,044,000 after acquiring an additional 105,254 shares during the last quarter. Walleye Capital LLC lifted its holdings in Ategrity Specialty by 290.0% during the fourth quarter. Walleye Capital LLC now owns 94,214 shares of the company's stock worth $1,979,000 after acquiring an additional 70,056 shares during the period. Finally, Nuveen LLC lifted its holdings in Ategrity Specialty by 9.6% during the fourth quarter. Nuveen LLC now owns 704,961 shares of the company's stock worth $14,811,000 after acquiring an additional 61,725 shares during the period.

Ategrity Specialty Stock Down 2.3%

Ategrity Specialty stock opened at $24.52 on Wednesday. Ategrity Specialty has a 1-year low of $16.35 and a 1-year high of $25.84. The company has a market cap of $1.18 billion and a price-to-earnings ratio of 13.19. The business's 50 day moving average price is $21.48.

Ategrity Specialty (NYSE:ASIC - Get Free Report) last posted its earnings results on Wednesday, April 29th. The company reported $0.51 EPS for the quarter, topping the consensus estimate of $0.40 by $0.11. Ategrity Specialty had a return on equity of 15.29% and a net margin of 19.75%.The business had revenue of $128.96 million during the quarter. As a group, research analysts anticipate that Ategrity Specialty will post 1.98 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the stock. Zacks Research downgraded shares of Ategrity Specialty from a "strong-buy" rating to a "hold" rating in a report on Friday, June 19th. Wells Fargo & Company raised their price objective on shares of Ategrity Specialty from $26.00 to $30.00 and gave the stock an "overweight" rating in a report on Thursday, July 9th. Barclays lifted their price objective on shares of Ategrity Specialty from $26.00 to $28.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 7th. Wall Street Zen upgraded shares of Ategrity Specialty from a "hold" rating to a "buy" rating in a research note on Saturday, May 16th. Finally, Weiss Ratings raised shares of Ategrity Specialty from a "hold (c-)" rating to a "hold (c)" rating in a research report on Thursday, June 18th. Three investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $28.00.

Ategrity Specialty Company Profile

We are a profitable and growing specialty insurance company dedicated to providing excess and surplus (“E&S”) products to small to medium-sized businesses (“SMBs”) across the United States. We have built a proprietary underwriting platform that combines sophisticated data analytics with automated and streamlined processes to efficiently serve our clients and deliver long-term value to our stockholders. The SMB market is characterized by large volumes of small-sized policies, and we believe our competitive edge lies in our ability to offer consistent, high-speed, and low-touch interactions that our distribution partners value.

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