American Coastal Insurance (NASDAQ:ACIC) Stock Price Crosses Below 200-Day Moving Average - What's Next?

Key Points

• ACIC fell below its 200-day moving average, trading as low as $10.51 and last changing hands at $10.54, below the $10.67 average.
• Analysts’ consensus rating is Moderate Buy, with an average price target of $13.00; recommendations range from Strong Buy to Hold.
• The insurer reported quarterly EPS of $0.42, missing the $0.47 consensus estimate, on revenue of $70.7 million. CEO Bennett Bradford Martz also bought 10,000 shares, while another insider sold 21,196 shares.

American Coastal Insurance Corporation (NASDAQ:ACIC - Get Free Report)'s share price crossed below its 200-day moving average during trading on Tuesday. The stock has a 200-day moving average of $10.67 and traded as low as $10.51. American Coastal Insurance shares last traded at $10.54, with a volume of 296,730 shares trading hands.

Analyst Upgrades and Downgrades

ACIC has been the subject of a number of recent research reports. Weiss Ratings downgraded shares of American Coastal Insurance from a "hold (c+)" rating to a "hold (c)" rating in a research report on Wednesday, August 12th. Raymond James Financial reaffirmed an "outperform" rating and issued a $13.00 target price on shares of American Coastal Insurance in a report on Tuesday, August 11th. Finally, Zacks Research upgraded American Coastal Insurance from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, October 14th. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $13.00.

American Coastal Insurance Stock Performance

The firm has a market capitalization of $498.23 million, a PE ratio of 5.99 and a beta of -0.55. The business has a 50-day simple moving average of $9.88 and a 200-day simple moving average of $10.67. The company has a debt-to-equity ratio of 0.01, a current ratio of 0.91 and a quick ratio of 0.88.

American Coastal Insurance (NASDAQ:ACIC - Get Free Report) last issued its quarterly earnings results on Thursday, October 29th. The company reported $0.42 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.47 by ($0.05). American Coastal Insurance had a return on equity of 24.36% and a net margin of 28.02%. The company had revenue of $70.70 million during the quarter. Equities research analysts expect that American Coastal Insurance Corporation will post 1.33 earnings per share for the current fiscal year.

Insider Buying and Selling

In other American Coastal Insurance news, CEO Bennett Bradford Martz purchased 10,000 shares of American Coastal Insurance stock in a transaction dated Tuesday, September 22nd. The shares were acquired at an average cost of $9.15 per share, with a total value of $91,500.00. Following the completion of the transaction, the chief executive officer owned 444,611 shares in the company, valued at approximately $4,068,190.65. This trade represents a 2.30% increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Brooke Adler sold 21,196 shares of the company's stock in a transaction dated Thursday, September 24th. The shares were sold at an average price of $9.06, for a total value of $192,035.76. Following the transaction, the insider directly owned 100,175 shares in the company, valued at $907,585.50. This represents a 17.46% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders own 49.20% of the company's stock.

Hedge Funds Weigh In On American Coastal Insurance

A number of institutional investors have recently bought and sold shares of the business. M Holdings Securities Inc. acquired a new position in shares of American Coastal Insurance in the third quarter worth about $752,000. Parallel Advisors LLC grew its position in shares of American Coastal Insurance by 3,629.8% during the 3rd quarter. Parallel Advisors LLC now owns 4,625 shares of the company's stock valued at $42,000 after acquiring an additional 4,501 shares during the period. Verdence Capital Advisors LLC acquired a new stake in shares of American Coastal Insurance during the 3rd quarter valued at about $404,000. Daytona Street Capital LLC grew its position in shares of American Coastal Insurance by 15.0% during the 3rd quarter. Daytona Street Capital LLC now owns 11,500 shares of the company's stock valued at $106,000 after acquiring an additional 1,500 shares during the period. Finally, Versant Capital Management Inc increased its stake in shares of American Coastal Insurance by 1,646.9% in the 3rd quarter. Versant Capital Management Inc now owns 7,302 shares of the company's stock valued at $66,000 after purchasing an additional 6,884 shares in the last quarter. 22.11% of the stock is owned by hedge funds and other institutional investors.

American Coastal Insurance Company Profile

American Coastal Insurance Corporation is a property and casualty insurance holding company based in Florida. Through its insurance subsidiaries, the company provides coverage for catastrophe-exposed residential properties, with a particular emphasis on commercial residential insurance such as condominium and homeowners' association properties.

The company's principal operating subsidiary is American Coastal Insurance Company, which focuses on property insurance in Florida and other coastal markets where specialized underwriting and catastrophe-risk management are important.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.