Ategrity Specialty (NYSE:ASIC) Shares Gap Up - Here's Why

Key Points

• Ategrity Specialty shares opened sharply higher, rising from a prior close of $23.22 to $24.72 before trading at $24.54.
• Analyst sentiment remains moderately positive, with three Buy and three Hold ratings and an average price target of $28.00, although several firms recently lowered their targets.
• The company reported quarterly EPS of $0.29, missing the $0.50 consensus estimate, while generating $125.59 million in revenue and maintaining a 19.10% net margin.

Ategrity Specialty (NYSE:ASIC - Get Free Report) gapped up prior to trading on Friday. The stock had previously closed at $23.22, but opened at $24.72. Ategrity Specialty shares last traded at $24.54, with a volume of 611 shares traded.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. Citigroup increased their target price on Ategrity Specialty from $28.50 to $29.00 and gave the company a "neutral" rating in a research report on Thursday, October 22nd. Weiss Ratings downgraded Ategrity Specialty from a "hold (c+)" rating to a "hold (c)" rating in a research note on Friday, October 9th. JPMorgan Chase & Co. decreased their target price on shares of Ategrity Specialty from $29.00 to $27.00 and set an "overweight" rating for the company in a research report on Monday. Wells Fargo & Company reduced their target price on Ategrity Specialty from $31.00 to $29.00 and set an "overweight" rating for the company in a research note on Thursday, October 22nd. Finally, Barclays reduced their price objective on Ategrity Specialty from $28.00 to $27.00 and set an "overweight" rating for the company in a research note on Thursday, October 22nd. Three investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $28.00.

Ategrity Specialty Stock Down 2.1%

The stock has a market cap of $1.15 billion, a PE ratio of 12.07 and a beta of -0.55. The firm has a fifty day moving average of $26.44 and a 200 day moving average of $22.40.

Ategrity Specialty (NYSE:ASIC - Get Free Report) last announced its quarterly earnings results on Wednesday, October 21st. The company reported $0.29 EPS for the quarter, missing the consensus estimate of $0.50 by ($0.21). The company had revenue of $125.59 million during the quarter. Ategrity Specialty had a net margin of 19.10% and a return on equity of 15.51%. On average, equities research analysts forecast that Ategrity Specialty will post 2.03 EPS for the current fiscal year.

Institutional Investors Weigh In On Ategrity Specialty

Large investors have recently modified their holdings of the stock. State of Wyoming purchased a new stake in shares of Ategrity Specialty in the third quarter valued at approximately $1,503,000. State of Alaska Department of Revenue lifted its holdings in Ategrity Specialty by 52.6% in the third quarter. State of Alaska Department of Revenue now owns 5,589 shares of the company's stock valued at $142,000 after acquiring an additional 1,926 shares during the period. ProCore Advisors LLC boosted its position in shares of Ategrity Specialty by 3.3% during the 3rd quarter. ProCore Advisors LLC now owns 16,954 shares of the company's stock worth $433,000 after purchasing an additional 548 shares in the last quarter. Allworth Financial LP boosted its position in shares of Ategrity Specialty by 380,266.7% during the 2nd quarter. Allworth Financial LP now owns 45,644 shares of the company's stock worth $1,097,000 after purchasing an additional 45,632 shares in the last quarter. Finally, Cannell Capital LLC acquired a new position in Ategrity Specialty during the second quarter worth about $11,791,187.

Ategrity Specialty Company Profile

Ategrity Specialty is a specialty property and casualty insurance company focused on the excess and surplus (E&S) insurance market. The company provides coverage for risks that may be difficult to place in the standard insurance market because of their size, complexity, unusual characteristics or limited loss history.

Its business is centered on underwriting specialty commercial insurance products, including coverage for property and liability exposures. Ategrity Specialty works with insurance brokers and other distribution partners to develop tailored solutions for businesses with specialized insurance needs.

The company primarily serves the U.S.

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