Bowhead Specialty (NYSE:BOW) Sees Large Volume Increase – Here’s Why

Shares of Bowhead Specialty Holdings Inc. (NYSE:BOW) saw an uptick in trading volume on Thursday . 777,542 shares traded hands during trading, an increase of 390% from the previous session’s volume of 158,698 shares.The stock last traded at $29.71 and had previously closed at $29.49.

Wall Street Analyst Weigh In

Several brokerages have issued reports on BOW. JMP Securities lifted their target price on shares of Bowhead Specialty from $31.00 to $32.00 and gave the company a “market outperform” rating in a research report on Tuesday, October 15th. Royal Bank of Canada reiterated an “outperform” rating and set a $32.00 target price on shares of Bowhead Specialty in a research report on Wednesday, August 7th. Three analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $29.40.

Bowhead Specialty Trading Up 1.4 %

The company has a 50 day moving average of $29.39.

Bowhead Specialty (NYSE:BOW) last posted its quarterly earnings results on Tuesday, August 6th. The company reported $0.28 EPS for the quarter, topping the consensus estimate of $0.27 by $0.01. The business had revenue of $98.90 million for the quarter, compared to analysts’ expectations of $94.28 million. Bowhead Specialty’s revenue was up 51.0% compared to the same quarter last year. As a group, analysts anticipate that Bowhead Specialty Holdings Inc. will post 1.3 EPS for the current fiscal year.

Hedge Funds Weigh In On Bowhead Specialty

Several hedge funds and other institutional investors have recently modified their holdings of BOW. Point72 Asset Management L.P. purchased a new position in shares of Bowhead Specialty during the 2nd quarter worth approximately $117,000. Sandia Investment Management LP purchased a new position in Bowhead Specialty during the second quarter valued at $127,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Bowhead Specialty during the 2nd quarter valued at $192,000. Davidson Kempner Capital Management LP bought a new position in shares of Bowhead Specialty in the 2nd quarter worth about $253,000. Finally, TD Asset Management Inc purchased a new position in shares of Bowhead Specialty during the second quarter valued at approximately $265,000.

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.