International General Insurance Holdings Ltd. (NASDAQ:IGIC) Short Interest Up 169.7% in October

International General Insurance Holdings Ltd. (NASDAQ:IGIC) was the recipient of a large increase in short interest during the month of October. As of October 31st, there was short interest totalling 120,000 shares, an increase of 169.7% from the October 15th total of 44,500 shares. Approximately 0.8% of the shares of the stock are short sold. Based on an average daily volume of 95,400 shares, the days-to-cover ratio is presently 1.3 days.

Institutional Trading of International General Insurance

Hedge funds and other institutional investors have recently modified their holdings of the stock. Simplicity Wealth LLC acquired a new stake in shares of International General Insurance in the 2nd quarter worth $152,000. LSV Asset Management purchased a new position in shares of International General Insurance during the 2nd quarter worth $179,000. Virtu Financial LLC purchased a new position in shares of International General Insurance during the 1st quarter worth $209,000. Victory Capital Management Inc. purchased a new position in shares of International General Insurance during the 2nd quarter worth $229,000. Finally, Kingsview Wealth Management LLC purchased a new position in shares of International General Insurance during the 3rd quarter worth $265,000. 54.24% of the stock is owned by institutional investors and hedge funds.

International General Insurance Stock Performance

NASDAQ IGIC opened at $25.03 on Friday. International General Insurance has a one year low of $11.33 and a one year high of $25.50. The company has a market cap of $1.15 billion, a P/E ratio of 8.18 and a beta of 0.21. The business has a fifty day moving average price of $20.06 and a 200 day moving average price of $16.94.

International General Insurance (NASDAQ:IGIC) last issued its earnings results on Tuesday, November 5th. The company reported $0.67 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.56 by $0.11. International General Insurance had a return on equity of 22.78% and a net margin of 26.24%. The business had revenue of $138.10 million during the quarter.

Analysts Set New Price Targets

Separately, Royal Bank of Canada increased their price objective on International General Insurance from $22.00 to $26.00 and gave the company an “outperform” rating in a research note on Thursday, November 7th.

International General Insurance Company Profile

International General Insurance Holdings Ltd. engages in the provision of specialty insurance and reinsurance solutions worldwide. The company operates through three segments: Specialty Long-tail, Specialty Short-tail, and Reinsurance. It is involved in underwriting a portfolio of specialty risks, including energy, property, construction and engineering, ports and terminals, general aviation, political violence, professional lines, financial institutions, motor, marine liability, contingency, marine, treaty, and casualty insurance and reinsurance.