Insurance Australia Group (OTCMKTS:IAUGY) Shares Gap Down – Time to Sell?

Insurance Australia Group Limited (OTCMKTS:IAUGY) gapped down prior to trading on Monday . The stock had previously closed at $30.45, but opened at $28.10. Insurance Australia Group shares last traded at $28.10, with a volume of 588 shares.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on IAUGY. Zacks Research raised Insurance Australia Group to a “hold” rating in a report on Tuesday, May 19th. The Goldman Sachs Group raised shares of Insurance Australia Group to a “buy” rating in a report on Wednesday, June 24th. One investment analyst has rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy”.

Insurance Australia Group Stock Performance

The company has a 50-day moving average of $28.79 and a 200 day moving average of $27.00.

About Insurance Australia Group

Insurance Australia Group (OTCMKTS:IAUGY) is a leading general insurance underwriter headquartered in Sydney, Australia. The company provides a broad range of personal and commercial insurance products, including home, motor, travel, business and liability coverage. IAG serves individual policyholders, small to mid-sized enterprises and large corporate clients through a diversified distribution network of brokers, direct sales, affinity partnerships and digital channels.

Formed in 2000 through the merger of several Australian and New Zealand insurers, IAG has since grown to become the largest general insurer in its home markets.