Orion180 Insurance Group (NASDAQ:OIG) Shares Up 13.4% Following Earnings Beat

Shares of Orion180 Insurance Group Inc. (NASDAQ:OIG) rose 13.4% during mid-day trading on Wednesday following a better than expected earnings announcement. The company traded as high as $10.62 and last traded at $10.61. Approximately 78,190 shares were traded during mid-day trading, a decline of 78% from the average daily volume of 351,875 shares. The stock had previously closed at $9.36.

The company reported $0.14 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.09 by $0.05. The company had revenue of $53.90 million for the quarter, compared to analysts’ expectations of $43.71 million.

Analyst Ratings Changes

A number of equities research analysts have issued reports on OIG shares. Citigroup started coverage on Orion180 Insurance Group in a research note on Tuesday, October 13th. They set a “market outperform” rating for the company. Citizens Jmp started coverage on shares of Orion180 Insurance Group in a research note on Tuesday, October 13th. They issued a “market outperform” rating and a $20.00 price objective on the stock. Wall Street Zen upgraded shares of Orion180 Insurance Group to a “hold” rating in a research report on Saturday, September 26th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Orion180 Insurance Group in a report on Tuesday, October 13th. They set a “buy” rating and a $12.90 target price for the company. Finally, Texas Capital raised shares of Orion180 Insurance Group to a “strong-buy” rating in a report on Tuesday, October 20th. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and two have given a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $14.98.

Insider Activity at Orion180 Insurance Group

In related news, major shareholder Craig Darling acquired 6,990 shares of the firm’s stock in a transaction dated Tuesday, September 22nd. The shares were purchased at an average price of $10.72 per share, with a total value of $74,932.80. Following the completion of the purchase, the insider directly owned 5,711,190 shares of the company’s stock, valued at $61,223,956.80. This represents a 0.12% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders bought a total of 10,990 shares of company stock valued at $115,797 over the last 90 days.

Orion180 Insurance Group Price Performance

Orion180 Insurance Group Company Profile

Orion180 Insurance Group, Inc. is a technology-driven property and casualty insurance company focused primarily on personal lines coverage. Through its insurance subsidiaries, the company provides products designed to protect residential properties and personal belongings, including homeowners, renters and related property insurance offerings. The company uses proprietary technology and data analytics to support policy underwriting, pricing, distribution and claims management. Orion180 distributes its products through independent insurance agents and other channels, with an emphasis on simplifying the insurance purchasing and servicing experience for customers and agents.