Short Interest in Bowhead Specialty Holdings Inc. (NYSE:BOW) Rises By 140.6%

Bowhead Specialty Holdings Inc. (NYSE:BOW) was the target of a large increase in short interest in the month of March. As of March 31st, there was short interest totalling 703,400 shares, an increase of 140.6% from the March 15th total of 292,300 shares. Currently, 3.6% of the company’s shares are sold short. Based on an average daily volume of 223,700 shares, the days-to-cover ratio is presently 3.1 days.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on BOW. Piper Sandler assumed coverage on shares of Bowhead Specialty in a research note on Wednesday. They set an “overweight” rating and a $44.00 price target on the stock. Keefe, Bruyette & Woods reduced their target price on shares of Bowhead Specialty from $44.00 to $43.00 and set an “outperform” rating on the stock in a report on Wednesday, April 9th. JMP Securities boosted their price target on shares of Bowhead Specialty from $38.00 to $40.00 and gave the stock a “market outperform” rating in a research note on Friday, April 11th. Finally, JPMorgan Chase & Co. increased their price objective on Bowhead Specialty from $30.00 to $35.00 and gave the company a “neutral” rating in a research note on Tuesday, April 8th. Two equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, Bowhead Specialty presently has an average rating of “Moderate Buy” and a consensus price target of $37.17.

Insider Transactions at Bowhead Specialty

In other news, Director Ava Schnidman purchased 1,493 shares of the stock in a transaction dated Friday, February 28th. The stock was acquired at an average cost of $33.41 per share, for a total transaction of $49,881.13. Following the completion of the transaction, the director now directly owns 1,893 shares in the company, valued at approximately $63,245.13. This represents a 373.25 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this link.

Institutional Investors Weigh In On Bowhead Specialty

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Gallatin Point Capital LLC acquired a new stake in shares of Bowhead Specialty during the fourth quarter worth about $389,599,000. Victory Capital Management Inc. lifted its stake in Bowhead Specialty by 129.0% in the fourth quarter. Victory Capital Management Inc. now owns 1,508,003 shares of the company’s stock valued at $53,564,000 after buying an additional 849,408 shares during the last quarter. American Century Companies Inc. boosted its holdings in shares of Bowhead Specialty by 3.6% in the fourth quarter. American Century Companies Inc. now owns 953,549 shares of the company’s stock valued at $33,870,000 after acquiring an additional 32,792 shares during the period. Wasatch Advisors LP grew its position in shares of Bowhead Specialty by 125.3% during the fourth quarter. Wasatch Advisors LP now owns 812,901 shares of the company’s stock worth $28,874,000 after acquiring an additional 452,033 shares during the last quarter. Finally, Vanguard Group Inc. increased its holdings in shares of Bowhead Specialty by 55.1% in the 4th quarter. Vanguard Group Inc. now owns 647,182 shares of the company’s stock valued at $22,988,000 after acquiring an additional 230,039 shares during the period.

Bowhead Specialty Stock Performance

NYSE:BOW traded up $0.43 during trading hours on Wednesday, hitting $39.99. The company’s stock had a trading volume of 361,765 shares, compared to its average volume of 212,899. Bowhead Specialty has a 52-week low of $22.14 and a 52-week high of $42.29. The stock has a fifty day moving average of $36.01 and a 200-day moving average of $33.90.

Bowhead Specialty (NYSE:BOW) last issued its earnings results on Tuesday, February 25th. The company reported $0.42 earnings per share for the quarter, topping the consensus estimate of $0.35 by $0.07. The business had revenue of $184.77 million for the quarter, compared to analyst estimates of $102.12 million. On average, sell-side analysts anticipate that Bowhead Specialty will post 1.36 earnings per share for the current fiscal year.

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.