Bowhead Specialty (NYSE:BOW) Shares Gap Down – Here’s Why

Bowhead Specialty Holdings Inc. (NYSE:BOW) shares gapped down prior to trading on Tuesday . The stock had previously closed at $30.56, but opened at $28.71. Bowhead Specialty shares last traded at $29.25, with a volume of 32,844 shares trading hands.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the company. Royal Bank of Canada restated an “outperform” rating and set a $32.00 price target on shares of Bowhead Specialty in a research report on Wednesday, August 7th. JMP Securities raised their price objective on Bowhead Specialty from $31.00 to $32.00 and gave the company a “market outperform” rating in a report on Tuesday, October 15th. Three investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $29.40.

Bowhead Specialty Stock Up 0.9 %

The firm’s 50 day moving average price is $29.39.

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

Institutional Trading of Bowhead Specialty

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

About Bowhead Specialty

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.