Bowhead Specialty (NYSE:BOW) Sees Large Volume Increase – Time to Buy?

Bowhead Specialty Holdings Inc. (NYSE:BOW) shares saw an uptick in trading volume on Monday . 135,189 shares traded hands during mid-day trading, a decline of 33% from the previous session’s volume of 202,110 shares.The stock last traded at $41.43 and had previously closed at $42.15.

Analysts Set New Price Targets

Separately, Keefe, Bruyette & Woods upgraded Bowhead Specialty from a “market perform” rating to an “outperform” rating and set a $44.00 price target on the stock in a report on Monday, March 3rd. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, Bowhead Specialty presently has an average rating of “Moderate Buy” and an average target price of $33.60.

Bowhead Specialty Price Performance

The firm’s fifty day moving average price is $34.51 and its 200-day moving average price is $33.08.

Bowhead Specialty (NYSE:BOW) last released its earnings results on Tuesday, February 25th. The company reported $0.42 EPS for the quarter, topping the consensus estimate of $0.35 by $0.07. The firm had revenue of $184.77 million during the quarter, compared to analyst estimates of $102.12 million. Sell-side analysts expect that Bowhead Specialty Holdings Inc. will post 1.36 earnings per share for the current year.

Insider Activity at Bowhead Specialty

In related news, Director Ava Schnidman bought 1,493 shares of the firm’s stock in a transaction on Friday, February 28th. The shares were bought at an average cost of $33.41 per share, for a total transaction of $49,881.13. Following the transaction, the director now owns 1,893 shares of the company’s stock, valued at approximately $63,245.13. This trade represents a 373.25 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this link.

Institutional Trading of Bowhead Specialty

A number of institutional investors have recently added to or reduced their stakes in the stock. Summit Investment Advisors Inc. increased its holdings in Bowhead Specialty by 66.4% in the fourth quarter. Summit Investment Advisors Inc. now owns 1,218 shares of the company’s stock valued at $43,000 after buying an additional 486 shares in the last quarter. New York State Common Retirement Fund acquired a new position in Bowhead Specialty during the fourth quarter worth $64,000. US Bancorp DE purchased a new stake in Bowhead Specialty during the fourth quarter worth $76,000. KLP Kapitalforvaltning AS acquired a new stake in Bowhead Specialty in the fourth quarter valued at $107,000. Finally, MetLife Investment Management LLC purchased a new position in shares of Bowhead Specialty in the third quarter valued at $123,000.

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.