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

Orion180 Insurance Group Inc. (NASDAQ:OIG)’s stock price rose 13.4% on Wednesday following a stronger than expected earnings report. The stock traded as high as $10.62 and last traded at $10.61. Approximately 78,190 shares changed hands 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 for the quarter, topping analysts’ consensus estimates of $0.09 by $0.05. The business had revenue of $53.90 million during the quarter, compared to analysts’ expectations of $43.71 million.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the stock. UBS Group initiated coverage on shares of Orion180 Insurance Group in a report on Tuesday, October 13th. They set a “buy” rating and a $14.00 target price for the company. Citigroup started coverage on shares of Orion180 Insurance Group in a report on Tuesday, October 13th. They issued a “market outperform” rating on the stock. Texas Capital raised Orion180 Insurance Group to a “strong-buy” rating in a research report on Tuesday, October 20th. The Goldman Sachs Group started coverage on Orion180 Insurance Group in a research note on Tuesday, October 13th. They set a “buy” rating and a $13.00 price objective for the company. Finally, Citizens Jmp assumed coverage on Orion180 Insurance Group in a report on Tuesday, October 13th. They issued a “market outperform” rating and a $20.00 price objective for the company. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $14.98.

Insider Transactions at Orion180 Insurance Group

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

Orion180 Insurance Group Trading Up 10.8%

About Orion180 Insurance Group

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.