Ategrity Specialty (NYSE:ASIC) Sets New 52-Week High – Here’s What Happened

Ategrity Specialty (NYSE:ASIC)’s share price hit a new 52-week high during trading on Monday . The stock traded as high as $25.63 and last traded at $25.4350, with a volume of 501 shares. The stock had previously closed at $25.42.

Analysts Set New Price Targets

ASIC has been the subject of several recent research reports. Wells Fargo & Company decreased their price target on Ategrity Specialty from $27.00 to $26.00 and set an “overweight” rating for the company in a report on Thursday, April 30th. Zacks Research downgraded shares of Ategrity Specialty from a “strong-buy” rating to a “hold” rating in a report on Friday, June 19th. Weiss Ratings upgraded shares of Ategrity Specialty from a “hold (c-)” rating to a “hold (c)” rating in a research note on Thursday, June 18th. Finally, Wall Street Zen raised shares of Ategrity Specialty from a “hold” rating to a “buy” rating in a research report on Saturday, May 16th. Three analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $26.50.

Ategrity Specialty Price Performance

The firm has a market capitalization of $1.20 billion and a P/E ratio of 13.48. The firm’s fifty day moving average is $20.85.

Ategrity Specialty (NYSE:ASIC) last issued its quarterly earnings results on Wednesday, April 29th. The company reported $0.51 EPS for the quarter, topping analysts’ consensus estimates of $0.40 by $0.11. Ategrity Specialty had a return on equity of 15.29% and a net margin of 19.75%.The business had revenue of $128.96 million for the quarter. On average, sell-side analysts predict that Ategrity Specialty will post 1.98 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Ategrity Specialty

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Millennium Management LLC grew its position in Ategrity Specialty by 312.6% during the fourth quarter. Millennium Management LLC now owns 207,167 shares of the company’s stock valued at $4,353,000 after buying an additional 156,952 shares during the period. Arrowstreet Capital Limited Partnership bought a new stake in Ategrity Specialty in the first quarter worth about $2,605,000. Balyasny Asset Management L.P. increased its stake in shares of Ategrity Specialty by 298.1% during the 4th quarter. Balyasny Asset Management L.P. now owns 170,734 shares of the company’s stock worth $3,587,000 after purchasing an additional 127,849 shares during the last quarter. Price T Rowe Associates Inc. MD raised its holdings in shares of Ategrity Specialty by 57.7% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 287,644 shares of the company’s stock worth $6,044,000 after purchasing an additional 105,254 shares during the period. Finally, Walleye Capital LLC raised its holdings in shares of Ategrity Specialty by 290.0% in the 4th quarter. Walleye Capital LLC now owns 94,214 shares of the company’s stock worth $1,979,000 after purchasing an additional 70,056 shares during the period.

About Ategrity Specialty

We are a profitable and growing specialty insurance company dedicated to providing excess and surplus (“E&S”) products to small to medium-sized businesses (“SMBs”) across the United States. We have built a proprietary underwriting platform that combines sophisticated data analytics with automated and streamlined processes to efficiently serve our clients and deliver long-term value to our stockholders. The SMB market is characterized by large volumes of small-sized policies, and we believe our competitive edge lies in our ability to offer consistent, high-speed, and low-touch interactions that our distribution partners value.