Ategrity Specialty (NYSE:ASIC) Trading Down 3.8% – Here’s Why

Ategrity Specialty (NYSE:ASIC)’s share price traded down 3.8% during trading on Wednesday . The stock traded as low as $23.72 and last traded at $23.53. 2,661 shares traded hands during trading, a decline of 97% from the average session volume of 93,843 shares. The stock had previously closed at $24.45.

Analyst Upgrades and Downgrades

Several brokerages recently commented on ASIC. Zacks Research lowered Ategrity Specialty from a “strong-buy” rating to a “hold” rating in a research note on Friday, June 19th. Barclays increased their target price on shares of Ategrity Specialty from $26.00 to $28.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 7th. Weiss Ratings raised Ategrity Specialty from a “hold (c-)” rating to a “hold (c)” rating in a research note on Thursday, June 18th. Wells Fargo & Company upped their price target on shares of Ategrity Specialty from $26.00 to $30.00 and gave the stock an “overweight” rating in a research report on Thursday, July 9th. Finally, Wall Street Zen raised shares of Ategrity Specialty from a “hold” rating to a “buy” rating in a report on Saturday, May 16th. Three investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $28.00.

Ategrity Specialty Trading Up 2.8%

The company has a market capitalization of $1.11 billion and a PE ratio of 12.44. The business’s 50 day moving average price is $21.62.

Ategrity Specialty (NYSE:ASIC) last posted its earnings results on Wednesday, April 29th. The company reported $0.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.40 by $0.11. The company had revenue of $128.96 million during the quarter. Ategrity Specialty had a return on equity of 15.29% and a net margin of 19.75%. As a group, research analysts expect that Ategrity Specialty will post 1.98 earnings per share for the current year.

Institutional Inflows and Outflows

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