Bowhead Specialty Holdings Inc. (NYSE:BOW) Short Interest Up 26.3% in May

Bowhead Specialty Holdings Inc. (NYSE:BOW) was the recipient of a large increase in short interest in May. As of May 15th, there was short interest totalling 816,600 shares, an increase of 26.3% from the April 30th total of 646,300 shares. Based on an average daily volume of 306,600 shares, the short-interest ratio is presently 2.7 days. Currently, 4.1% of the shares of the company are short sold.

Bowhead Specialty Stock Performance

Shares of NYSE BOW opened at $36.76 on Thursday. The stock has a market cap of $1.20 billion and a P/E ratio of 28.06. The firm has a 50 day moving average price of $38.99 and a two-hundred day moving average price of $36.03. Bowhead Specialty has a 52-week low of $23.70 and a 52-week high of $42.29.

Bowhead Specialty (NYSE:BOW) last issued its quarterly earnings data on Tuesday, May 6th. The company reported $0.34 earnings per share for the quarter, topping the consensus estimate of $0.33 by $0.01. The business had revenue of $174.85 million during the quarter, compared to the consensus estimate of $105.17 million. Analysts predict that Bowhead Specialty will post 1.36 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Bowhead Specialty

Several large investors have recently modified their holdings of the company. The Manufacturers Life Insurance Company increased its position in shares of Bowhead Specialty by 0.8% during the fourth quarter. The Manufacturers Life Insurance Company now owns 60,963 shares of the company’s stock worth $2,165,000 after buying an additional 455 shares during the period. Summit Investment Advisors Inc. grew 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 worth $43,000 after purchasing an additional 486 shares during the period. Sei Investments Co. grew its holdings in Bowhead Specialty by 0.8% in the fourth quarter. Sei Investments Co. now owns 94,395 shares of the company’s stock worth $3,353,000 after purchasing an additional 760 shares during the period. SBI Securities Co. Ltd. acquired a new stake in Bowhead Specialty in the first quarter worth $44,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Bowhead Specialty by 17.5% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,400 shares of the company’s stock worth $301,000 after purchasing an additional 1,100 shares during the period.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the stock. Piper Sandler assumed coverage on shares of Bowhead Specialty in a research report on Wednesday, April 16th. They set an “overweight” rating and a $44.00 target price on the stock. Keefe, Bruyette & Woods increased their target price on shares of Bowhead Specialty from $43.00 to $45.00 and gave the stock an “outperform” rating in a research report on Friday, May 9th. Morgan Stanley increased their target price on shares of Bowhead Specialty from $36.00 to $39.00 and gave the stock an “equal weight” rating in a research report on Monday, May 19th. JPMorgan Chase & Co. upped their price target on shares of Bowhead Specialty from $30.00 to $35.00 and gave the stock a “neutral” rating in a report on Tuesday, April 8th. Finally, JMP Securities upped their price target on shares of Bowhead Specialty from $38.00 to $40.00 and gave the stock a “market outperform” rating in a report on Friday, April 11th. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $39.67.

Bowhead Specialty Company Profile

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.