American Coastal Insurance Corporation (NASDAQ:ACIC) Short Interest Up 23.8% in March

American Coastal Insurance Corporation (NASDAQ:ACIC) saw a large increase in short interest in March. As of March 13th, there was short interest totaling 621,129 shares, an increase of 23.8% from the February 26th total of 501,782 shares. Based on an average trading volume of 246,075 shares, the short-interest ratio is currently 2.5 days. Currently, 2.5% of the company’s stock are sold short.

Institutional Trading of American Coastal Insurance

Hedge funds have recently modified their holdings of the company. Russell Investments Group Ltd. boosted its holdings in shares of American Coastal Insurance by 4,508.6% in the 2nd quarter. Russell Investments Group Ltd. now owns 2,673 shares of the company’s stock valued at $30,000 after buying an additional 2,615 shares in the last quarter. Tower Research Capital LLC TRC raised its stake in shares of American Coastal Insurance by 273.0% during the 2nd quarter. Tower Research Capital LLC TRC now owns 4,692 shares of the company’s stock worth $52,000 after acquiring an additional 3,434 shares in the last quarter. State of Wyoming bought a new position in shares of American Coastal Insurance during the 2nd quarter worth approximately $59,000. State of Alaska Department of Revenue lifted its position in American Coastal Insurance by 148.5% during the fourth quarter. State of Alaska Department of Revenue now owns 5,168 shares of the company’s stock valued at $65,000 after acquiring an additional 3,088 shares during the last quarter. Finally, Kestra Advisory Services LLC purchased a new stake in American Coastal Insurance during the fourth quarter valued at approximately $65,000. 22.11% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

ACIC has been the subject of several recent research reports. Oppenheimer assumed coverage on shares of American Coastal Insurance in a report on Monday, January 12th. They issued a “market perform” rating for the company. Weiss Ratings upgraded shares of American Coastal Insurance from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Wednesday, February 4th. Finally, Wall Street Zen lowered shares of American Coastal Insurance from a “buy” rating to a “hold” rating in a report on Monday. One equities research analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy”.

American Coastal Insurance Price Performance

Shares of NASDAQ ACIC opened at $11.13 on Monday. American Coastal Insurance has a 1-year low of $9.97 and a 1-year high of $13.06. The business has a fifty day moving average price of $11.21 and a 200 day moving average price of $11.63. The stock has a market capitalization of $541.54 million, a P/E ratio of 5.20, a price-to-earnings-growth ratio of 2.51 and a beta of -0.61.

About American Coastal Insurance

American Coastal Insurance Company (NASDAQ:ACIC) is a specialized property and casualty insurer focused on coastal residential and commercial lines across the Southeastern United States. Headquartered in St. Petersburg, Florida, the company underwrites policies designed to address windstorm and non-windstorm perils in areas exposed to hurricane risk. Since its founding in 2007, American Coastal has positioned itself to meet the insurance needs of homeowners, condominium associations, and small business owners operating near coastal zones.

Through a diversified portfolio of personal lines products, American Coastal offers homeowners insurance, dwelling fire, mobile home, condominium unitowners and renters policies.