Short Interest in American Coastal Insurance Corporation (NASDAQ:ACIC) Declines By 21.7%

American Coastal Insurance Corporation (NASDAQ:ACIC) was the target of a large drop in short interest in the month of February. As of February 13th, there was short interest totaling 474,148 shares, a drop of 21.7% from the January 29th total of 605,329 shares. Approximately 1.9% of the shares of the company are sold short. Based on an average daily volume of 257,910 shares, the days-to-cover ratio is currently 1.8 days. Based on an average daily volume of 257,910 shares, the days-to-cover ratio is currently 1.8 days. Approximately 1.9% of the shares of the company are sold short.

American Coastal Insurance Stock Up 0.3%

Shares of NASDAQ ACIC opened at $11.39 on Monday. The firm has a market cap of $555.38 million, a price-to-earnings ratio of 5.32, a price-to-earnings-growth ratio of 2.57 and a beta of -0.61. The company’s 50-day simple moving average is $11.42 and its 200-day simple moving average is $11.58. American Coastal Insurance has a 52-week low of $9.97 and a 52-week high of $13.06.

Hedge Funds Weigh In On American Coastal Insurance

A number of hedge funds have recently made changes to their positions in ACIC. Empowered Funds LLC lifted its position in shares of American Coastal Insurance by 216.9% in the fourth quarter. Empowered Funds LLC now owns 269,899 shares of the company’s stock valued at $3,206,000 after acquiring an additional 184,720 shares in the last quarter. Raymond James Financial Inc. boosted its stake in American Coastal Insurance by 353.2% during the 2nd quarter. Raymond James Financial Inc. now owns 229,123 shares of the company’s stock worth $2,548,000 after purchasing an additional 178,562 shares during the last quarter. Punch & Associates Investment Management Inc. grew its holdings in shares of American Coastal Insurance by 21.4% during the third quarter. Punch & Associates Investment Management Inc. now owns 723,900 shares of the company’s stock worth $8,245,000 after buying an additional 127,571 shares in the last quarter. Qube Research & Technologies Ltd purchased a new stake in shares of American Coastal Insurance during the second quarter worth $1,268,000. Finally, Bridgeway Capital Management LLC acquired a new stake in shares of American Coastal Insurance in the third quarter valued at about $1,255,000. Institutional investors and hedge funds own 22.11% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the stock. Wall Street Zen upgraded shares of American Coastal Insurance from a “hold” rating to a “buy” rating in a research note on Saturday, February 7th. Weiss Ratings raised shares of American Coastal Insurance from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Wednesday, February 4th. Finally, Oppenheimer started coverage on American Coastal Insurance in a research note on Monday, January 12th. They issued a “market perform” rating for the company. One equities research analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, American Coastal Insurance has a consensus rating of “Moderate Buy”.

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.