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

American Coastal Insurance Corporation (NASDAQ:ACIC) was the target of a significant 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. Currently, 2.5% of the company’s stock are sold short. Based on an average daily volume of 246,075 shares, the short-interest ratio is currently 2.5 days.

American Coastal Insurance Stock Performance

NASDAQ:ACIC opened at $11.13 on Monday. American Coastal Insurance has a twelve month low of $9.97 and a twelve month high of $13.06. The company has a market cap of $541.54 million, a PE ratio of 5.20, a P/E/G ratio of 2.51 and a beta of -0.61. The company’s 50 day moving average is $11.21 and its two-hundred day moving average is $11.63.

Institutional Investors Weigh In On American Coastal Insurance

A number of large investors have recently made changes to their positions in the stock. Geode Capital Management LLC increased its position in shares of American Coastal Insurance by 0.4% in the 2nd quarter. Geode Capital Management LLC now owns 606,117 shares of the company’s stock valued at $6,741,000 after acquiring an additional 2,269 shares during the period. JPMorgan Chase & Co. raised its stake in American Coastal Insurance by 549.9% in the 2nd quarter. JPMorgan Chase & Co. now owns 118,616 shares of the company’s stock worth $1,319,000 after acquiring an additional 100,365 shares during the last quarter. American Century Companies Inc. lifted its position in American Coastal Insurance by 12.2% during the 2nd quarter. American Century Companies Inc. now owns 548,953 shares of the company’s stock worth $6,104,000 after acquiring an additional 59,907 shares during the period. Russell Investments Group Ltd. lifted its position in American Coastal Insurance by 4,508.6% during the 2nd quarter. Russell Investments Group Ltd. now owns 2,673 shares of the company’s stock worth $30,000 after acquiring an additional 2,615 shares during the period. Finally, Quantbot Technologies LP grew its stake in American Coastal Insurance by 762.8% during the 2nd quarter. Quantbot Technologies LP now owns 32,374 shares of the company’s stock valued at $360,000 after purchasing an additional 28,622 shares during the last quarter. 22.11% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts have recently commented on the company. Oppenheimer started coverage on American Coastal Insurance in a report on Monday, January 12th. They set a “market perform” rating for the company. Wall Street Zen lowered American Coastal Insurance from a “buy” rating to a “hold” rating in a research report on Monday. Finally, Weiss Ratings upgraded American Coastal Insurance from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Wednesday, February 4th. One equities research analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy”.

American Coastal Insurance Company Profile

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.