Ategrity Specialty (NYSE:ASIC) Shares Up 7.5% – Here’s Why

Ategrity Specialty (NYSE:ASIC) shot up 7.5% during trading on Friday . The company traded as high as $23.04 and last traded at $23.0340. Approximately 12,276 shares changed hands during trading, a decline of 87% from the average daily volume of 93,117 shares. The stock had previously closed at $21.42.

Analyst Ratings Changes

A number of equities analysts have weighed in on ASIC shares. Wells Fargo & Company dropped their price target on shares of Ategrity Specialty from $27.00 to $26.00 and set an “overweight” rating for the company in a research report on Thursday, April 30th. Zacks Research downgraded shares of Ategrity Specialty from a “strong-buy” rating to a “hold” rating in a research report on Friday, June 19th. Wall Street Zen upgraded shares of Ategrity Specialty from a “hold” rating to a “buy” rating in a research note on Saturday, May 16th. Finally, Weiss Ratings raised shares of Ategrity Specialty from a “hold (c-)” rating to a “hold (c)” rating in a report on Thursday, June 18th. Three analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $26.50.

Ategrity Specialty Stock Performance

The company has a 50-day moving average price of $20.45. The firm has a market cap of $1.14 billion and a PE ratio of 12.72.

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

Hedge Funds Weigh In On Ategrity Specialty

Hedge funds have recently modified their holdings of the stock. Millennium Management LLC boosted its position in shares of Ategrity Specialty by 312.6% during the fourth quarter. Millennium Management LLC now owns 207,167 shares of the company’s stock worth $4,353,000 after acquiring an additional 156,952 shares during the last quarter. Arrowstreet Capital Limited Partnership bought a new stake in Ategrity Specialty in the 1st quarter valued at $2,605,000. Balyasny Asset Management L.P. lifted its stake in Ategrity Specialty by 298.1% in the 4th quarter. Balyasny Asset Management L.P. now owns 170,734 shares of the company’s stock worth $3,587,000 after purchasing an additional 127,849 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its stake in 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 worth $6,044,000 after purchasing an additional 105,254 shares in the last quarter. Finally, Walleye Capital LLC boosted its holdings in shares of Ategrity Specialty by 290.0% during the 4th quarter. Walleye Capital LLC now owns 94,214 shares of the company’s stock valued at $1,979,000 after purchasing an additional 70,056 shares during the last quarter.

Ategrity Specialty Company Profile

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.