International General Insurance Holdings Ltd. (NASDAQ:IGIC) Sees Significant Increase in Short Interest

International General Insurance Holdings Ltd. (NASDAQ:IGIC) saw a significant increase in short interest in the month of February. As of February 15th, there was short interest totalling 152,400 shares, an increase of 45.1% from the January 31st total of 105,000 shares. Based on an average trading volume of 96,900 shares, the days-to-cover ratio is currently 1.6 days. Currently, 1.0% of the shares of the stock are sold short.

International General Insurance Stock Performance

International General Insurance stock traded down $0.68 on Monday, reaching $25.41. The company’s stock had a trading volume of 78,653 shares, compared to its average volume of 85,179. The business’s fifty day moving average price is $25.00 and its 200 day moving average price is $22.49. The company has a market cap of $1.17 billion, a price-to-earnings ratio of 8.30 and a beta of 0.27. International General Insurance has a twelve month low of $11.82 and a twelve month high of $27.76.

International General Insurance (NASDAQ:IGIC) last released its earnings results on Tuesday, February 25th. The company reported $0.89 EPS for the quarter, beating the consensus estimate of $0.88 by $0.01. International General Insurance had a return on equity of 22.78% and a net margin of 26.24%. The company had revenue of $135.20 million during the quarter, compared to analysts’ expectations of $136.20 million. As a group, equities analysts forecast that International General Insurance will post 3.18 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the stock. Oppenheimer upped their target price on shares of International General Insurance from $30.00 to $32.00 and gave the stock an “outperform” rating in a report on Thursday. Royal Bank of Canada upped their price objective on shares of International General Insurance from $28.00 to $31.00 and gave the stock an “outperform” rating in a research note on Thursday.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in IGIC. Diamond Hill Capital Management Inc. bought a new stake in shares of International General Insurance during the third quarter worth approximately $3,338,000. Kingsview Wealth Management LLC acquired a new stake in International General Insurance during the 3rd quarter worth $265,000. Geode Capital Management LLC raised its position in shares of International General Insurance by 3.2% during the 3rd quarter. Geode Capital Management LLC now owns 27,877 shares of the company’s stock valued at $530,000 after acquiring an additional 859 shares during the last quarter. Tidal Investments LLC acquired a new position in shares of International General Insurance in the 3rd quarter valued at $372,000. Finally, JPMorgan Chase & Co. boosted its position in shares of International General Insurance by 26.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 16,857 shares of the company’s stock worth $320,000 after purchasing an additional 3,562 shares during the last quarter. 54.24% of the stock is currently owned by institutional investors and hedge funds.

International General Insurance Company Profile

International General Insurance Holdings Ltd. engages in the provision of specialty insurance and reinsurance solutions worldwide. The company operates through three segments: Specialty Long-tail, Specialty Short-tail, and Reinsurance. It is involved in underwriting a portfolio of specialty risks, including energy, property, construction and engineering, ports and terminals, general aviation, political violence, professional lines, financial institutions, motor, marine liability, contingency, marine, treaty, and casualty insurance and reinsurance.