American Coastal Insurance Corp (NASDAQ: ACIC) stock fell -1.10% on Friday to $8.12 against a previous-day closing price of $8.21. With 0.54 million shares changed hands, the volume of the stock remained heavier than its average volume of 0.45 million shares. During the session, the Insurance – Property & Casualty company that operates in wider Financial sector, reached to the highest price of $8.40 whereas the lowest price it dropped to was $7.90. The 52-week range on ACIC shows that it touched its highest point at $9.96 and its lowest point at $0.29 during that stretch. It currently has a 1-year price target of $1.90. Beta for the stock currently stands at -0.16.
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Price Performance and Earnings:
Stock performance is one of the indicators that investors use to determine whether they will profit from a stock. The price performance of ACIC was up-trending over the past week, with a rise of 10.48%, but this was up by 8.56% over a month. Three-month performance surged to 6.84% while six-month performance rose 41.83%. The stock gained 2162.47% in the past year, while it has gained 666.04% so far this year.
Float and Shares Shorts:
At present, 43.28 million ACIC shares are outstanding with a float of 19.69 million shares on hand for trading. On Oct 30, 2023, short shares totaled 1.65 million, which was 3.80% higher than short shares on Sep 28, 2023. In addition to Mr. Robert Daniel Peed as the firm’s Chairman & CEO, Mr. Bennett Bradford Martz CPA serves as its President & CFO.
Institutional Ownership:
Through their ownership of 10.95% of ACIC’s outstanding shares, institutional investors have minority control over the company. Other institutions hold 8.80% of ACIC, in contrast to 68.09% held by mutual funds. Shares owned by individuals account for 11.97%. As the largest shareholder in ACIC with 3.19% of the stake, Invesco Capital Management LLC holds 1,382,415 shares worth 1,382,415. A second-largest stockholder of ACIC, Tieton Capital Management LLC, holds 1,328,666 shares, controlling over 3.06% of the firm’s shares. BlackRock Fund Advisors is the third largest shareholder in ACIC, holding 1,223,785 shares or 2.82% stake. With a 3.10% stake in ACIC, the Invesco Dorsey Wright SmallCap Mo is the largest stakeholder. A total of 1,343,864 shares are owned by the mutual fund manager. The iShares Russell 2000 ETF, which owns about 1.04% of ACIC stock, is the second-largest Mutual Fund holder. It holds 453,182 shares valued at 3.39 million. Vanguard Total Stock Market ETF holds 1.01% of the stake in ACIC, owning 440,681 shares worth 3.3 million.
Analysts Ratings:
Reading analyst opinions is an effective way to decide where to invest, and there are several opinions available for ACIC since 0 analysts follow the stock currently. In the same way, a target price assigned to a stock can also reveal much about its potential. With ACIC analysts setting a high price target of $1.90 and a low target of $1.90, the average target price over the next 12 months is $1.90. Based on these targets, ACIC could drop -76.6% to reach the target high and fall by -76.6% to reach the target low. Reaching the average price target will result in a decline of -76.6% from current levels.
Summary of Insider Activity:
Insiders traded ACIC stock several times over the past three months with 4 Buys and 0 Sells. In these transactions, 20,639 shares were bought while 0 shares were sold. The number of buy transactions has increased to 40 while that of sell transactions has risen to 3 over the past year. The total number of shares bought during that period was 609,248 while 39,129 shares were sold.
