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.
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.
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.
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.