International General Insurance Holdings Ltd. (NASDAQ:IGIC) Short Interest Up 169.7% in October

International General Insurance Holdings Ltd. (NASDAQ:IGIC) was the recipient of a significant increase in short interest during the month of October. As of October 31st, there was short interest totalling 120,000 shares, an increase of 169.7% from the October 15th total of 44,500 shares. Currently, 0.8% of the shares of the company are sold short. Based on an average daily trading volume, of 95,400 shares, the short-interest ratio is currently 1.3 days.

International General Insurance Trading Up 2.0 %

International General Insurance stock opened at $25.03 on Friday. International General Insurance has a 12 month low of $11.33 and a 12 month high of $25.50. The stock’s 50 day simple moving average is $20.06 and its two-hundred day simple moving average is $16.94. The firm has a market cap of $1.15 billion, a PE ratio of 8.18 and a beta of 0.21.

International General Insurance (NASDAQ:IGIC) last released its quarterly earnings data on Tuesday, November 5th. The company reported $0.67 EPS for the quarter, topping the consensus estimate of $0.56 by $0.11. International General Insurance had a return on equity of 22.78% and a net margin of 26.24%. The business had revenue of $138.10 million for the quarter.

Institutional Investors Weigh In On International General Insurance

Several hedge funds have recently bought and sold shares of the stock. Sei Investments Co. raised its stake in shares of International General Insurance by 198.4% during the 1st quarter. Sei Investments Co. now owns 120,319 shares of the company’s stock worth $1,629,000 after buying an additional 80,000 shares during the period. Acadian Asset Management LLC raised its stake in shares of International General Insurance by 35.8% during the 1st quarter. Acadian Asset Management LLC now owns 163,721 shares of the company’s stock worth $2,216,000 after buying an additional 43,204 shares during the period. PEAK6 Investments LLC raised its stake in shares of International General Insurance by 33.8% during the 1st quarter. PEAK6 Investments LLC now owns 39,927 shares of the company’s stock worth $541,000 after buying an additional 10,083 shares during the period. Virtu Financial LLC acquired a new position in shares of International General Insurance during the 1st quarter worth approximately $209,000. Finally, Simplicity Wealth LLC acquired a new position in shares of International General Insurance during the 2nd quarter worth approximately $152,000. Hedge funds and other institutional investors own 54.24% of the company’s stock.

Analyst Ratings Changes

Separately, Royal Bank of Canada upped their target price on International General Insurance from $22.00 to $26.00 and gave the company an “outperform” rating in a research report on Thursday, November 7th.

About International General Insurance

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.