American Coastal Insurance Corporation (NASDAQ:ACIC) Short Interest Up 23.8% in March

American Coastal Insurance Corporation (NASDAQ:ACIC) was the target of a significant increase in short interest in the month of March. As of March 13th, there was short interest totaling 621,129 shares, an increase of 23.8% from the February 26th total of 501,782 shares. Based on an average daily volume of 246,075 shares, the days-to-cover ratio is presently 2.5 days. Approximately 2.5% of the shares of the stock are short sold.

Institutional Trading of American Coastal Insurance

Hedge funds have recently bought and sold shares of the business. Empowered Funds LLC boosted its holdings in shares of American Coastal Insurance by 216.9% during the 4th quarter. Empowered Funds LLC now owns 269,899 shares of the company’s stock worth $3,206,000 after purchasing an additional 184,720 shares during the last quarter. Raymond James Financial Inc. increased its holdings in shares of American Coastal Insurance by 353.2% in the second quarter. Raymond James Financial Inc. now owns 229,123 shares of the company’s stock valued at $2,548,000 after purchasing an additional 178,562 shares during the last quarter. Punch & Associates Investment Management Inc. increased its holdings in shares of American Coastal Insurance by 21.4% in the third quarter. Punch & Associates Investment Management Inc. now owns 723,900 shares of the company’s stock valued at $8,245,000 after purchasing an additional 127,571 shares during the last quarter. Qube Research & Technologies Ltd purchased a new position in American Coastal Insurance during the second quarter worth approximately $1,268,000. Finally, Bridgeway Capital Management LLC purchased a new position in American Coastal Insurance during the third quarter worth approximately $1,255,000. Institutional investors and hedge funds own 22.11% of the company’s stock.

American Coastal Insurance Stock Up 1.6%

American Coastal Insurance stock opened at $11.31 on Tuesday. The company has a fifty day simple moving average of $11.22 and a 200-day simple moving average of $11.63. The firm has a market capitalization of $550.34 million, a price-to-earnings ratio of 5.29, a PEG ratio of 2.51 and a beta of -0.61. American Coastal Insurance has a 52-week low of $9.97 and a 52-week high of $13.06.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the stock. Wall Street Zen downgraded shares of American Coastal Insurance from a “buy” rating to a “hold” rating in a research report on Monday. Oppenheimer started coverage on American Coastal Insurance in a research note on Monday, January 12th. They set a “market perform” rating for the company. Finally, Weiss Ratings raised American Coastal Insurance from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday, February 4th. One investment analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat, American Coastal Insurance has a consensus rating of “Moderate Buy”.

About American Coastal Insurance

American Coastal Insurance Company (NASDAQ:ACIC) is a specialized property and casualty insurer focused on coastal residential and commercial lines across the Southeastern United States. Headquartered in St. Petersburg, Florida, the company underwrites policies designed to address windstorm and non-windstorm perils in areas exposed to hurricane risk. Since its founding in 2007, American Coastal has positioned itself to meet the insurance needs of homeowners, condominium associations, and small business owners operating near coastal zones.

Through a diversified portfolio of personal lines products, American Coastal offers homeowners insurance, dwelling fire, mobile home, condominium unitowners and renters policies.