Shares of AmTrust Financial Services, Inc. (NASDAQ:AFSI) tumbled -10.50% during an afternoon trade Wednesday, as an insurance holding company on Tuesday stated second-quarter profit of $22.4 million. On a per-share basis, the New York-based company said it had profit of 3 cents. Earnings, adjusted for non-recurring costs, were 40 cents per share.
The results fell short of Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 41 cents per share.
The insurer posted revenue of $1.62 billion in the period. Its adjusted revenue was $1.45 billion, which also fell short of Street forecasts. Three analysts surveyed by Zacks predictable $1.47 billion.
The stock closed its last trade at the price of $15.9, while exchanging hands with the volume of 1500024 shares contrast to its average daily volume of 2.46M shares. Trading volume is an important technical indicator a shareholder uses to confirm a trend or trend reversal. It is generally higher when the price of a security is changing, as the strength of any given price movement is measured mainly by the volume and shifts in trade volume can make observed price movements more significant. News about a company’s financial status, products, or plans, whether positive or negative, will typically result in a temporary increase in the trade volume of its stock. Higher volume for a stock is also an indicator of higher liquidity in the market. For institutional shareholders who wish to sell a large number of shares of a certain stock, lower liquidity will force them to sell the stock slowly over a longer period of time, to avoid losses because of slippage. The stock, as of recent close, has shown weekly downbeat performance of -0.75% which was maintained at 6.137% in 1-month period, and is down -41.93% in this year. The company now has a market value of $2.72B.
The stock, after recent close, is 7.669% above their SMA 50 and 1.52% from SMA20 and is -23.46% above than SMA200. 45.5% shares of the company were owned by institutional investors. The company has 0.4799 values in price to sale ratio while price to book ratio was recorded as 1.14. It beta stands at 1.19.
The average 12 month target price among brokers that have covered the stock in the last year is $19. Analyst mean recommendation for this stock stands at 1.7. Analyst recommendations as stated on FINVIZ are rated on a 1 to 5 scale. 1 is equivalent to a buy rating, 3 a hold rating, and 5 a sell rating. The consensus recommendation is the average rating on a stock by the analyst community.