James River Group (NASDAQ:JRVR) Stock Price Breaks Below 50 Day Moving Average on Disappointing Earnings

Shares of James River Group Holdings, Ltd. (NASDAQ:JRVR) passed below its 50 day moving average during trading on Monday following a weaker than expected earnings announcement. The stock has a 50 day moving average of $3.79 and traded as low as $3.75. James River Group shares last traded at $3.77, with a volume of 290,420 shares trading hands.

The insurance provider reported ($0.10) EPS for the quarter, missing the consensus estimate of $0.17 by ($0.27). James River Group had a return on equity of 9.93% and a net margin of 4.68%. The company had revenue of $147.71 million for the quarter, compared to analyst estimates of $134.80 million.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the stock. UBS Group dropped their price objective on shares of James River Group from $4.75 to $4.00 and set a “neutral” rating on the stock in a report on Monday, August 17th. Weiss Ratings raised shares of James River Group from a “sell (d)” rating to a “sell (d+)” rating in a research note on Tuesday, August 11th. Finally, Truist Financial lowered their target price on James River Group from $6.00 to $5.00 and set a “hold” rating for the company in a report on Wednesday, August 12th. Six investment analysts have rated the stock with a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Reduce” and an average target price of $5.75.

Hedge Funds Weigh In On James River Group

A number of large investors have recently bought and sold shares of the company. Russell Investments Group Ltd. lifted its position in shares of James River Group by 183.6% in the third quarter. Russell Investments Group Ltd. now owns 178,607 shares of the insurance provider’s stock worth $613,000 after purchasing an additional 115,628 shares in the last quarter. Canal Insurance CO grew its position in James River Group by 65.1% in the third quarter. Canal Insurance CO now owns 270,920 shares of the insurance provider’s stock valued at $929,000 after purchasing an additional 106,849 shares in the last quarter. Abel Hall LLC bought a new position in James River Group in the third quarter valued at $35,000. Public Employees Retirement System of Ohio bought a new position in James River Group in the second quarter valued at $141,000. Finally, Donald Smith & CO. Inc. acquired a new stake in James River Group in the 2nd quarter valued at $10,738,000. Institutional investors and hedge funds own 95.21% of the company’s stock.

James River Group Stock Down 3.1%

The company has a current ratio of 0.63, a quick ratio of 0.63 and a debt-to-equity ratio of 0.43. The firm’s 50 day simple moving average is $3.79 and its 200-day simple moving average is $4.93. The stock has a market capitalization of $174.36 million, a price-to-earnings ratio of 9.92 and a beta of -0.14.

About James River Group

James River Group Holdings, Ltd. (NASDAQ: JRVR) is a specialty insurance holding company headquartered in Hamilton, Bermuda. Through its operating subsidiaries, the company provides commercial casualty insurance and reinsurance products to businesses and other insurance organizations.

The company’s operations have included excess and surplus lines insurance, specialty admitted insurance and casualty reinsurance. Its products are designed for risks that may require customized underwriting or coverage that is not readily available through standard commercial insurance markets.