1347 Property Insurance Holdings Inc (NASDAQ:PIH) Sees Large Drop in Short Interest

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1347 Property Insurance Holdings Inc (NASDAQ:PIH) was the target of a significant decrease in short interest in the month of August. As of August 31st, there was short interest totalling 1,800 shares, a decrease of 30.8% from the July 31st total of 2,600 shares. Based on an average daily trading volume, of 6,900 shares, the days-to-cover ratio is currently 0.3 days. Approximately 0.0% of the shares of the stock are short sold.

Several institutional investors have recently made changes to their positions in the company. Morgan Stanley raised its position in shares of 1347 Property Insurance by 26.4% during the second quarter. Morgan Stanley now owns 10,135 shares of the insurance provider’s stock worth $51,000 after purchasing an additional 2,114 shares during the period. Vanguard Group Inc. raised its position in shares of 1347 Property Insurance by 5.8% during the second quarter. Vanguard Group Inc. now owns 47,637 shares of the insurance provider’s stock worth $236,000 after purchasing an additional 2,600 shares during the period. Renaissance Technologies LLC raised its position in shares of 1347 Property Insurance by 12.3% during the second quarter. Renaissance Technologies LLC now owns 111,062 shares of the insurance provider’s stock worth $550,000 after purchasing an additional 12,144 shares during the period. Finally, Deutsche Bank AG raised its position in shares of 1347 Property Insurance by 18.6% during the fourth quarter. Deutsche Bank AG now owns 22,538 shares of the insurance provider’s stock worth $90,000 after purchasing an additional 3,542 shares during the period. 38.17% of the stock is currently owned by institutional investors.

Shares of 1347 Property Insurance stock traded up $0.07 on Friday, reaching $4.85. 3,000 shares of the company were exchanged, compared to its average volume of 8,438. The stock has a fifty day moving average price of $4.97 and a 200-day moving average price of $5.28. 1347 Property Insurance has a fifty-two week low of $3.75 and a fifty-two week high of $7.20.

Several brokerages have recently weighed in on PIH. ValuEngine upgraded 1347 Property Insurance from a “hold” rating to a “buy” rating in a report on Friday, August 2nd. TheStreet lowered 1347 Property Insurance from a “c-” rating to a “d+” rating in a report on Friday, July 12th.

About 1347 Property Insurance

1347 Property Insurance Holdings, Inc, an insurance holding company, provides property and casualty insurance products to individuals in Louisiana, Florida, and Texas. The company offers homeowners' insurance, manufactured home insurance, dwelling fire insurance, and wind/hail insurance products, as well as reinsurance products.

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