Fidelis Insurance Holdings Limited (NYSE:FIHL) experienced a notable decline in short interest during January 2023. As of January 30, total short interest fell to 1,121,556 shares, marking a decrease of 19.0% from the January 15 total of 1,384,112 shares. This reduction means that approximately 1.0% of the company’s shares are currently sold short, indicating a shift in investor sentiment.
The days-to-cover ratio, which estimates how many days it would take to cover all short positions based on average daily trading volume, now stands at 3.5 days. With an average daily trading volume of 320,728 shares, this ratio reflects a moderate level of short selling activity.
Stock Performance Overview
On January 30, shares of Fidelis Insurance traded down by $0.13, reaching $19.65. The trading volume for the day was 313,580 shares, which is slightly below the average volume of 321,765 shares. Over the past year, Fidelis Insurance has recorded a low of $14.17 and a high of $20.00.
Additional financial metrics reveal a current ratio and quick ratio of 0.74, alongside a debt-to-equity ratio of 0.35. The stock’s 50-day moving average price is $19.15, while the two-hundred-day moving average is $18.29. The company currently holds a market capitalization of approximately $2.18 billion and a price-to-earnings (PE) ratio of -393.06, reflecting its unique position in the market.
Investor Activity and Hedge Fund Involvement
Recent months have seen various large investors adjusting their holdings in Fidelis Insurance. For instance, North Capital Inc. acquired a new stake in the company during the second quarter, valued at approximately $33,000. Similarly, Focus Partners Wealth entered the market with a stake valued at $77,000 in the third quarter.
Ameritas Investment Partners Inc. increased its position in Fidelis by 15.3% during the second quarter, now holding 6,088 shares worth $101,000 after purchasing an additional 810 shares. CWM LLC significantly raised its stake by 444.4% during the same period, acquiring 7,131 shares valued at $118,000. Tower Research Capital LLC also expanded its holdings by 58.9%, now owning 7,786 shares worth $129,000 after acquiring an additional 2,885 shares.
Collectively, hedge funds and institutional investors hold approximately 81.99% of Fidelis Insurance’s stock, indicating strong institutional confidence in the company.
Fidelis Insurance Holdings Ltd, established in Bermuda, specializes in underwriting a wide range of liability and property risks. Since its initial public offering in 2016, the company has focused on providing tailored solutions for complex risks, using data analytics and underwriting expertise to create policies across various industries. Its product offerings include casualty lines such as general liability, excess and umbrella coverage, professional indemnity, and management liability, in addition to property, marine, energy, and specialty programs.
As the market continues to evolve, Fidelis Insurance remains a key player in the specialty insurance and reinsurance sectors, demonstrating resilience and adaptability in a competitive landscape.
