MBIA (NYSE:MBI) Shares Cross Above 50 Day Moving Average – Here’s Why
by Amy Steele · The Cerbat GemMBIA, Inc. (NYSE:MBI – Get Free Report) crossed above its 50-day moving average during trading on Friday . The stock has a 50-day moving average of $6.07 and traded as high as $6.27. MBIA shares last traded at $6.2150, with a volume of 239,564 shares trading hands.
Wall Street Analysts Forecast Growth
Several brokerages recently weighed in on MBI. Wall Street Zen lowered MBIA from a “hold” rating to a “sell” rating in a research report on Saturday, March 7th. Weiss Ratings reissued a “sell (d-)” rating on shares of MBIA in a research report on Thursday, January 22nd. Finally, Keefe, Bruyette & Woods dropped their price target on MBIA from $8.50 to $7.50 and set an “outperform” rating for the company in a research note on Thursday, March 19th. One analyst has rated the stock with a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $7.50.
Check Out Our Latest Stock Analysis on MBI
MBIA Trading Up 2.7%
The firm has a market cap of $316.53 million, a PE ratio of -1.74 and a beta of 1.81. The stock’s 50 day moving average price is $6.07 and its 200 day moving average price is $6.74.
MBIA (NYSE:MBI – Get Free Report) last announced its quarterly earnings results on Thursday, February 26th. The insurance provider reported ($0.24) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.19). The company had revenue of $28.00 million for the quarter, compared to analysts’ expectations of $26.50 million. Analysts forecast that MBIA, Inc. will post -3.5 earnings per share for the current year.
Institutional Investors Weigh In On MBIA
Several hedge funds have recently modified their holdings of the stock. AlphaQuest LLC acquired a new stake in MBIA in the third quarter valued at approximately $29,000. Quarry LP acquired a new position in shares of MBIA during the third quarter worth $37,000. Dynamic Technology Lab Private Ltd purchased a new position in shares of MBIA in the third quarter valued at $77,000. Inscription Capital LLC acquired a new stake in MBIA during the 3rd quarter valued at $78,000. Finally, AQR Capital Management LLC acquired a new stake in MBIA during the 4th quarter valued at $83,000. 60.95% of the stock is currently owned by hedge funds and other institutional investors.
About MBIA
MBIA Inc is a financial guarantee insurance company specializing in credit enhancement and risk mitigation solutions for public finance and structured finance transactions. The company provides guaranty insurance for municipal bonds, asset-backed securities and other credit-sensitive obligations, protecting investors against the risk of payment default. Through its core insurance subsidiary, MBIA Insurance Corp., the firm offers financial guarantees, reinsurance support and customized credit solutions designed to improve the marketability and pricing of debt instruments.
Founded in 1973 as the Municipal Bond Insurance Association, MBIA built its reputation by insuring U.S.