Fidelis Insurance (NYSE:PLGO) Shares Up 14.8% on Earnings Beat

Fidelis Insurance Holdings Limited (NYSE:PLGO)’s share price was up 14.8% during trading on Thursday after the company announced better than expected quarterly earnings. The stock traded as high as $23.43 and last traded at $23.23. Approximately 268,518 shares traded hands during trading, a decline of 36% from the average daily volume of 418,750 shares. The stock had previously closed at $20.24.

The company reported $0.94 earnings per share for the quarter, beating the consensus estimate of $0.75 by $0.19. The company had revenue of $612.20 million during the quarter, compared to analyst estimates of $577.19 million.

Analyst Upgrades and Downgrades

Separately, Zacks Research cut Fidelis Insurance from a “hold” rating to a “strong sell” rating in a report on Tuesday. One equities research analyst has rated the stock with a Sell rating, According to MarketBeat, Fidelis Insurance presently has a consensus rating of “Sell”.

Fidelis Insurance Price Performance

Fidelis Insurance Company Profile

Fidelis is a leading global provider of bespoke and specialty insurance and reinsurance products. We believe our differentiated underwriting positions us well to generate strong returns across (re)insurance cycles. Current Fidelis is led by Mr. Daniel Burrows who has more than 35 years of experience in the insurance industry and is supported by a highly experienced management team that manages the operations of Current Fidelis based on our founding principles. Following the Separation Transactions, Current Fidelis is positioned as a global, specialty insurance provider with exclusive right of first access to Fidelis MGU’s underwriting business during the term of the Framework Agreement.