Shares of Patriot National Inc (NYSE:PN) are trading down significantly this afternoon following a major rally at the end of last week caused by a stock buyback. On Thursday shares of Patriot National Inc (NYSE:PN) soared from $6.97 to $9 after the company announced that they would be repurchasing a total of 1.67 million common shares, which were initially issued on December 16th. They also exchanged investo’rs warrants for newly issued warrants, and notified shareholders that they would not be issuing any additional shares in 2016.
Today, however, many of these gains have been given back as investors lock in profits following the holiday. Nearly all gains from last week have vanished as the stock is trading close to where it was last Wednesday. The stock is down 13.43% or $1.1 following the news, hitting $7.09 per share. About 1.15 million shares traded hands or 193.91% up from the average. PN has declined 48.07% since May 22, 2015 and is downtrending. It has underperformed the S&P500 by 45.01%.
From a total of 3 analysts covering Patriot National (NYSE:PN) stock, 2 rate it a “Buy”, 0 a “Sell”, and 1 a “Hold”. This means that 67% of the ratings are positive. The highest target price is $21 while the lowest target price is $20. The mean of all analyst targets is $20.50 which is 189.14% above today’s ($7.09) stock price. Patriot National was the topic of 3 analyst reports since August 12, 2015 according to the firm StockzIntelligence Inc. William Blair downgraded shares on December 18 to a “Market Perform” rating. UBS maintained PN stock in a recent report from August 12 with a “Buy” rating.
Patriot National, Inc. is a national well-known provider of outsourcing solutions within the workers’ compensation marketplace for insurance companies, employers, local governments and reinsurance captives. The company has a market cap of $215.76 million. The Firm offers two types of services: brokerage, underwriting and policyholder services , and claims administration services. It currently has negative earnings. It also provides claims investigations, loss control service administration, claimant transportation and translation, claims subrogation services, healthcare cost containment services, claim lien negotiation services and reinsurance management services.