Patriot National, Inc. PN was a big mover last session, as the company saw its shares rise over 17% on the day. The upside was driven by the company’s announcement that it has closed a rescission and exchange agreement with certain institutional investors, pursuant to which it will repurchase all of the 1,666,666 shares of common stock previously issued on Dec 16, 2015, for an aggregate purchase price of approximately $20 million, thereby eliminating any dilutive effect on existing stockholders. This led to solid volume too with far more shares changing hands than in a normal session. The move reverses the recent trend for the company as the stock is now down nearly 44% in the past one-month time frame.
The company has seen no estimate revisions over the past 30 days, while the Zacks Consensus Estimate remained unchanged over the same time frame. The recent price action is encouraging though, so make sure to keep a close watch on this firm in the near future.
Patriot National currently has a Zacks Rank #3 (Hold) while its Earnings ESP is 0.00%.
A better-ranked stock in the same industry is Blue Capital Reinsurance Holdings Ltd. BCRH, which carries a Zacks Rank #2 (Buy).
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