Still technically oversold, Ryan Specialty Group (RYAN) could soon refill its bearish gap around $44 a share from a current price of $39.33. Helping, CEO Patrick Ryan just bought 183,700 shares of the RYAN stock for $6.36 million. It also seems most of a recent earnings miss has been priced in for the specialty insurance company.
Just recently, RYAN posted revenue of $412 million, as compared to expectations for $422.93 million.
However, according to its CEO, “Another quarter of double-digit organic growth and healthy profitability is a testament to the unrelenting effort of our teammates to innovate and provide best-in-class solutions for existing and new clients. We also continued to add top talent to our team in the quarter, as we further enhanced our reputation as a destination of choice. With our strong balance sheet, our resilient business model and our focus on the growing E&S market, we are well positioned to skillfully navigate through this challenging economic environment and continue generating long-term value for our investors.”
With the bad news priced in, and CEO confidence, RYAN could make a major comeback.