Insurance Australia Group (OTCMKTS:IAUGY) Shares Gap Up – Here’s Why

Insurance Australia Group Limited (OTCMKTS:IAUGY) gapped up prior to trading on Thursday . The stock had previously closed at $25.90, but opened at $27.5150. Insurance Australia Group shares last traded at $27.5150, with a volume of 299 shares traded.

Analysts Set New Price Targets

IAUGY has been the subject of a number of research analyst reports. The Goldman Sachs Group upgraded Insurance Australia Group to a “buy” rating in a report on Wednesday, June 24th. Zacks Research upgraded shares of Insurance Australia Group to a “hold” rating in a research note on Tuesday, May 19th. One research analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat, Insurance Australia Group presently has a consensus rating of “Moderate Buy”.

Insurance Australia Group Stock Up 6.2%

The company’s fifty day simple moving average is $28.71 and its 200-day simple moving average is $27.13.

About Insurance Australia Group

Insurance Australia Group Limited (OTCMKTS:IAUGY) is a general insurance company operating primarily in Australia and New Zealand. The company provides insurance products for individuals, businesses and organizations, with coverage spanning motor vehicles, homes, property, travel, liability and other commercial risks.

IAG sells insurance through a portfolio of brands and distribution channels, including direct-to-customer operations, brokers, financial institutions and strategic partners.