Insurance Australia Group (OTCMKTS:IAUGY) Shares Gap Down – Should You Sell?

Insurance Australia Group Limited (OTCMKTS:IAUGY) shares gapped down before the market opened on Monday . The stock had previously closed at $30.45, but opened at $28.10. Insurance Australia Group shares last traded at $28.10, with a volume of 588 shares.

Analyst Ratings Changes

IAUGY has been the topic of several recent analyst reports. The Goldman Sachs Group upgraded shares of Insurance Australia Group to a “buy” rating in a report on Wednesday, June 24th. Zacks Research upgraded Insurance Australia Group to a “hold” rating in a report on Tuesday, May 19th. One equities research analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, Insurance Australia Group presently has an average rating of “Moderate Buy”.

Insurance Australia Group Stock Down 7.7%

The company has a 50 day simple moving average of $28.87 and a 200-day simple moving average of $26.98.

About Insurance Australia Group

Insurance Australia Group (OTCMKTS:IAUGY) is a leading general insurance underwriter headquartered in Sydney, Australia. The company provides a broad range of personal and commercial insurance products, including home, motor, travel, business and liability coverage. IAG serves individual policyholders, small to mid-sized enterprises and large corporate clients through a diversified distribution network of brokers, direct sales, affinity partnerships and digital channels.

Formed in 2000 through the merger of several Australian and New Zealand insurers, IAG has since grown to become the largest general insurer in its home markets.