Universal Insurance Holdings, Inc. UVE shares are trading higher by $3.00 (14 percent) at $22.51 in Friday's session. The issue shed over $2 on Thursday falling from $22.23 to $19.51 over concerns over its exposure to Hurricane Matthew.
The concerns over its liabilities to the storm has lessened and it's being reflected in its share price.
After a sharply higher open ($22.10 vs. Thursday's close of $19.51), it retreated to $21.49 before resuming its move higher. The ensuing rally has found resistance inbetween Tuesday's high ($23.95) and Wednesday's high ($23.33) as the current high stands at $23.50.
For the week, the issue is lower by nearly $3 as it ended last Friday's session at $25.20.
It should be noted the volume from Thursday and today's session is well over its 20-day average of 520,000. Nearly 4 million shares traded on Thursday and the issue is on track to near that amount in today's session.
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