Neptune Insurance (NYSE:NP) Trading Down 7.1% – Here’s Why

Shares of Neptune Insurance Holdings Inc. (NYSE:NP) dropped 7.1% during trading on Wednesday . The stock traded as low as $31.40 and last traded at $31.40. 199,941 shares were traded during mid-day trading, a decline of 67% from the average session volume of 605,971 shares. The stock had previously closed at $33.79.

Analyst Ratings Changes

A number of brokerages have recently issued reports on NP. Morgan Stanley boosted their price target on shares of Neptune Insurance from $26.00 to $29.00 and gave the stock an “equal weight” rating in a research note on Thursday, May 21st. Bank of America lifted their price objective on Neptune Insurance from $23.00 to $26.00 and gave the company a “neutral” rating in a report on Tuesday, April 14th. Mizuho increased their target price on Neptune Insurance from $29.00 to $32.00 and gave the stock a “neutral” rating in a research note on Thursday. Evercore reissued an “outperform” rating on shares of Neptune Insurance in a report on Friday, May 8th. Finally, Wells Fargo & Company initiated coverage on Neptune Insurance in a research note on Tuesday, June 30th. They issued an “overweight” rating and a $35.00 price target on the stock. Eight equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $28.82.

Neptune Insurance Stock Down 1.0%

The stock’s fifty day simple moving average is $28.38 and its 200-day simple moving average is $25.86. The company has a market capitalization of $4.43 billion and a PE ratio of 118.44.

Neptune Insurance (NYSE:NP) last posted its earnings results on Wednesday, April 22nd. The company reported $0.09 earnings per share for the quarter, meeting the consensus estimate of $0.09. The firm had revenue of $37.80 million during the quarter, compared to analyst estimates of $36.96 million. Neptune Insurance’s revenue for the quarter was up 28.8% compared to the same quarter last year. Analysts expect that Neptune Insurance Holdings Inc. will post 0.4 EPS for the current year.

Insider Transactions at Neptune Insurance

In other Neptune Insurance news, major shareholder Hold 101 Lp Bsiv sold 688,403 shares of the firm’s stock in a transaction dated Tuesday, May 19th. The shares were sold at an average price of $26.40, for a total transaction of $18,173,839.20. Following the completion of the transaction, the insider directly owned 14,252,718 shares in the company, valued at approximately $376,271,755.20. This trade represents a 4.61% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, major shareholder Vii L.P. Ftv sold 787,806 shares of Neptune Insurance stock in a transaction dated Tuesday, May 19th. The stock was sold at an average price of $26.40, for a total transaction of $20,798,078.40. Following the transaction, the insider owned 16,310,781 shares of the company’s stock, valued at approximately $430,604,618.40. The trade was a 4.61% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 11,317,604 shares of company stock worth $298,784,746. 74.26% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Neptune Insurance

Institutional investors and hedge funds have recently bought and sold shares of the stock. Maltese Capital Management LLC purchased a new position in Neptune Insurance during the third quarter worth $3,200,000. FNY Investment Advisers LLC acquired a new stake in shares of Neptune Insurance during the third quarter valued at $171,000. Massachusetts Financial Services Co. MA purchased a new stake in Neptune Insurance during the 4th quarter worth about $759,000. Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in Neptune Insurance during the 4th quarter worth about $2,068,000. Finally, Vanguard Group Inc. acquired a new position in Neptune Insurance in the 4th quarter valued at about $47,063,000.

Neptune Insurance Company Profile

Our mission is to create a smarter, more resilient insurance platform powered by AI, data science, and technology, enabling insurers to deploy capacity with confidence and delivering instant access to coverage for policyholders and agents. Neptune is a leading, high-growth, highly profitable, data-driven managing general agent that is revolutionizing the way homeowners and businesses protect against the growing risks of flooding. We offer a range of easy-to-purchase residential and commercial insurance products — including primary flood insurance, excess flood insurance, and parametric earthquake insurance — distributed through a nationwide network of agencies.