Hippo (NYSE:HIPO) Shares Down 6.3% – Here’s What Happened

Shares of Hippo Holdings Inc. (NYSE:HIPO) fell 6.3% on Thursday . The company traded as low as $27.15 and last traded at $27.22. 3,077 shares changed hands during mid-day trading, a decline of 98% from the average daily volume of 133,238 shares. The stock had previously closed at $29.06.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on HIPO shares. B. Riley Financial initiated coverage on shares of Hippo in a research report on Friday, April 17th. They issued a “buy” rating and a $38.00 price target on the stock. Keefe, Bruyette & Woods increased their price objective on shares of Hippo from $32.00 to $33.00 and gave the company a “market perform” rating in a research report on Wednesday, July 8th. Weiss Ratings raised shares of Hippo from a “hold (c-)” rating to a “hold (c)” rating in a research note on Monday, May 4th. Finally, Texas Capital upgraded shares of Hippo to a “strong-buy” rating in a report on Tuesday, June 9th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $38.67.

Hippo Price Performance

The firm has a market capitalization of $719.46 million, a P/E ratio of 6.41 and a beta of 1.49. The firm has a 50 day moving average price of $26.81 and a 200-day moving average price of $27.66. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.11.

Hippo (NYSE:HIPO) last announced its earnings results on Wednesday, March 4th. The company reported $0.67 EPS for the quarter. The firm had revenue of $120.40 million during the quarter. Hippo had a return on equity of 12.17% and a net margin of 23.45%. On average, analysts expect that Hippo Holdings Inc. will post 0.95 earnings per share for the current year.

Insiders Place Their Bets

In other Hippo news, CEO Torben Ostergaard sold 3,667 shares of the business’s stock in a transaction on Friday, May 15th. The shares were sold at an average price of $26.10, for a total transaction of $95,708.70. Following the transaction, the chief executive officer owned 65,673 shares in the company, valued at $1,714,065.30. The trade was a 5.29% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Richard Mccathron sold 5,000 shares of the stock in a transaction on Thursday, July 9th. The shares were sold at an average price of $28.53, for a total transaction of $142,650.00. Following the completion of the sale, the chief executive officer directly owned 585,433 shares in the company, valued at approximately $16,702,403.49. This represents a 0.85% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 18,667 shares of company stock valued at $498,859. 4.48% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Hippo

A number of large investors have recently made changes to their positions in HIPO. Stoic Point Capital Management LLC bought a new position in Hippo during the 4th quarter valued at about $7,490,000. Jacobs Levy Equity Management Inc. purchased a new stake in Hippo in the 3rd quarter worth about $5,842,000. Geode Capital Management LLC lifted its stake in Hippo by 24.1% in the fourth quarter. Geode Capital Management LLC now owns 557,066 shares of the company’s stock worth $16,760,000 after purchasing an additional 108,359 shares during the last quarter. Sei Investments Co. bought a new stake in Hippo in the second quarter worth about $2,810,000. Finally, Nuveen LLC boosted its position in shares of Hippo by 238.6% during the fourth quarter. Nuveen LLC now owns 140,527 shares of the company’s stock valued at $4,227,000 after buying an additional 99,020 shares during the period. 43.01% of the stock is owned by hedge funds and other institutional investors.

Hippo Company Profile

Hippo Enterprises Inc is a technology-driven home insurance company that offers modernized homeowners insurance products through a digital-first platform. Leveraging data analytics, artificial intelligence and smart home devices, the company designs tailored coverage plans intended to streamline the underwriting process and deliver more comprehensive protection for homeowners. Hippo’s policies typically include standard dwelling coverage, personal property protection and liability insurance, along with optional add-ons such as water backup, home computer systems and equipment breakdown coverage.

Through its online portal and partner network of licensed insurance agents, Hippo provides policyholders with a range of services aimed at minimizing risk and preventing losses before they occur.