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

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

Analyst Upgrades and Downgrades

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

Hippo Stock Performance

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

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

Insider Buying and Selling

In other news, CEO Richard Mccathron sold 5,000 shares of the business’s stock in a transaction on Thursday, July 9th. The shares were sold at an average price of $28.53, for a total value of $142,650.00. Following the transaction, the chief executive officer owned 585,433 shares of the company’s stock, valued at approximately $16,702,403.49. The trade was a 0.85% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Torben Ostergaard sold 3,667 shares of the company’s stock in a transaction on Friday, May 15th. The stock was 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 of the company’s stock, valued at approximately $1,714,065.30. This represents a 5.29% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 18,667 shares of company stock valued at $498,859. Insiders own 4.48% of the company’s stock.

Institutional Trading of Hippo

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