Neptune Insurance (NYSE:NP) Shares Gap Up on Analyst Upgrade

Neptune Insurance Holdings Inc. (NYSE:NP)’s stock price gapped up before the market opened on Thursday after Keefe, Bruyette & Woods upgraded the stock from a market perform rating to an outperform rating. The stock had previously closed at $18.13, but opened at $21.65. Keefe, Bruyette & Woods now has a $25.00 price target on the stock. Neptune Insurance shares last traded at $21.08, with a volume of 156,812 shares trading hands.

A number of other brokerages also recently commented on NP. Bank of America upped their price objective on Neptune Insurance from $21.00 to $22.50 and gave the stock an “underperform” rating in a research note on Thursday, November 13th. Raymond James Financial restated an “outperform” rating and set a $23.00 price target on shares of Neptune Insurance in a research report on Tuesday. JPMorgan Chase & Co. initiated coverage on shares of Neptune Insurance in a research report on Monday, October 27th. They issued a “neutral” rating and a $25.00 price objective on the stock. TD Cowen initiated coverage on shares of Neptune Insurance in a research report on Monday, October 27th. They issued a “buy” rating for the company. Finally, Mizuho lifted their price target on Neptune Insurance from $23.00 to $26.00 and gave the company an “underperform” rating in a report on Thursday, November 13th. Eight investment analysts have rated the stock with a Buy rating, three have given a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $27.08.

Hedge Funds Weigh In On Neptune Insurance

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Bregal Sagemount IV General Partner Jersey Ltd acquired a new position in shares of Neptune Insurance during the 4th quarter valued at $569,509,000. Vanguard Group Inc. bought a new position in Neptune Insurance during the fourth quarter valued at about $47,063,000. Capital World Investors acquired a new position in Neptune Insurance during the fourth quarter worth about $32,091,000. Balyasny Asset Management L.P. bought a new stake in Neptune Insurance in the fourth quarter worth about $29,051,000. Finally, JPMorgan Chase & Co. acquired a new stake in Neptune Insurance in the 4th quarter valued at about $27,695,000.

Neptune Insurance Trading Up 16.1%

The company’s 50-day moving average price is $26.01 and its two-hundred day moving average price is $27.65. The company has a market cap of $2.91 billion and a P/E ratio of 191.36.

About Neptune Insurance

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.