SummitTX Capital L.P. Acquires New Holdings in Neptune Insurance Holdings Inc. $NP

SummitTX Capital L.P. bought a new stake in shares of Neptune Insurance Holdings Inc. (NYSE:NP) in the 1st quarter, according to its most recent 13F filing with the SEC. The firm bought 37,140 shares of the company’s stock, valued at approximately $898,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Wells Fargo & Company MN purchased a new stake in shares of Neptune Insurance in the fourth quarter valued at about $28,000. PNC Financial Services Group Inc. purchased a new position in shares of Neptune Insurance during the 4th quarter worth approximately $125,000. Symmetry Investments LP purchased a new position in shares of Neptune Insurance during the 4th quarter worth approximately $204,000. FJ Capital Management LLC acquired a new position in shares of Neptune Insurance during the 4th quarter worth approximately $289,000. Finally, BIT Capital GmbH acquired a new position in shares of Neptune Insurance during the 4th quarter worth approximately $292,000.

Neptune Insurance Stock Down 9.8%

NP stock opened at $31.65 on Friday. The stock has a market capitalization of $4.38 billion and a price-to-earnings ratio of 126.61. Neptune Insurance Holdings Inc. has a 52-week low of $14.78 and a 52-week high of $35.15. The stock’s fifty day simple moving average is $29.53 and its 200-day simple moving average is $26.10.

Neptune Insurance (NYSE:NP) last released its earnings results on Tuesday, July 21st. The company reported $0.15 EPS for the quarter, beating the consensus estimate of $0.14 by $0.01. Neptune Insurance had a negative return on equity of 18.77% and a net margin of 21.45%.The firm had revenue of $55.87 million during the quarter, compared to analyst estimates of $52.38 million. As a group, analysts anticipate that Neptune Insurance Holdings Inc. will post 0.4 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the company. BMO Capital Markets cut Neptune Insurance from an “outperform” rating to a “market perform” rating and set a $32.00 target price on the stock. in a report on Thursday. Bank of America boosted their price target on Neptune Insurance from $23.00 to $26.00 and gave the stock a “neutral” rating in a report on Tuesday, April 14th. Weiss Ratings restated a “sell (d)” rating on shares of Neptune Insurance in a research report on Friday, July 17th. Piper Sandler increased their price objective on Neptune Insurance from $30.00 to $39.00 and gave the company an “overweight” rating in a research note on Wednesday, July 15th. Finally, Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and set a $33.00 price objective on shares of Neptune Insurance in a research report on Wednesday, July 22nd. Seven analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $31.46.

Insider Activity

In related news, major shareholder Hold 101 Lp Bsiv sold 688,403 shares of the firm’s stock in a transaction that occurred on Tuesday, May 19th. The shares were sold at an average price of $26.40, for a total value of $18,173,839.20. Following the sale, the insider directly owned 14,252,718 shares of the company’s stock, valued at approximately $376,271,755.20. This trade represents a 4.61% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Vii L.P. Ftv sold 787,806 shares of the firm’s stock in a transaction that occurred on 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 completion of the sale, the insider directly owned 16,310,781 shares in the company, valued at $430,604,618.40. This represents a 4.61% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 11,317,604 shares of company stock valued at $298,784,746 in the last 90 days. 74.26% of the stock is owned by company insiders.

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.