Renaissance Technologies LLC Purchases 144,210 Shares of Neptune Insurance Holdings Inc. $NP

Renaissance Technologies LLC raised its position in shares of Neptune Insurance Holdings Inc. (NYSE:NP) by 874.4% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 160,703 shares of the company’s stock after buying an additional 144,210 shares during the period. Renaissance Technologies LLC’s holdings in Neptune Insurance were worth $3,887,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of NP. Massachusetts Financial Services Co. MA bought a new position in shares of Neptune Insurance during the fourth quarter valued at about $759,000. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in Neptune Insurance during the 4th quarter valued at about $2,068,000. Vanguard Group Inc. purchased a new position in Neptune Insurance during the 4th quarter valued at about $47,063,000. Comerica Bank bought a new position in Neptune Insurance during the 4th quarter valued at approximately $1,507,000. Finally, TimesSquare Capital Management LLC bought a new position in Neptune Insurance during the 4th quarter valued at approximately $12,260,000.

Neptune Insurance Price Performance

Shares of Neptune Insurance stock opened at $32.15 on Friday. The company has a 50-day moving average of $30.02 and a 200 day moving average of $26.35. The firm has a market cap of $4.41 billion and a price-to-earnings ratio of 128.59. Neptune Insurance Holdings Inc. has a 1 year low of $14.78 and a 1 year high of $35.15.

Neptune Insurance (NYSE:NP) last posted its quarterly earnings data on Tuesday, July 21st. The company reported $0.15 EPS for the quarter, topping the consensus estimate of $0.14 by $0.01. Neptune Insurance had a net margin of 21.45% and a negative return on equity of 18.77%. The business had revenue of $55.87 million for the quarter, compared to analyst estimates of $52.38 million. On average, equities analysts anticipate that Neptune Insurance Holdings Inc. will post 0.4 EPS for the current year.

Insider Buying and Selling

In other news, major shareholder Vii L.P. Ftv sold 5,252,044 shares of Neptune Insurance stock in a transaction that occurred on Friday, May 15th. The shares were sold at an average price of $26.40, for a total transaction of $138,653,961.60. Following the completion of the transaction, the insider directly owned 17,098,587 shares in the company, valued at approximately $451,402,696.80. This trade represents a 23.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Hold 101 Lp Bsiv sold 4,589,351 shares of the business’s stock in a transaction that occurred on Friday, May 15th. The stock was sold at an average price of $26.40, for a total value of $121,158,866.40. Following the completion of the sale, the insider directly owned 14,941,121 shares in the company, valued at approximately $394,445,594.40. This represents a 23.50% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 14,817,604 shares of company stock valued at $415,054,746 in the last ninety days. Insiders own 74.26% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on NP shares. Keefe, Bruyette & Woods cut their price objective on Neptune Insurance from $34.00 to $33.00 and set a “market perform” rating on the stock in a research report on Friday, July 24th. Wells Fargo & Company upped their target price on Neptune Insurance from $35.00 to $37.00 and gave the company an “overweight” rating in a report on Thursday, July 23rd. Piper Sandler raised their price target on Neptune Insurance from $30.00 to $39.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 15th. Evercore reiterated an “outperform” rating and issued a $36.00 price target on shares of Neptune Insurance in a report on Wednesday, July 22nd. Finally, Raymond James Financial reissued an “outperform” rating on shares of Neptune Insurance in a research report on Monday, April 27th. Seven analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company. According to data from MarketBeat, Neptune Insurance currently has a consensus rating of “Hold” and an average target price of $31.46.

Neptune Insurance 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.