Neptune Insurance Holdings Inc. (NYSE:NP – Get Free Report)’s share price gapped up before the market opened on Wednesday after the company announced better than expected quarterly earnings. The stock had previously closed at $30.34, but opened at $32.36. Neptune Insurance shares last traded at $29.4480, with a volume of 87,246 shares.
The company reported $0.15 EPS for the quarter, topping analysts’ consensus estimates of $0.14 by $0.01. The business had revenue of $55.87 million for the quarter, compared to analyst estimates of $52.38 million.
Analyst Upgrades and Downgrades
Several brokerages have recently weighed in on NP. Keefe, Bruyette & Woods reissued a “market perform” rating and set a $34.00 price objective (up from $32.00) on shares of Neptune Insurance in a report on Wednesday, July 8th. Raymond James Financial reissued an “outperform” rating on shares of Neptune Insurance in a report on Monday, April 27th. Piper Sandler lifted their target price on shares of Neptune Insurance from $30.00 to $39.00 and gave the company an “overweight” rating in a research report on Wednesday, July 15th. JPMorgan Chase & Co. increased their price target on shares of Neptune Insurance from $26.00 to $30.00 and gave the stock a “neutral” rating in a research report on Monday, July 13th. Finally, Bank of America lifted their price objective on Neptune Insurance from $23.00 to $26.00 and gave the company a “neutral” rating in a report on Tuesday, April 14th. Eight investment analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Neptune Insurance currently has a consensus rating of “Hold” and a consensus target price of $29.82.
Insider Activity
In related news, major shareholder Vii L.P. Ftv sold 787,806 shares of the stock in a transaction dated Tuesday, May 19th. The shares were 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 owned 16,310,781 shares in the company, valued at $430,604,618.40. This trade represents a 4.61% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, major shareholder Hold 101 Lp Bsiv sold 688,403 shares of the business’s stock in a transaction dated Tuesday, May 19th. The shares were sold at an average price of $26.40, for a total transaction of $18,173,839.20. Following the completion of the transaction, the insider owned 14,252,718 shares in the company, valued at approximately $376,271,755.20. This trade represents a 4.61% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 11,317,604 shares of company stock worth $298,784,746. 74.26% of the stock is owned by insiders.
Institutional Investors Weigh In On Neptune Insurance
A number of large investors have recently bought and sold shares of NP. Bank of America Corp DE increased its holdings in Neptune Insurance by 562.1% during the 1st quarter. Bank of America Corp DE now owns 37,496 shares of the company’s stock valued at $907,000 after purchasing an additional 31,833 shares in the last quarter. Janus Henderson Group PLC acquired a new stake in shares of Neptune Insurance in the first quarter valued at $313,000. California State Teachers Retirement System bought a new position in shares of Neptune Insurance in the first quarter valued at about $523,000. SummitTX Capital L.P. bought a new position in shares of Neptune Insurance in the first quarter valued at about $898,000. Finally, Renaissance Technologies LLC lifted its position in Neptune Insurance by 874.4% during the 1st quarter. Renaissance Technologies LLC now owns 160,703 shares of the company’s stock worth $3,887,000 after buying an additional 144,210 shares in the last quarter.
Neptune Insurance Stock Performance
The firm has a market cap of $4.00 billion and a price-to-earnings ratio of 109.02. The company’s 50-day moving average is $28.99 and its 200-day moving average is $25.93.
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.
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