Hippo (NYSE:HIPO) Shares Gap Down - Should You Sell?

Shares of Hippo Holdings Inc. (NYSE:HIPO - Get Free Report) gapped down prior to trading on Friday . The stock had previously closed at $26.16, but opened at $24.88. Hippo shares last traded at $24.74, with a volume of 24,440 shares trading hands.

Analyst Upgrades and Downgrades

HIPO has been the subject of several recent research reports. JMP Securities upped their price target on shares of Hippo from $25.00 to $35.00 and gave the stock a "market outperform" rating in a research report on Friday, November 22nd. Jefferies Financial Group reduced their target price on shares of Hippo from $29.00 to $28.00 and set a "buy" rating for the company in a research note on Wednesday, October 9th.

Hippo Trading Down 6.4 %

The company has a market cap of $596.58 million, a price-to-earnings ratio of -4.70 and a beta of 1.51. The stock has a 50-day simple moving average of $28.02 and a 200-day simple moving average of $21.51.

Insider Buying and Selling

In related news, CAO Anirudh Badia sold 2,552 shares of the firm's stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $24.49, for a total transaction of $62,498.48. Following the completion of the transaction, the chief accounting officer now owns 102,315 shares of the company's stock, valued at $2,505,694.35. This trade represents a 2.43 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Richard Mccathron sold 15,000 shares of the business's stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $30.16, for a total transaction of $452,400.00. Following the completion of the sale, the chief executive officer now owns 339,623 shares in the company, valued at approximately $10,243,029.68. This trade represents a 4.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 70,793 shares of company stock valued at $1,896,840 over the last 90 days. 11.37% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Hippo

Several large investors have recently made changes to their positions in the business. Caz Investments LP boosted its holdings in Hippo by 100.0% during the third quarter. Caz Investments LP now owns 5,600 shares of the company's stock worth $95,000 after buying an additional 2,800 shares in the last quarter. American Century Companies Inc. boosted its stake in shares of Hippo by 28.2% during the 2nd quarter. American Century Companies Inc. now owns 25,453 shares of the company's stock worth $438,000 after acquiring an additional 5,592 shares in the last quarter. SG Americas Securities LLC bought a new stake in shares of Hippo during the 3rd quarter worth $174,000. Public Employees Retirement System of Ohio acquired a new position in shares of Hippo in the 3rd quarter worth $174,000. Finally, AQR Capital Management LLC acquired a new stake in shares of Hippo during the second quarter worth $194,000. Institutional investors own 43.01% of the company's stock.

About Hippo

Hippo Holdings Inc provides property and casualty insurance products to individuals and business customers primarily in the United States. The company operates through three segments: Services, Insurance-as-a-Service, and Hippo Home Insurance Program. Its insurance products include homeowners' insurance against risks of fire, wind, and theft, as well as other personal lines policies from third party carriers; and personal and commercial, as well as home, auto, cyber, small business, life, specialty lines, and other insurance products.