Hippo (NYSE:HIPO) Shares Gap Up After Strong Earnings

Shares of Hippo Holdings Inc. (NYSE:HIPO - Get Free Report) gapped up before the market opened on Thursday after the company announced better than expected quarterly earnings. The stock had previously closed at $29.59, but opened at $31.76. Hippo shares last traded at $32.63, with a volume of 109,014 shares changing hands.

The company reported ($0.07) earnings per share for the quarter, topping the consensus estimate of ($0.15) by $0.08. Hippo had a negative return on equity of 36.38% and a negative net margin of 37.94%. The firm had revenue of $102.00 million for the quarter, compared to the consensus estimate of $97.83 million.

Analyst Ratings Changes

Separately, JMP Securities lifted their price target on shares of Hippo from $25.00 to $35.00 and gave the stock a "market outperform" rating in a research note on Friday, November 22nd.

Insiders Place Their Bets

In related news, Chairman Assaf Wand sold 12,250 shares of the firm's stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $28.90, for a total transaction of $354,025.00. Following the completion of the sale, the chairman now directly owns 486,814 shares in the company, valued at approximately $14,068,924.60. This trade represents a 2.45 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Torben Ostergaard sold 2,092 shares of the business's stock in a transaction on Tuesday, December 17th. The shares were sold at an average price of $26.46, for a total transaction of $55,354.32. Following the transaction, the chief executive officer now owns 104,332 shares in the company, valued at approximately $2,760,624.72. This represents a 1.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 93,383 shares of company stock worth $2,574,135. 11.37% of the stock is owned by insiders.

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Institutional Investors Weigh In On Hippo

A number of institutional investors have recently bought and sold shares of the business. BNP Paribas Financial Markets acquired a new stake in shares of Hippo in the 4th quarter valued at $118,000. Caz Investments LP increased its stake in Hippo by 100.0% in the 3rd quarter. Caz Investments LP now owns 5,600 shares of the company's stock valued at $95,000 after buying an additional 2,800 shares during the last quarter. The Manufacturers Life Insurance Company acquired a new stake in shares of Hippo in the 4th quarter valued at approximately $200,000. Two Sigma Advisers LP acquired a new position in Hippo during the fourth quarter worth approximately $200,000. Finally, EntryPoint Capital LLC bought a new position in shares of Hippo in the fourth quarter valued at about $204,000. Institutional investors and hedge funds own 43.01% of the company's stock.

Hippo Trading Down 10.9 %

The firm has a market capitalization of $655.41 million, a P/E ratio of -5.16 and a beta of 1.50. The company has a 50 day moving average of $28.00 and a 200-day moving average of $24.71.

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.