Hippo (NYSE:HIPO) Stock Price Down 6.3% – Here’s What Happened

Hippo Holdings Inc. (NYSE:HIPO)’s stock price dropped 6.3% on Thursday . The stock traded as low as $27.15 and last traded at $27.22. 3,077 shares changed hands during mid-day trading, a decline of 98% from the average daily volume of 133,238 shares. The stock had previously closed at $29.06.

Analyst Ratings Changes

HIPO has been the subject of several research reports. Keefe, Bruyette & Woods upped their price objective on shares of Hippo from $32.00 to $33.00 and gave the company a “market perform” rating in a research note on Wednesday, July 8th. Texas Capital raised shares of Hippo to a “strong-buy” rating in a research note on Tuesday, June 9th. B. Riley Financial started coverage on Hippo in a report on Friday, April 17th. They set a “buy” rating and a $38.00 target price on the stock. Finally, Weiss Ratings upgraded Hippo from a “hold (c-)” rating to a “hold (c)” rating in a research report on Monday, May 4th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, Hippo presently has a consensus rating of “Moderate Buy” and a consensus price target of $38.67.

Hippo Stock Performance

The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.11. The firm has a fifty day moving average price of $26.86 and a 200 day moving average price of $27.64. The firm has a market cap of $723.00 million, a PE ratio of 6.43 and a beta of 1.49.

Hippo (NYSE:HIPO) last announced its quarterly earnings data on Wednesday, March 4th. The company reported $0.67 earnings per share (EPS) for the quarter. Hippo had a net margin of 23.45% and a return on equity of 12.17%. The firm had revenue of $120.40 million during the quarter. As a group, equities research analysts expect that Hippo Holdings Inc. will post 0.95 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Richard Mccathron sold 5,000 shares of Hippo stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $27.10, for a total transaction of $135,500.00. Following the sale, the chief executive officer owned 604,212 shares of the company’s stock, valued at approximately $16,374,145.20. The trade was a 0.82% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Torben Ostergaard sold 3,667 shares of Hippo stock in a transaction that occurred on Friday, May 15th. The shares were sold at an average price of $26.10, for a total transaction of $95,708.70. Following the sale, the chief executive officer directly owned 65,673 shares in the company, valued at approximately $1,714,065.30. The trade was a 5.29% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 18,667 shares of company stock worth $498,859 over the last quarter. 4.48% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Hippo

A number of institutional investors and hedge funds have recently added to or reduced their stakes in HIPO. Vanguard Group Inc. lifted its stake in shares of Hippo by 5.3% in the 3rd quarter. Vanguard Group Inc. now owns 1,108,547 shares of the company’s stock valued at $40,085,000 after purchasing an additional 55,394 shares during the last quarter. Geode Capital Management LLC increased its position in shares of Hippo by 24.1% during the 4th quarter. Geode Capital Management LLC now owns 557,066 shares of the company’s stock worth $16,760,000 after purchasing an additional 108,359 shares during the last quarter. Westerly Capital Management LLC increased its position in shares of Hippo by 24.3% during the 4th quarter. Westerly Capital Management LLC now owns 420,000 shares of the company’s stock worth $12,634,000 after purchasing an additional 82,000 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in Hippo by 8.2% in the 1st quarter. Dimensional Fund Advisors LP now owns 394,907 shares of the company’s stock valued at $10,291,000 after buying an additional 29,993 shares during the period. Finally, Stoic Point Capital Management LLC raised its holdings in Hippo by 0.8% in the 1st quarter. Stoic Point Capital Management LLC now owns 251,116 shares of the company’s stock valued at $6,544,000 after buying an additional 2,100 shares during the period. Hedge funds and other institutional investors own 43.01% of the company’s stock.

About Hippo

Hippo Enterprises Inc is a technology-driven home insurance company that offers modernized homeowners insurance products through a digital-first platform. Leveraging data analytics, artificial intelligence and smart home devices, the company designs tailored coverage plans intended to streamline the underwriting process and deliver more comprehensive protection for homeowners. Hippo’s policies typically include standard dwelling coverage, personal property protection and liability insurance, along with optional add-ons such as water backup, home computer systems and equipment breakdown coverage.

Through its online portal and partner network of licensed insurance agents, Hippo provides policyholders with a range of services aimed at minimizing risk and preventing losses before they occur.