SummitTX Capital L.P. Buys Shares of 37,140 Neptune Insurance Holdings Inc. $NP

SummitTX Capital L.P. purchased a new position in shares of Neptune Insurance Holdings Inc. (NYSE:NP) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 37,140 shares of the company’s stock, valued at approximately $898,000.

Several other hedge funds have also recently modified their holdings of the stock. Wells Fargo & Company MN purchased a new position in Neptune Insurance in the 4th quarter valued at $28,000. PNC Financial Services Group Inc. raised its position in Neptune Insurance by 73.3% during the 1st quarter. PNC Financial Services Group Inc. now owns 7,440 shares of the company’s stock worth $180,000 after buying an additional 3,146 shares during the last quarter. Symmetry Investments LP acquired a new stake in shares of Neptune Insurance in the 4th quarter worth $204,000. FJ Capital Management LLC acquired a new stake in shares of Neptune Insurance in the 4th quarter worth $289,000. Finally, BIT Capital GmbH purchased a new stake in shares of Neptune Insurance in the fourth quarter valued at about $292,000.

Neptune Insurance Stock Down 9.8%

NYSE:NP opened at $31.65 on Friday. The firm’s fifty day simple moving average is $29.53 and its 200-day simple moving average is $26.10. The stock has a market cap of $4.38 billion and a PE ratio of 126.61. Neptune Insurance Holdings Inc. has a fifty-two week low of $14.78 and a fifty-two week high of $35.15.

Neptune Insurance (NYSE:NP) last announced its quarterly earnings data on Tuesday, July 21st. The company reported $0.15 EPS for the quarter, beating 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 firm had revenue of $55.87 million during the quarter, compared to analysts’ expectations of $52.38 million. Equities analysts anticipate that Neptune Insurance Holdings Inc. will post 0.4 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the stock. Bank of America boosted their price target on shares of Neptune Insurance from $23.00 to $26.00 and gave the stock a “neutral” rating in a research note on Tuesday, April 14th. JPMorgan Chase & Co. raised their price objective on shares of Neptune Insurance from $26.00 to $30.00 and gave the company a “neutral” rating in a research report on Monday, July 13th. Evercore reaffirmed an “outperform” rating and issued a $36.00 price objective on shares of Neptune Insurance in a report on Wednesday, July 22nd. BMO Capital Markets cut Neptune Insurance from an “outperform” rating to a “market perform” rating and set a $32.00 target price on the stock. in a research report on Thursday. Finally, Piper Sandler increased their target price on Neptune Insurance from $30.00 to $39.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 15th. Seven research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $31.46.

Insider Buying and Selling

In related news, major shareholder Vii L.P. Ftv sold 787,806 shares of the firm’s stock in a transaction that occurred on Tuesday, May 19th. The stock was sold at an average price of $26.40, for a total value of $20,798,078.40. Following the completion of the transaction, the insider directly owned 16,310,781 shares of the company’s stock, valued at $430,604,618.40. This trade represents a 4.61% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, major shareholder Hold 101 Lp Bsiv sold 688,403 shares of Neptune Insurance stock in a transaction on Tuesday, May 19th. The stock was sold at an average price of $26.40, for a total value of $18,173,839.20. Following the transaction, the insider directly owned 14,252,718 shares of the company’s stock, valued at approximately $376,271,755.20. This represents a 4.61% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 11,317,604 shares of company stock valued at $298,784,746. Insiders own 74.26% of the company’s stock.

Neptune Insurance Company 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.