Renaissance Technologies LLC Buys 144,210 Shares of Neptune Insurance Holdings Inc. $NP

Renaissance Technologies LLC raised its stake in shares of Neptune Insurance Holdings Inc. (NYSE:NP) by 874.4% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 160,703 shares of the company’s stock after buying an additional 144,210 shares during the quarter. Renaissance Technologies LLC owned about 0.12% of Neptune Insurance worth $3,887,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Wells Fargo & Company MN bought a new position in shares of Neptune Insurance in the fourth quarter valued at approximately $28,000. PNC Financial Services Group Inc. bought a new stake in Neptune Insurance during the 4th quarter worth approximately $125,000. Symmetry Investments LP bought a new stake in Neptune Insurance during the 4th quarter worth approximately $204,000. FJ Capital Management LLC purchased a new stake in Neptune Insurance in the 4th quarter worth approximately $289,000. Finally, BIT Capital GmbH purchased a new stake in Neptune Insurance in the 4th quarter worth approximately $292,000.

Analysts Set New Price Targets

A number of research firms have recently commented on NP. Bank of America boosted their price target on shares of Neptune Insurance from $23.00 to $26.00 and gave the company a “neutral” rating in a research report on Tuesday, April 14th. Keefe, Bruyette & Woods dropped their price objective on Neptune Insurance from $34.00 to $33.00 and set a “market perform” rating for the company in a research note on Friday, July 24th. Evercore reissued an “outperform” rating and set a $36.00 price objective on shares of Neptune Insurance in a research note on Wednesday, July 22nd. Weiss Ratings upgraded Neptune Insurance from a “sell (d)” rating to a “hold (c)” rating in a research note on Friday, July 31st. Finally, Mizuho raised their price target on Neptune Insurance from $29.00 to $32.00 and gave the company a “neutral” rating in a report on Thursday, July 9th. Seven research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $31.46.

Insider Transactions at Neptune Insurance

In related news, major shareholder Hold 101 Lp Bsiv sold 4,589,351 shares of the stock in a transaction dated Friday, May 15th. The stock was sold at an average price of $26.40, for a total transaction of $121,158,866.40. Following the completion of the sale, the insider directly owned 14,941,121 shares in the company, valued at $394,445,594.40. This represents a 23.50% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, major shareholder Vii L.P. Ftv sold 5,252,044 shares of the stock in a transaction dated Friday, May 15th. The shares were sold at an average price of $26.40, for a total value of $138,653,961.60. Following the sale, the insider owned 17,098,587 shares of the company’s stock, valued at $451,402,696.80. This represents a 23.50% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 14,817,604 shares of company stock worth $415,054,746 over the last ninety days. Insiders own 74.26% of the company’s stock.

Neptune Insurance Stock Performance

Shares of Neptune Insurance stock opened at $32.15 on Friday. Neptune Insurance Holdings Inc. has a 52-week low of $14.78 and a 52-week high of $35.15. The company has a fifty day moving average of $30.02 and a 200-day moving average of $26.35. The stock has a market capitalization of $4.41 billion and a price-to-earnings ratio of 128.59.

Neptune Insurance (NYSE:NP) last issued its earnings results on Tuesday, July 21st. The company reported $0.15 EPS for the quarter, topping analysts’ consensus estimates of $0.14 by $0.01. The company had revenue of $55.87 million for the quarter, compared to analysts’ expectations of $52.38 million. Neptune Insurance had a net margin of 21.45% and a negative return on equity of 18.77%. On average, equities research analysts forecast that Neptune Insurance Holdings Inc. will post 0.4 earnings per share for the current fiscal year.

Neptune Insurance 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.