Hippo (NYSE:HIPO) Shares Gap Up on Earnings Beat

Hippo Holdings Inc. (NYSE:HIPO)’s stock price gapped up before the market opened on Thursday following a better than expected earnings announcement. 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 trading hands.

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

Wall Street Analyst Weigh In

Separately, JMP Securities lifted their price target on Hippo from $25.00 to $35.00 and gave the company a “market outperform” rating in a research report on Friday, November 22nd.

Insider Activity

In other news, CEO Torben Ostergaard sold 2,092 shares of the business’s stock in a transaction on Tuesday, December 17th. The stock was sold at an average price of $26.46, for a total transaction of $55,354.32. Following the sale, the chief executive officer now directly owns 104,332 shares of the company’s stock, valued at $2,760,624.72. The trade was a 1.97 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Michael Stienstra sold 2,329 shares of the stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $30.02, for a total value of $69,916.58. Following the completion of the transaction, the insider now owns 59,648 shares of the company’s stock, valued at $1,790,632.96. This trade represents a 3.76 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 93,383 shares of company stock worth $2,574,135. Corporate insiders own 11.37% of the company’s stock.

Institutional Trading of Hippo

Several institutional investors and hedge funds have recently bought and sold shares of HIPO. Barclays PLC raised its stake in Hippo by 276.5% during the 3rd quarter. Barclays PLC now owns 25,816 shares of the company’s stock valued at $435,000 after purchasing an additional 18,960 shares during the period. JPMorgan Chase & Co. raised its position in Hippo by 205.0% during the third quarter. JPMorgan Chase & Co. now owns 146,176 shares of the company’s stock valued at $2,467,000 after buying an additional 98,256 shares during the period. Geode Capital Management LLC lifted its stake in Hippo by 6.3% in the 3rd quarter. Geode Capital Management LLC now owns 442,261 shares of the company’s stock worth $7,467,000 after acquiring an additional 26,085 shares in the last quarter. Ieq Capital LLC boosted its position in Hippo by 112.5% during the 4th quarter. Ieq Capital LLC now owns 107,086 shares of the company’s stock worth $2,867,000 after acquiring an additional 56,684 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. grew its stake in Hippo by 37.5% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 65,924 shares of the company’s stock valued at $1,113,000 after acquiring an additional 17,978 shares in the last quarter. Institutional investors and hedge funds own 43.01% of the company’s stock.

Hippo Trading Down 0.4 %

The company has a market cap of $734.45 million, a price-to-earnings ratio of -5.79 and a beta of 1.50. The business has a fifty day moving average price of $27.93 and a two-hundred day moving average price of $24.49.

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.