Hippo (NYSE:HIPO) Shares Gap Down – Time to Sell?

Shares of Hippo Holdings Inc. (NYSE:HIPO) gapped down before the market opened on Friday . The stock had previously closed at $26.16, but opened at $24.88. Hippo shares last traded at $24.74, with a volume of 24,440 shares.

Wall Street Analyst Weigh In

Several brokerages recently commented on HIPO. JMP Securities upped their price target on shares of Hippo from $25.00 to $35.00 and gave the company a “market outperform” rating in a report on Friday, November 22nd. Jefferies Financial Group reduced their price target on Hippo from $29.00 to $28.00 and set a “buy” rating on the stock in a report on Wednesday, October 9th.

Hippo Stock Performance

The company has a market cap of $578.55 million, a P/E ratio of -4.56 and a beta of 1.51. The business’s fifty day moving average is $27.96 and its two-hundred day moving average is $21.45.

Insider Buying and Selling

In other news, CEO Richard Mccathron sold 10,000 shares of the stock in a transaction on Friday, November 8th. The stock was sold at an average price of $25.55, for a total transaction of $255,500.00. Following the completion of the sale, the chief executive officer now owns 366,146 shares in the company, valued at approximately $9,355,030.30. This represents a 2.66 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Anirudh Badia sold 2,552 shares of the business’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $24.49, for a total value of $62,498.48. Following the transaction, the chief accounting officer now owns 102,315 shares in the company, valued at approximately $2,505,694.35. This trade represents a 2.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 67,771 shares of company stock valued at $1,818,963 over the last quarter. 11.37% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Hippo

Several institutional investors have recently added to or reduced their stakes in HIPO. Geode Capital Management LLC raised its position in shares of Hippo by 6.3% in the 3rd quarter. Geode Capital Management LLC now owns 442,261 shares of the company’s stock valued at $7,467,000 after purchasing an additional 26,085 shares during the last quarter. State Street Corp raised its holdings in shares of Hippo by 10.5% in the third quarter. State Street Corp now owns 377,537 shares of the company’s stock worth $6,373,000 after buying an additional 35,743 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of Hippo by 9.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 151,240 shares of the company’s stock worth $2,553,000 after buying an additional 13,586 shares during the period. JPMorgan Chase & Co. grew its holdings in shares of 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 last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. increased its position in shares of Hippo by 37.5% in 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 during the period. Institutional investors and hedge funds own 43.01% of the company’s stock.

Hippo Company Profile

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.