Hippo (NYSE:HIPO) Shares Gap Down on Disappointing Earnings

Hippo Holdings Inc. (NYSE:HIPO) shares gapped down before the market opened on Thursday following a weaker than expected earnings announcement. The stock had previously closed at $24.46, but opened at $23.32. Hippo shares last traded at $21.63, with a volume of 158,581 shares traded.

The company reported ($1.91) earnings per share for the quarter, missing the consensus estimate of ($1.41) by ($0.50). Hippo had a negative net margin of 37.94% and a negative return on equity of 36.38%. The firm had revenue of $110.30 million during the quarter, compared to analysts’ expectations of $106.70 million.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on HIPO. Jefferies Financial Group lowered their price objective on shares of Hippo from $43.00 to $30.00 and set a “buy” rating on the stock in a research report on Friday, April 11th. Keefe, Bruyette & Woods boosted their target price on Hippo from $24.00 to $26.00 and gave the company a “market perform” rating in a report on Tuesday, April 22nd.

Insider Transactions at Hippo

In other news, Chairman Assaf Wand sold 12,250 shares of Hippo stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $28.90, for a total transaction of $354,025.00. Following the completion of the transaction, the chairman now owns 486,814 shares of the company’s stock, valued at $14,068,924.60. The trade was a 2.45 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Michael Stienstra sold 2,329 shares of the stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $30.02, for a total transaction of $69,916.58. Following the completion of the sale, the insider now directly owns 59,648 shares in the company, valued at approximately $1,790,632.96. The trade was a 3.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 11.37% of the company’s stock.

Hedge Funds Weigh In On Hippo

Several hedge funds have recently bought and sold shares of HIPO. Renaissance Technologies LLC lifted its holdings in Hippo by 90.8% in the 4th quarter. Renaissance Technologies LLC now owns 268,320 shares of the company’s stock valued at $7,183,000 after purchasing an additional 127,716 shares in the last quarter. Prudential Financial Inc. purchased a new position in shares of Hippo during the fourth quarter valued at approximately $3,369,000. Dimensional Fund Advisors LP boosted its position in Hippo by 96.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 228,137 shares of the company’s stock worth $6,107,000 after acquiring an additional 112,108 shares during the last quarter. JPMorgan Chase & Co. grew its stake in Hippo by 205.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 146,176 shares of the company’s stock worth $2,467,000 after acquiring an additional 98,256 shares during the period. Finally, Vanguard Group Inc. raised its holdings in Hippo by 10.5% in the 4th quarter. Vanguard Group Inc. now owns 1,020,249 shares of the company’s stock valued at $27,312,000 after acquiring an additional 96,959 shares during the last quarter. Hedge funds and other institutional investors own 43.01% of the company’s stock.

Hippo Trading Down 0.3 %

The company has a market cap of $514.43 million, a PE ratio of -3.94 and a beta of 1.49. The business has a 50 day simple moving average of $24.96 and a two-hundred day simple moving average of $26.57.

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.