Hippo (NYSE:HIPO) Shares Down 4.9% – Here’s Why

Hippo Holdings Inc. (NYSE:HIPO)’s share price traded down 4.9% on Thursday . The stock traded as low as $25.26 and last traded at $25.46. 82,196 shares changed hands during trading, a decline of 49% from the average session volume of 162,303 shares. The stock had previously closed at $26.77.

Wall Street Analyst Weigh In

HIPO has been the subject of several recent analyst reports. JMP Securities raised their target price on shares of Hippo from $25.00 to $35.00 and gave the company a “market outperform” rating in a research note on Friday, November 22nd. Jefferies Financial Group reduced their target price on Hippo from $29.00 to $28.00 and set a “buy” rating for the company in a research note on Wednesday, October 9th.

Hippo Trading Down 4.4 %

The stock’s 50 day moving average is $27.13 and its 200 day moving average is $21.04. The firm has a market cap of $623.13 million, a price-to-earnings ratio of -4.91 and a beta of 1.47.

Insider Activity

In related news, CAO Anirudh Badia sold 2,552 shares of the stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $24.49, for a total transaction of $62,498.48. Following the sale, the chief accounting officer now owns 102,315 shares of the company’s stock, valued at $2,505,694.35. This represents a 2.43 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Richard Mccathron sold 15,000 shares of the company’s stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $30.16, for a total value of $452,400.00. Following the sale, the chief executive officer now owns 339,623 shares of the company’s stock, valued at approximately $10,243,029.68. The trade was a 4.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 45,521 shares of company stock valued at $1,236,818. 11.37% of the stock is owned by insiders.

Institutional Investors Weigh In On Hippo

Several institutional investors and hedge funds have recently bought and sold shares of HIPO. Dimensional Fund Advisors LP acquired a new position in shares of Hippo in the 2nd quarter valued at approximately $629,000. Bank of New York Mellon Corp lifted its stake in Hippo by 99.2% during the second quarter. Bank of New York Mellon Corp now owns 61,089 shares of the company’s stock worth $1,050,000 after purchasing an additional 30,418 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. boosted its holdings 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 purchasing an additional 17,978 shares in the last quarter. SG Americas Securities LLC bought a new position in shares of Hippo in the 3rd quarter valued at $174,000. Finally, State Street Corp raised its holdings in shares of Hippo by 10.5% during the 3rd 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 in the last quarter. Institutional investors 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.