B. Riley Forecasts Strong Price Appreciation for Hippo (NYSE:HIPO) Stock

Key Points

• B. Riley has increased its price target for Hippo (NYSE:HIPO) stock from $35.00 to $41.00, indicating a potential upside of 38.61% from its current price.
• Despite the positive outlook from some brokerages, Hippo stock recently declined by 6.2%, trading at $29.58 amid mixed analyst opinions.
• Insider trading activity showed major stakeholders selling over 520,000 shares, which resulted in a 17.20% decrease in ownership for insider Len Fw Investor LLC.

Hippo (NYSE:HIPO - Get Free Report) had its price objective lifted by stock analysts at B. Riley from $35.00 to $41.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. B. Riley's price objective suggests a potential upside of 38.61% from the stock's current price.

A number of other brokerages have also weighed in on HIPO. Jefferies Financial Group dropped their price objective on Hippo from $43.00 to $30.00 and set a "buy" rating on the stock in a report on Friday, April 11th. JMP Securities lifted their target price on Hippo from $35.00 to $40.00 and gave the stock a "market outperform" rating in a report on Thursday. Finally, Keefe, Bruyette & Woods boosted their price target on Hippo from $24.00 to $26.00 and gave the stock a "market perform" rating in a research report on Tuesday, April 22nd.

Hippo Stock Down 6.2%

NYSE:HIPO traded down $1.96 during mid-day trading on Thursday, reaching $29.58. The company's stock had a trading volume of 121,133 shares, compared to its average volume of 212,977. The firm has a market capitalization of $744.23 million, a PE ratio of -13.66 and a beta of 1.53. The stock has a fifty day moving average of $27.12 and a 200-day moving average of $26.30. Hippo has a 1 year low of $15.74 and a 1 year high of $35.44.

Hippo (NYSE:HIPO - Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The company reported $0.65 EPS for the quarter, topping analysts' consensus estimates of ($0.65) by $1.30. Hippo had a negative net margin of 13.21% and a negative return on equity of 29.27%. The business had revenue of $117.30 million for the quarter, compared to analysts' expectations of $116.00 million. On average, analysts expect that Hippo will post -3.63 earnings per share for the current year.

Insider Activity

In other news, major shareholder Len Fw Investor, Llc sold 514,309 shares of the company's stock in a transaction dated Tuesday, July 1st. The shares were sold at an average price of $28.17, for a total transaction of $14,488,084.53. Following the transaction, the insider owned 2,476,418 shares in the company, valued at approximately $69,760,695.06. This represents a 17.20% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Torben Ostergaard sold 4,889 shares of the company's stock in a transaction dated Wednesday, June 4th. The stock was sold at an average price of $24.61, for a total transaction of $120,318.29. Following the completion of the sale, the chief executive officer directly owned 66,793 shares of the company's stock, valued at $1,643,775.73. The trade was a 6.82% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 521,642 shares of company stock valued at $14,681,601 in the last 90 days. 10.80% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Hippo

Several hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. boosted its position in shares of Hippo by 2.4% in the first quarter. Vanguard Group Inc. now owns 1,044,502 shares of the company's stock worth $26,697,000 after purchasing an additional 24,253 shares during the period. Renaissance Technologies LLC raised its position in shares of 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 during the last quarter. Dimensional Fund Advisors LP raised its position in Hippo by 96.6% during the 4th quarter. Dimensional Fund Advisors LP now owns 228,137 shares of the company's stock worth $6,107,000 after buying an additional 112,108 shares during the last quarter. JPMorgan Chase & Co. increased its holdings in shares of Hippo by 46.3% during the 4th quarter. JPMorgan Chase & Co. now owns 213,784 shares of the company's stock valued at $5,723,000 after purchasing an additional 67,608 shares in the last quarter. Finally, Northern Trust Corp grew its stake in Hippo by 1.4% in the 4th quarter. Northern Trust Corp now owns 161,253 shares of the company's stock valued at $4,317,000 after acquiring an additional 2,232 shares during the period. 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.

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