BlackRock Inc. Has $42.34 Million Stake in Hippo Holdings Inc. $HIPO

Key Points

• BlackRock increased its Hippo stake by 17.8% in the second quarter, purchasing 226,533 additional shares and bringing its holdings to 1.50 million shares valued at approximately $42.34 million. Institutional investors and hedge funds own 43.01% of Hippo.
• Hippo reported quarterly revenue of $144.7 million and earnings of $0.79 per share, significantly exceeding analysts’ expectations. Analysts have a consensus “Buy” rating and an average price target of $40.50.
• Company insiders have recently sold shares, including the CEO and CFO, with insiders selling 17,838 shares worth approximately $517,933 over the past three months.

BlackRock Inc. grew its position in Hippo Holdings Inc. (NYSE:HIPO - Free Report) by 17.8% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,498,306 shares of the company's stock after purchasing an additional 226,533 shares during the quarter. BlackRock Inc. owned approximately 144.07% of Hippo worth $42,342,000 as of its most recent filing with the SEC.

Several other large investors also recently modified their holdings of the company. Caitong International Asset Management Co. Ltd acquired a new stake in shares of Hippo during the 4th quarter worth approximately $26,000. Altshuler Shaham Ltd raised its holdings in shares of Hippo by 270.4% during the fourth quarter. Altshuler Shaham Ltd now owns 1,000 shares of the company's stock valued at $30,000 after purchasing an additional 730 shares during the period. Quantbot Technologies LP bought a new position in shares of Hippo during the 2nd quarter worth about $33,000. Kemnay Advisory Services Inc. acquired a new stake in shares of Hippo in the 4th quarter valued at about $56,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank bought a new stake in Hippo in the 4th quarter valued at about $71,000. 43.01% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, CEO Torben Ostergaard sold 1,169 shares of the firm's stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $33.00, for a total transaction of $38,577.00. Following the transaction, the chief executive officer directly owned 61,824 shares of the company's stock, valued at $2,040,192. This trade represents a 1.86% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Guy Zeltser sold 1,669 shares of the business's stock in a transaction dated Tuesday, July 28th. The stock was sold at an average price of $30.98, for a total transaction of $51,705.62. Following the transaction, the chief financial officer owned 120,563 shares in the company, valued at approximately $3,735,041.74. This trade represents a 1.37% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 17,838 shares of company stock valued at $517,933 in the last three months. 4.48% of the stock is currently owned by insiders.

Hippo Stock Performance

Shares of Hippo stock opened at $32.84 on Tuesday. Hippo Holdings Inc. has a 52 week low of $24.08 and a 52 week high of $38.98. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.10. The business has a 50 day moving average price of $30.42 and a 200-day moving average price of $27.98. The company has a market cap of $866.65 million, a PE ratio of 7.06 and a beta of 1.47.

Hippo (NYSE:HIPO - Get Free Report) last announced its earnings results on Thursday, July 30th. The company reported $0.79 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.17) by $0.96. Hippo had a return on equity of 10.68% and a net margin of 23.92%.The company had revenue of $144.70 million for the quarter, compared to analysts' expectations of $137.44 million. Equities analysts anticipate that Hippo Holdings Inc. will post 1.5 earnings per share for the current fiscal year.

Analysts Set New Price Targets

HIPO has been the subject of a number of research reports. Keefe, Bruyette & Woods raised their price objective on Hippo from $33.00 to $35.00 and gave the company a "market perform" rating in a research note on Thursday, August 6th. B. Riley Financial reiterated a "buy" rating and issued a $41.50 target price (up from $38.00) on shares of Hippo in a report on Monday, August 3rd. Zacks Research raised shares of Hippo from a "hold" rating to a "strong-buy" rating in a research report on Friday, August 7th. Texas Capital upgraded shares of Hippo to a "strong-buy" rating in a research note on Tuesday, June 9th. Finally, Weiss Ratings restated a "hold (c)" rating on shares of Hippo in a report on Friday, July 31st. Two equities research analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Buy" and an average price target of $40.50.

About Hippo

Hippo Enterprises Inc is a technology-driven home insurance company that offers modernized homeowners insurance products through a digital-first platform. Leveraging data analytics, artificial intelligence and smart home devices, the company designs tailored coverage plans intended to streamline the underwriting process and deliver more comprehensive protection for homeowners. Hippo's policies typically include standard dwelling coverage, personal property protection and liability insurance, along with optional add-ons such as water backup, home computer systems and equipment breakdown coverage.

Through its online portal and partner network of licensed insurance agents, Hippo provides policyholders with a range of services aimed at minimizing risk and preventing losses before they occur.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source