Renaissance Technologies LLC Buys 144,210 Shares of Neptune Insurance Holdings Inc. $NP

Renaissance Technologies LLC raised its stake in shares of Neptune Insurance Holdings Inc. (NYSE:NP - Free Report) by 874.4% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 160,703 shares of the company's stock after buying an additional 144,210 shares during the quarter. Renaissance Technologies LLC owned about 0.12% of Neptune Insurance worth $3,887,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Wells Fargo & Company MN bought a new position in shares of Neptune Insurance in the fourth quarter valued at approximately $28,000. PNC Financial Services Group Inc. bought a new stake in Neptune Insurance during the 4th quarter worth approximately $125,000. Symmetry Investments LP bought a new stake in Neptune Insurance during the 4th quarter worth approximately $204,000. FJ Capital Management LLC purchased a new stake in Neptune Insurance in the 4th quarter worth approximately $289,000. Finally, BIT Capital GmbH purchased a new stake in Neptune Insurance in the 4th quarter worth approximately $292,000.

Analysts Set New Price Targets

A number of research firms have recently commented on NP. Bank of America boosted their price target on shares of Neptune Insurance from $23.00 to $26.00 and gave the company a "neutral" rating in a research report on Tuesday, April 14th. Keefe, Bruyette & Woods dropped their price objective on Neptune Insurance from $34.00 to $33.00 and set a "market perform" rating for the company in a research note on Friday, July 24th. Evercore reissued an "outperform" rating and set a $36.00 price objective on shares of Neptune Insurance in a research note on Wednesday, July 22nd. Weiss Ratings upgraded Neptune Insurance from a "sell (d)" rating to a "hold (c)" rating in a research note on Friday, July 31st. Finally, Mizuho raised their price target on Neptune Insurance from $29.00 to $32.00 and gave the company a "neutral" rating in a report on Thursday, July 9th. Seven research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $31.46.

Insider Transactions at Neptune Insurance

In related news, major shareholder Hold 101 Lp Bsiv sold 4,589,351 shares of the stock in a transaction dated Friday, May 15th. The stock was sold at an average price of $26.40, for a total transaction of $121,158,866.40. Following the completion of the sale, the insider directly owned 14,941,121 shares in the company, valued at $394,445,594.40. This represents a 23.50% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, major shareholder Vii L.P. Ftv sold 5,252,044 shares of the stock in a transaction dated Friday, May 15th. The shares were sold at an average price of $26.40, for a total value of $138,653,961.60. Following the sale, the insider owned 17,098,587 shares of the company's stock, valued at $451,402,696.80. This represents a 23.50% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 14,817,604 shares of company stock worth $415,054,746 over the last ninety days. Insiders own 74.26% of the company's stock.

Neptune Insurance Stock Performance

Shares of Neptune Insurance stock opened at $32.15 on Friday. Neptune Insurance Holdings Inc. has a 52-week low of $14.78 and a 52-week high of $35.15. The company has a fifty day moving average of $30.02 and a 200-day moving average of $26.35. The stock has a market capitalization of $4.41 billion and a price-to-earnings ratio of 128.59.

Neptune Insurance (NYSE:NP - Get Free Report) last issued its earnings results on Tuesday, July 21st. The company reported $0.15 EPS for the quarter, topping analysts' consensus estimates of $0.14 by $0.01. The company had revenue of $55.87 million for the quarter, compared to analysts' expectations of $52.38 million. Neptune Insurance had a net margin of 21.45% and a negative return on equity of 18.77%. On average, equities research analysts forecast that Neptune Insurance Holdings Inc. will post 0.4 earnings per share for the current fiscal year.

Neptune Insurance Profile

Our mission is to create a smarter, more resilient insurance platform powered by AI, data science, and technology, enabling insurers to deploy capacity with confidence and delivering instant access to coverage for policyholders and agents. Neptune is a leading, high-growth, highly profitable, data-driven managing general agent that is revolutionizing the way homeowners and businesses protect against the growing risks of flooding. We offer a range of easy-to-purchase residential and commercial insurance products — including primary flood insurance, excess flood insurance, and parametric earthquake insurance — distributed through a nationwide network of agencies.

Want to see what other hedge funds are holding NP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Neptune Insurance Holdings Inc. (NYSE:NP - Free Report).

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