Tenzing Global Management LLC Invests $2.56 Million in Hippo Holdings Inc. $HIPO

Key Points

• Tenzing Global Management LLC acquired 100,000 shares of Hippo Holdings Inc., representing approximately $2.56 million and making Hippo its 16th largest investment.
• In recent transactions, Hippo's CEO Richard Mccathron sold 2,275 shares, while CEO Torben Ostergaard sold 2,444 shares, indicating ongoing insider trading activity.
• Research firms have upgraded Hippo's stock rating, with B. Riley raising its price target from $35 to $41, contributing to an average price target of $34.25 according to MarketBeat.

Tenzing Global Management LLC bought a new position in Hippo Holdings Inc. (NYSE:HIPO - Free Report) in the first quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 100,000 shares of the company's stock, valued at approximately $2,556,000. Hippo comprises 1.9% of Tenzing Global Management LLC's portfolio, making the stock its 16th largest position. Tenzing Global Management LLC owned approximately 0.40% of Hippo as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in HIPO. BNP Paribas Financial Markets purchased a new position in Hippo in the 4th quarter worth $118,000. The Manufacturers Life Insurance Company purchased a new position in shares of Hippo during the 4th quarter valued at about $200,000. Two Sigma Advisers LP purchased a new position in shares of Hippo during the 4th quarter valued at about $200,000. Two Sigma Investments LP purchased a new position in shares of Hippo during the 4th quarter valued at about $259,000. Finally, Sherbrooke Park Advisers LLC purchased a new position in shares of Hippo during the 4th quarter valued at about $296,000. Hedge funds and other institutional investors own 43.01% of the company's stock.

Analyst Ratings Changes

Several equities analysts recently weighed in on HIPO shares. Wall Street Zen upgraded Hippo from a "hold" rating to a "buy" rating in a research note on Sunday, August 17th. JMP Securities lifted their price target on Hippo from $35.00 to $40.00 and gave the company a "market outperform" rating in a research note on Thursday, August 7th. Finally, B. Riley lifted their price objective on Hippo from $35.00 to $41.00 and gave the stock a "buy" rating in a report on Thursday, August 7th. Three research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. According to MarketBeat, Hippo presently has a consensus rating of "Moderate Buy" and a consensus price target of $34.25.

Hippo Price Performance

Shares of Hippo stock traded up $0.34 on Tuesday, hitting $36.93. 358,238 shares of the company were exchanged, compared to its average volume of 163,126. The stock has a market capitalization of $924.31 million, a price-to-earnings ratio of -75.36 and a beta of 1.55. The company has a 50-day moving average price of $29.59 and a 200 day moving average price of $26.88. Hippo Holdings Inc. has a 1-year low of $15.74 and a 1-year high of $37.90. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.14.

Hippo (NYSE:HIPO - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The company reported $0.65 EPS for the quarter, beating the consensus estimate of ($0.65) by $1.30. The firm had revenue of $117.30 million for the quarter, compared to analyst estimates of $116.00 million. Hippo had a negative net margin of 2.52% and a negative return on equity of 12.13%. As a group, sell-side analysts predict that Hippo Holdings Inc. will post -3.63 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Torben Ostergaard sold 2,444 shares of Hippo stock in a transaction that occurred on Thursday, June 12th. The shares were sold at an average price of $29.95, for a total transaction of $73,197.80. Following the sale, the chief executive officer owned 64,349 shares of the company's stock, valued at approximately $1,927,252.55. The trade was a 3.66% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Len Fw Investor, Llc sold 514,309 shares of Hippo stock in a transaction that occurred on 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 sale, the insider directly owned 2,476,418 shares in the company, valued at approximately $69,760,695.06. The trade was a 17.20% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 519,028 shares of company stock valued at $14,638,632. 10.80% of the stock is currently owned by company insiders.

About Hippo

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.