Hippo (NYSE:HIPO) Stock Price Down 5.3% - Here's What Happened

Hippo Holdings Inc. (NYSE:HIPO - Get Free Report) shares fell 5.3% during mid-day trading on Thursday . The stock traded as low as $27.43 and last traded at $27.59. 29,512 shares were traded during trading, a decline of 87% from the average session volume of 218,643 shares. The stock had previously closed at $29.14.

Analyst Ratings Changes

Several research analysts have recently weighed in on HIPO shares. B. Riley started coverage on shares of Hippo in a research note on Tuesday, July 1st. They issued a "buy" rating and a $35.00 target price for the company. Jefferies Financial Group decreased their target price on shares of Hippo from $43.00 to $30.00 and set a "buy" rating for the company in a research note on Friday, April 11th. Finally, Keefe, Bruyette & Woods upped their target price on shares of Hippo from $24.00 to $26.00 and gave the company a "market perform" rating in a research note on Tuesday, April 22nd.

Hippo Stock Down 5.6%

The firm has a market capitalization of $691.90 million, a PE ratio of -12.61 and a beta of 1.53. The firm's 50 day moving average price is $25.62 and its two-hundred day moving average price is $26.28.

Hippo (NYSE:HIPO - Get Free Report) last announced its earnings results on Wednesday, May 7th. The company reported ($1.91) earnings per share for the quarter, missing the consensus estimate of ($1.41) by ($0.50). The firm had revenue of $110.30 million during the quarter, compared to analysts' expectations of $106.70 million. Hippo had a negative net margin of 13.21% and a negative return on equity of 29.27%. On average, sell-side analysts anticipate that Hippo Holdings Inc. will post -3.63 earnings per share for the current fiscal year.

Insider Buying and Selling at Hippo

In related news, CEO Torben Ostergaard sold 2,444 shares of the company's stock in a transaction on Thursday, June 12th. The shares were sold at an average price of $29.95, for a total value of $73,197.80. Following the sale, the chief executive officer directly owned 64,349 shares of the company's stock, valued at $1,927,252.55. This represents a 3.66% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, major shareholder Len Fw Investor, Llc sold 514,309 shares of the company's stock in a transaction 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 completion of the sale, the insider directly owned 2,476,418 shares in the company, valued at $69,760,695.06. This represents a 17.20% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 521,642 shares of company stock worth $14,681,601 over the last ninety days. 10.80% of the stock is currently owned by corporate insiders.

Institutional Trading of Hippo

Institutional investors have recently added to or reduced their stakes in the stock. Dynamic Technology Lab Private Ltd acquired a new stake in shares of Hippo during the first quarter worth $551,000. Tenzing Global Management LLC acquired a new stake in shares of Hippo during the first quarter worth $2,556,000. Philadelphia Financial Management of San Francisco LLC acquired a new stake in shares of Hippo during the first quarter worth $2,636,000. AQR Capital Management LLC raised its holdings in shares of Hippo by 8.3% during the first quarter. AQR Capital Management LLC now owns 16,193 shares of the company's stock worth $414,000 after purchasing an additional 1,236 shares during the period. Finally, PDT Partners LLC acquired a new stake in shares of Hippo during the first quarter worth $485,000. 43.01% of the stock is owned by institutional investors and hedge funds.

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.