Hippo (NYSE:HIPO) Shares Gap Up - Here's Why

Hippo Holdings Inc. (NYSE:HIPO - Get Free Report)'s stock price gapped up before the market opened on Thursday . The stock had previously closed at $27.10, but opened at $27.81. Hippo shares last traded at $29.09, with a volume of 27,272 shares.

Analyst Ratings Changes

HIPO has been the subject of a number of research analyst reports. Jefferies Financial Group lowered their price objective on shares of Hippo from $43.00 to $30.00 and set a "buy" rating for the company in a research report on Friday, April 11th. Keefe, Bruyette & Woods raised their price objective on shares of Hippo from $24.00 to $26.00 and gave the company a "market perform" rating in a report on Tuesday, April 22nd.

Hippo Trading Up 8.9%

The company's 50 day moving average is $23.80 and its 200 day moving average is $26.43. The stock has a market capitalization of $742.13 million, a price-to-earnings ratio of -5.66 and a beta of 1.48.

Hippo (NYSE:HIPO - Get Free Report) last posted its quarterly earnings data on Wednesday, May 7th. The company reported ($1.91) EPS for the quarter, missing analysts' consensus estimates of ($1.41) by ($0.50). The business had revenue of $110.30 million during the quarter, compared to analyst estimates of $106.70 million. Hippo had a negative net margin of 37.94% and a negative return on equity of 36.38%. Analysts anticipate that Hippo Holdings Inc. will post -3.63 EPS for the current fiscal year.

Insider Activity

In other news, CEO Torben Ostergaard sold 4,889 shares of Hippo stock in a transaction dated Wednesday, June 4th. The shares were sold at an average price of $24.61, for a total value of $120,318.29. Following the sale, the chief executive officer now owns 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 11.37% of the company's stock.

Institutional Trading of Hippo

Hedge funds and other institutional investors have recently made changes to their positions in the company. Invesco Ltd. lifted its position in shares of Hippo by 1.5% during the 4th quarter. Invesco Ltd. now owns 35,866 shares of the company's stock valued at $960,000 after acquiring an additional 539 shares during the period. AQR Capital Management LLC lifted its position in shares of Hippo by 8.3% during the 1st quarter. AQR Capital Management LLC now owns 16,193 shares of the company's stock valued at $414,000 after acquiring an additional 1,236 shares during the period. Public Employees Retirement System of Ohio lifted its position in shares of Hippo by 13.5% during the 4th quarter. Public Employees Retirement System of Ohio now owns 11,736 shares of the company's stock valued at $314,000 after acquiring an additional 1,400 shares during the period. Charles Schwab Investment Management Inc. lifted its position in shares of Hippo by 0.9% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 152,664 shares of the company's stock valued at $4,087,000 after acquiring an additional 1,424 shares during the period. Finally, Price T Rowe Associates Inc. MD lifted its position in shares of Hippo by 5.7% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 26,768 shares of the company's stock valued at $717,000 after acquiring an additional 1,434 shares during the period. Hedge funds and other institutional investors own 43.01% of the company's stock.

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.