JMP Securities Issues Positive Forecast for Hippo (NYSE:HIPO) Stock Price

Key Points

• JMP Securities has raised its price target for Hippo (NYSE:HIPO) stock from $35.00 to $40.00, indicating a potential upside of 29.22% from the current price.
• Hippo reported a quarterly earnings per share (EPS) of $0.65, exceeding analysts’ expectations, with a revenue of $117.30 million during the quarter.
• Significant insider transactions occurred, including major shareholder Len Fw Investor, LLC selling 514,309 shares and CEO Torben Ostergaard selling 4,889 shares of Hippo stock recently.

Hippo (NYSE:HIPO - Get Free Report) had its price objective raised by analysts at JMP Securities from $35.00 to $40.00 in a research note issued to investors on Thursday,Benzinga reports. The firm currently has a "market outperform" rating on the stock. JMP Securities' price target would indicate a potential upside of 29.22% from the company's current price.

HIPO has been the subject of a number of other reports. B. Riley initiated coverage on shares of Hippo in a report on Tuesday, July 1st. They set a "buy" rating and a $35.00 price objective for the company. Jefferies Financial Group lowered their target price on shares of Hippo from $43.00 to $30.00 and set a "buy" rating for the company in a report on Friday, April 11th. Finally, Keefe, Bruyette & Woods increased their target price on shares of Hippo from $24.00 to $26.00 and gave the company a "market perform" rating in a research report on Tuesday, April 22nd.

Hippo Trading Down 1.9%

HIPO opened at $30.96 on Thursday. The company has a fifty day moving average price of $27.12 and a two-hundred day moving average price of $26.30. Hippo has a 1-year low of $15.74 and a 1-year high of $35.44. The company has a market cap of $778.85 million, a P/E ratio of -14.33 and a beta of 1.53.

Hippo (NYSE:HIPO - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The company reported $0.65 EPS for the quarter, beating analysts' consensus estimates of ($0.65) by $1.30. Hippo had a negative return on equity of 29.27% and a negative net margin of 13.21%. The firm had revenue of $117.30 million during the quarter, compared to analysts' expectations of $116.00 million. On average, research analysts forecast that Hippo will post -3.63 EPS for the current fiscal year.

Insiders Place Their Bets

In other Hippo news, 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 completion of the sale, the insider directly owned 2,476,418 shares in the company, valued at $69,760,695.06. The trade was a 17.20% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Torben Ostergaard sold 4,889 shares of Hippo stock in a transaction on Wednesday, June 4th. The stock was sold at an average price of $24.61, for a total transaction of $120,318.29. Following the sale, the chief executive officer directly owned 66,793 shares of the company's stock, valued at $1,643,775.73. This represents a 6.82% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 521,642 shares of company stock valued at $14,681,601 over the last 90 days. Company insiders own 10.80% of the company's stock.

Hedge Funds Weigh In On Hippo

A number of hedge funds and other institutional investors have recently modified their holdings of HIPO. Renaissance Technologies LLC raised its stake in shares of Hippo by 90.8% during the fourth quarter. Renaissance Technologies LLC now owns 268,320 shares of the company's stock worth $7,183,000 after acquiring an additional 127,716 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Hippo by 96.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 228,137 shares of the company's stock worth $6,107,000 after buying an additional 112,108 shares during the period. Philadelphia Financial Management of San Francisco LLC purchased a new position in Hippo in the 1st quarter worth approximately $2,636,000. Tenzing Global Management LLC bought a new stake in Hippo in the first quarter valued at approximately $2,556,000. Finally, Vanguard Group Inc. grew its holdings in shares of Hippo by 10.5% in the fourth quarter. Vanguard Group Inc. now owns 1,020,249 shares of the company's stock worth $27,312,000 after purchasing an additional 96,959 shares during the last quarter. 43.01% of the stock is currently owned by hedge funds and other institutional investors.

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.

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