Neptune Insurance (NYSE:NP) Price Target Raised to $30.00

Key Points

• JPMorgan Chase & Co. raised Neptune Insurance’s price target from $26 to $30 while keeping a neutral rating, implying modest downside from the prior close.
• Other analysts were also mixed but generally cautious: Mizuho lifted its target to $32, Morgan Stanley to $29, and Wells Fargo started coverage with an overweight rating and a $35 target. Overall, the stock’s consensus rating remains Hold with an average target of $29.18.
• Neptune Insurance shares traded up 0.5% to $32.06, and the company recently reported earnings of $0.09 per share on revenue of $37.8 million, with revenue up 28.8% year over year.

Neptune Insurance (NYSE:NP - Get Free Report) had its price target boosted by research analysts at JPMorgan Chase & Co. from $26.00 to $30.00 in a research note issued on Monday,Benzinga reports. The brokerage currently has a "neutral" rating on the stock. JPMorgan Chase & Co.'s price target would indicate a potential downside of 6.44% from the company's previous close.

Several other analysts have also recently commented on NP. Mizuho boosted their price target on shares of Neptune Insurance from $29.00 to $32.00 and gave the stock a "neutral" rating in a research note on Thursday. Morgan Stanley lifted their target price on Neptune Insurance from $26.00 to $29.00 and gave the stock an "equal weight" rating in a report on Thursday, May 21st. Evercore restated an "outperform" rating on shares of Neptune Insurance in a report on Friday, May 8th. Weiss Ratings reaffirmed a "sell (d)" rating on shares of Neptune Insurance in a research note on Monday, April 20th. Finally, Wells Fargo & Company initiated coverage on Neptune Insurance in a report on Tuesday, June 30th. They set an "overweight" rating and a $35.00 price objective on the stock. Eight equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $29.18.

Neptune Insurance Trading Up 0.5%

Shares of NP traded up $0.14 during trading hours on Monday, reaching $32.06. 73,221 shares of the stock traded hands, compared to its average volume of 603,045. Neptune Insurance has a 52-week low of $14.78 and a 52-week high of $34.61. The company has a market cap of $4.44 billion and a P/E ratio of 118.50. The company's 50-day moving average price is $28.50 and its two-hundred day moving average price is $25.88.

Neptune Insurance (NYSE:NP - Get Free Report) last posted its quarterly earnings results on Wednesday, April 22nd. The company reported $0.09 EPS for the quarter, meeting analysts' consensus estimates of $0.09. The business had revenue of $37.80 million for the quarter, compared to the consensus estimate of $36.96 million. Neptune Insurance's revenue was up 28.8% compared to the same quarter last year. On average, research analysts forecast that Neptune Insurance will post 0.4 EPS for the current year.

Insider Buying and Selling

In related news, major shareholder Vii L.P. Ftv sold 787,806 shares of the business's stock in a transaction that occurred on Tuesday, May 19th. The stock was sold at an average price of $26.40, for a total value of $20,798,078.40. Following the completion of the sale, the insider owned 16,310,781 shares in the company, valued at approximately $430,604,618.40. The trade was a 4.61% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Hold 101 Lp Bsiv sold 688,403 shares of the firm's stock in a transaction on Tuesday, May 19th. The stock was sold at an average price of $26.40, for a total value of $18,173,839.20. Following the transaction, the insider owned 14,252,718 shares in the company, valued at $376,271,755.20. The trade was a 4.61% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 11,317,604 shares of company stock valued at $298,784,746 in the last quarter. 74.26% of the stock is owned by company insiders.

Hedge Funds Weigh In On Neptune Insurance

Hedge funds and other institutional investors have recently modified their holdings of the business. Maltese Capital Management LLC purchased a new position in shares of Neptune Insurance in the 3rd quarter valued at $3,200,000. Comerica Bank acquired a new position in shares of Neptune Insurance during the fourth quarter valued at about $1,507,000. Capital World Investors acquired a new stake in Neptune Insurance in the 4th quarter worth approximately $32,091,000. Vanguard Group Inc. acquired a new position in Neptune Insurance during the 4th quarter valued at approximately $47,063,000. Finally, Bregal Sagemount IV General Partner Jersey Ltd acquired a new stake in shares of Neptune Insurance during the fourth quarter worth $569,509,000.

Neptune Insurance Company 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.

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