Short Interest in Neptune Insurance Holdings Inc. (NYSE:NP) Expands By 160.9%

Key Points

• Short interest in Neptune Insurance Holdings jumped 160.9% in June, rising to 2,167,741 shares, or 6.1% of the float. The stock’s short-interest ratio is 1.7 days based on average volume.
• Analysts remain mixed on the stock, with recent price target increases from Bank of America, Morgan Stanley, and Keefe, Bruyette & Woods. Overall, the name carries an average rating of “Hold” and an average target price of $29.18.
• Insiders sold heavily over the past 90 days, including large disposals by major shareholders Ftv Vii L.P. and Hold 101 Lp Bsiv. The company also reported solid quarterly results, with revenue up 28.8% year over year and earnings matching estimates.

Neptune Insurance Holdings Inc. (NYSE:NP - Get Free Report) was the recipient of a large increase in short interest during the month of June. As of June 30th, there was short interest totaling 2,167,741 shares, an increase of 160.9% from the June 15th total of 830,875 shares. Currently, 6.1% of the shares of the stock are sold short. Based on an average trading volume of 1,301,637 shares, the short-interest ratio is currently 1.7 days.

Analysts Set New Price Targets

A number of equities research analysts have commented on the company. Bank of America increased their target price on Neptune Insurance from $23.00 to $26.00 and gave the company a "neutral" rating in a report on Tuesday, April 14th. Weiss Ratings restated a "sell (d)" rating on shares of Neptune Insurance in a research report on Monday, April 20th. Evercore reaffirmed an "outperform" rating on shares of Neptune Insurance in a research note on Friday, May 8th. Morgan Stanley lifted their price objective on Neptune Insurance from $26.00 to $29.00 and gave the stock an "equal weight" rating in a research report on Thursday, May 21st. Finally, Keefe, Bruyette & Woods reissued a "market perform" rating and issued a $34.00 target price (up from $32.00) on shares of Neptune Insurance in a research note on Wednesday, July 8th. Eight analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Neptune Insurance presently has an average rating of "Hold" and an average target price of $29.18.

Insider Activity

In other news, major shareholder Vii L.P. Ftv sold 5,252,044 shares of the stock in a transaction that occurred on Friday, May 15th. The shares were sold at an average price of $26.40, for a total value of $138,653,961.60. Following the sale, the insider directly owned 17,098,587 shares in the company, valued at $451,402,696.80. This represents a 23.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Hold 101 Lp Bsiv sold 4,589,351 shares of the firm's stock in a transaction that occurred on Friday, May 15th. The stock was sold at an average price of $26.40, for a total transaction of $121,158,866.40. Following the transaction, the insider directly owned 14,941,121 shares of the company's stock, valued at approximately $394,445,594.40. This trade represents a 23.50% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 11,317,604 shares of company stock valued at $298,784,746 over the last 90 days. 74.26% of the stock is currently owned by insiders.

Institutional Trading of Neptune Insurance

Hedge funds have recently added to or reduced their stakes in the business. Maltese Capital Management LLC purchased a new stake in Neptune Insurance in the 3rd quarter valued at about $3,200,000. FNY Investment Advisers LLC purchased a new position in shares of Neptune Insurance during the 3rd quarter worth about $171,000. Massachusetts Financial Services Co. MA acquired a new stake in shares of Neptune Insurance in the fourth quarter worth approximately $759,000. Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in shares of Neptune Insurance in the fourth quarter worth approximately $2,068,000. Finally, Vanguard Group Inc. purchased a new stake in Neptune Insurance in the fourth quarter valued at approximately $47,063,000.

Neptune Insurance Stock Performance

NP stock opened at $32.23 on Tuesday. The company has a 50 day moving average price of $28.64 and a two-hundred day moving average price of $25.89. The stock has a market capitalization of $4.46 billion and a P/E ratio of 119.38. Neptune Insurance has a one year low of $14.78 and a one year high of $34.61.

Neptune Insurance (NYSE:NP - Get Free Report) last issued its quarterly earnings results on Wednesday, April 22nd. The company reported $0.09 earnings per share for the quarter, hitting analysts' consensus estimates of $0.09. The business had revenue of $37.80 million for the quarter, compared to analysts' expectations of $36.96 million. Neptune Insurance's revenue was up 28.8% on a year-over-year basis. Research analysts forecast that Neptune Insurance will post 0.4 earnings per share for the current fiscal year.

About Neptune Insurance

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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