Hippo (NYSE:HIPO) Shares Gap Down – What’s Next?

Hippo Holdings Inc. (NYSE:HIPO)’s stock price gapped down prior to trading on Wednesday . The stock had previously closed at $29.10, but opened at $28.24. Hippo shares last traded at $28.36, with a volume of 53,701 shares trading hands.

Analyst Upgrades and Downgrades

A number of analysts have commented on HIPO shares. Jefferies Financial Group cut their price target on shares of Hippo from $29.00 to $28.00 and set a “buy” rating on the stock in a research report on Wednesday, October 9th. Keefe, Bruyette & Woods lifted their price objective on shares of Hippo from $20.00 to $21.00 and gave the stock a “market perform” rating in a research report on Monday, August 19th.

Hippo Price Performance

The stock has a market cap of $701.32 million, a PE ratio of -5.59 and a beta of 1.26. The business has a 50 day moving average price of $20.21 and a two-hundred day moving average price of $18.59.

Insider Transactions at Hippo

In related news, CAO Anirudh Badia sold 2,552 shares of the firm’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $24.49, for a total transaction of $62,498.48. Following the completion of the transaction, the chief accounting officer now directly owns 102,315 shares of the company’s stock, valued at approximately $2,505,694.35. This trade represents a 2.43 % 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, CEO Richard Mccathron sold 10,000 shares of Hippo stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $25.55, for a total value of $255,500.00. Following the completion of the sale, the chief executive officer now directly owns 366,146 shares in the company, valued at $9,355,030.30. This trade represents a 2.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 25,657 shares of company stock valued at $538,171. Insiders own 11.37% of the company’s stock.

Hedge Funds Weigh In On Hippo

Several institutional investors have recently added to or reduced their stakes in the company. Caz Investments LP increased its position in Hippo by 100.0% during the third quarter. Caz Investments LP now owns 5,600 shares of the company’s stock valued at $95,000 after acquiring an additional 2,800 shares during the last quarter. SG Americas Securities LLC purchased a new stake in Hippo in the third quarter worth about $174,000. Public Employees Retirement System of Ohio purchased a new position in Hippo during the 3rd quarter valued at about $174,000. AQR Capital Management LLC purchased a new stake in shares of Hippo in the 2nd quarter worth approximately $194,000. Finally, PEAK6 Investments LLC bought a new position in Hippo in the first quarter worth approximately $277,000. 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.