Hippo (NYSE:HIPO) Shares Gap Down – Should You Sell?

Hippo Holdings Inc. (NYSE:HIPO) gapped down before the market opened on Friday . The stock had previously closed at $26.16, but opened at $24.88. Hippo shares last traded at $24.74, with a volume of 24,440 shares traded.

Analysts Set New Price Targets

HIPO has been the subject of a number of research reports. Jefferies Financial Group reduced their target price on shares of Hippo from $29.00 to $28.00 and set a “buy” rating for the company in a research report on Wednesday, October 9th. JMP Securities boosted their target price on Hippo from $25.00 to $35.00 and gave the company a “market outperform” rating in a research note on Friday, November 22nd.

Hippo Stock Performance

The stock’s 50 day moving average is $27.96 and its 200 day moving average is $21.45. The company has a market capitalization of $578.55 million, a PE ratio of -4.56 and a beta of 1.51.

Insiders Place Their Bets

In other news, CAO Anirudh Badia sold 2,552 shares of the firm’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $24.49, for a total value of $62,498.48. Following the transaction, the chief accounting officer now owns 102,315 shares of the company’s stock, valued at $2,505,694.35. This trade represents a 2.43 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Stewart Ellis sold 10,000 shares of the stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $26.34, for a total transaction of $263,400.00. Following the completion of the sale, the chief financial officer now directly owns 318,215 shares of the company’s stock, valued at $8,381,783.10. This represents a 3.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 67,771 shares of company stock worth $1,818,963 over the last 90 days. Corporate insiders own 11.37% of the company’s stock.

Institutional Trading of Hippo

A number of large investors have recently added to or reduced their stakes in the company. JPMorgan Chase & Co. grew its holdings in shares of Hippo by 205.0% in the third quarter. JPMorgan Chase & Co. now owns 146,176 shares of the company’s stock valued at $2,467,000 after purchasing an additional 98,256 shares in the last quarter. Barclays PLC boosted its holdings in shares of Hippo by 276.5% in the 3rd quarter. Barclays PLC now owns 25,816 shares of the company’s stock worth $435,000 after purchasing an additional 18,960 shares during the period. Geode Capital Management LLC increased its position in shares of Hippo by 6.3% during the 3rd quarter. Geode Capital Management LLC now owns 442,261 shares of the company’s stock valued at $7,467,000 after purchasing an additional 26,085 shares during the last quarter. Public Employees Retirement System of Ohio purchased a new stake in Hippo during the 3rd quarter valued at $174,000. Finally, State Street Corp lifted its position in Hippo by 10.5% in the third quarter. State Street Corp now owns 377,537 shares of the company’s stock worth $6,373,000 after buying an additional 35,743 shares during the last quarter. Institutional investors own 43.01% of the company’s stock.

Hippo Company Profile

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.