Hippo (NYSE:HIPO) Shares Gap Up – Should You Buy?

Hippo Holdings Inc. (NYSE:HIPO) gapped up prior to trading on Thursday . The stock had previously closed at $29.59, but opened at $31.76. Hippo shares last traded at $32.63, with a volume of 109,014 shares.

Analysts Set New Price Targets

Separately, JMP Securities upped their target price on Hippo from $25.00 to $35.00 and gave the company a “market outperform” rating in a research report on Friday, November 22nd.

Hippo Stock Performance

The firm has a market capitalization of $831.29 million, a price-to-earnings ratio of -6.55 and a beta of 1.52. The firm’s 50 day simple moving average is $27.90 and its 200 day simple moving average is $24.45.

Insider Activity at Hippo

In other Hippo news, CEO Torben Ostergaard sold 21,146 shares of the business’s stock in a transaction that occurred on Tuesday, February 4th. The stock was sold at an average price of $30.05, for a total value of $635,437.30. Following the completion of the transaction, the chief executive officer now directly owns 74,120 shares of the company’s stock, valued at approximately $2,227,306. The trade was a 22.20 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Chairman Assaf Wand sold 12,250 shares of the company’s stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $28.90, for a total value of $354,025.00. Following the completion of the sale, the chairman now owns 486,814 shares in the company, valued at approximately $14,068,924.60. This represents a 2.45 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 93,383 shares of company stock worth $2,574,135 over the last three months. Company insiders own 11.37% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Connor Clark & Lunn Investment Management Ltd. boosted its stake in shares of Hippo by 37.5% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 65,924 shares of the company’s stock worth $1,113,000 after acquiring an additional 17,978 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in Hippo by 9.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 151,240 shares of the company’s stock worth $2,553,000 after purchasing an additional 13,586 shares during the period. Caz Investments LP boosted its position in Hippo by 100.0% during the third quarter. Caz Investments LP now owns 5,600 shares of the company’s stock worth $95,000 after purchasing an additional 2,800 shares in the last quarter. Jacobs Levy Equity Management Inc. acquired a new stake in Hippo in the third quarter valued at approximately $864,000. Finally, State Street Corp increased its position in shares of Hippo by 10.5% in the third quarter. State Street Corp now owns 377,537 shares of the company’s stock valued at $6,373,000 after buying an additional 35,743 shares in the last quarter. Hedge funds and other 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.