Neptune Insurance (NYSE:NP) Shares Gap Up on Analyst Upgrade

Neptune Insurance Holdings Inc. (NYSE:NP) gapped up before the market opened on Thursday after Bank of America upgraded the stock from an underperform rating to a neutral rating. The stock had previously closed at $18.13, but opened at $21.65. Bank of America now has a $23.00 price target on the stock. Neptune Insurance shares last traded at $21.08, with a volume of 156,812 shares traded.

Several other research analysts also recently commented on NP. Mizuho raised their price target on shares of Neptune Insurance from $23.00 to $26.00 and gave the stock an “underperform” rating in a research note on Thursday, November 13th. The Goldman Sachs Group reaffirmed a “buy” rating and set a $32.50 target price on shares of Neptune Insurance in a research report on Wednesday, January 7th. Morgan Stanley lifted their price target on shares of Neptune Insurance from $26.00 to $27.00 and gave the company an “equal weight” rating in a research note on Monday, November 17th. Evercore set a $30.00 price objective on Neptune Insurance in a research note on Thursday. Finally, TD Cowen assumed coverage on Neptune Insurance in a research note on Monday, October 27th. They set a “buy” rating on the stock. Eight research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $26.73.

Institutional Investors Weigh In On Neptune Insurance

Hedge funds and other institutional investors have recently bought and sold shares of the company. Emerald Mutual Fund Advisers Trust purchased a new stake in Neptune Insurance during the 3rd quarter worth approximately $792,000. Manchester Global Management UK Ltd purchased a new position in shares of Neptune Insurance in the fourth quarter worth $1,901,000. Azora Capital LP acquired a new stake in shares of Neptune Insurance during the fourth quarter worth $21,695,000. Wells Fargo & Company MN purchased a new stake in shares of Neptune Insurance during the fourth quarter valued at $28,000. Finally, Norges Bank acquired a new position in shares of Neptune Insurance in the 4th quarter valued at $2,479,000.

Neptune Insurance Stock Performance

The stock has a 50 day moving average of $25.75 and a 200-day moving average of $27.52. The company has a market cap of $2.93 billion and a PE ratio of 193.27.

Neptune Insurance (NYSE:NP) last announced its quarterly earnings data on Wednesday, February 18th. The company reported $0.11 earnings per share for the quarter, beating analysts’ consensus estimates of $0.10 by $0.01. The firm had revenue of $43.77 million during the quarter, compared to analyst estimates of $39.42 million.

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.