Neptune Insurance (NYSE:NP) Shares Gap Up After Better-Than-Expected Earnings

Neptune Insurance Holdings Inc. (NYSE:NP)’s stock price gapped up before the market opened on Wednesday after the company announced better than expected quarterly earnings. The stock had previously closed at $30.34, but opened at $32.36. Neptune Insurance shares last traded at $29.4480, with a volume of 87,246 shares trading hands.

The company reported $0.15 EPS for the quarter, topping the consensus estimate of $0.14 by $0.01. The firm had revenue of $55.87 million for the quarter, compared to the consensus estimate of $52.38 million. Neptune Insurance had a net margin of 21.45% and a negative return on equity of 18.77%.

Analyst Upgrades and Downgrades

Several research firms have weighed in on NP. Bank of America boosted their price target on shares of Neptune Insurance from $23.00 to $26.00 and gave the stock a “neutral” rating in a research note on Tuesday, April 14th. Evercore reaffirmed an “outperform” rating and set a $36.00 price objective on shares of Neptune Insurance in a research note on Wednesday. Mizuho lifted their price objective on Neptune Insurance from $29.00 to $32.00 and gave the stock a “neutral” rating in a report on Thursday, July 9th. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and issued a $33.00 target price on shares of Neptune Insurance in a research note on Wednesday. Finally, Morgan Stanley set a $31.00 price target on Neptune Insurance in a research report on Thursday. Eight equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Neptune Insurance currently has a consensus rating of “Hold” and a consensus price target of $30.68.

Insider Buying and Selling at Neptune Insurance

In other news, major shareholder Hold 101 Lp Bsiv sold 688,403 shares of the company’s stock in a transaction dated Tuesday, May 19th. The shares were sold at an average price of $26.40, for a total transaction of $18,173,839.20. Following the completion of the transaction, the insider directly owned 14,252,718 shares of the company’s stock, valued at approximately $376,271,755.20. This represents a 4.61% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, major shareholder Vii L.P. Ftv sold 787,806 shares of the company’s stock in a transaction dated Tuesday, May 19th. The shares were sold at an average price of $26.40, for a total transaction of $20,798,078.40. Following the transaction, the insider directly owned 16,310,781 shares of the company’s stock, valued at approximately $430,604,618.40. This trade represents a 4.61% 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 in the last three months. 74.26% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Bank of America Corp DE lifted its holdings in Neptune Insurance by 562.1% in the 1st quarter. Bank of America Corp DE now owns 37,496 shares of the company’s stock worth $907,000 after buying an additional 31,833 shares during the period. Janus Henderson Group PLC purchased a new position in shares of Neptune Insurance during the first quarter valued at approximately $313,000. California State Teachers Retirement System bought a new position in shares of Neptune Insurance during the first quarter valued at approximately $523,000. SummitTX Capital L.P. purchased a new stake in Neptune Insurance in the first quarter worth $898,000. Finally, Renaissance Technologies LLC lifted its stake in Neptune Insurance by 874.4% in the first quarter. Renaissance Technologies LLC now owns 160,703 shares of the company’s stock worth $3,887,000 after acquiring an additional 144,210 shares during the period.

Neptune Insurance Stock Down 0.7%

The firm has a market cap of $4.12 billion and a P/E ratio of 119.11. The firm’s fifty day moving average is $29.08 and its two-hundred day moving average is $25.95.

Neptune Insurance Company Profile

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.