Hippo (NYSE:HIPO) Stock Price Down 4.9% – Here’s Why

Hippo Holdings Inc. (NYSE:HIPO) shares fell 4.9% during trading on Thursday . The stock traded as low as $25.26 and last traded at $25.46. 82,196 shares changed hands during trading, a decline of 49% from the average session volume of 162,303 shares. The stock had previously closed at $26.77.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on HIPO. JMP Securities lifted their price objective on Hippo from $25.00 to $35.00 and gave the company a “market outperform” rating in a research note on Friday, November 22nd. Jefferies Financial Group lowered their price target on shares of Hippo from $29.00 to $28.00 and set a “buy” rating for the company in a report on Wednesday, October 9th.

Hippo Stock Performance

The firm has a 50-day moving average price of $27.44 and a two-hundred day moving average price of $21.15. The firm has a market cap of $652.85 million, a price-to-earnings ratio of -5.14 and a beta of 1.47.

Insider Transactions at Hippo

In other news, CEO Torben Ostergaard sold 2,092 shares of the stock in a transaction that occurred on Tuesday, December 17th. The stock was sold at an average price of $26.46, for a total value of $55,354.32. Following the completion of the sale, the chief executive officer now directly owns 104,332 shares of the company’s stock, valued at approximately $2,760,624.72. This represents a 1.97 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Anirudh Badia sold 2,552 shares of the firm’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $24.49, for a total transaction of $62,498.48. Following the transaction, the chief accounting officer now directly owns 102,315 shares in the company, valued at $2,505,694.35. The trade was a 2.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 67,771 shares of company stock worth $1,818,963. 11.37% of the stock is currently owned by insiders.

Institutional Trading of Hippo

Several hedge funds have recently made changes to their positions in the company. Bank of New York Mellon Corp lifted its holdings in Hippo by 99.2% in the second quarter. Bank of New York Mellon Corp now owns 61,089 shares of the company’s stock valued at $1,050,000 after acquiring an additional 30,418 shares during the period. Rhumbline Advisers increased its holdings in Hippo by 93.7% in the second quarter. Rhumbline Advisers now owns 28,738 shares of the company’s stock valued at $494,000 after buying an additional 13,899 shares in the last quarter. American Century Companies Inc. lifted its position in shares of Hippo by 28.2% during the 2nd quarter. American Century Companies Inc. now owns 25,453 shares of the company’s stock valued at $438,000 after acquiring an additional 5,592 shares during the period. Dimensional Fund Advisors LP acquired a new position in shares of Hippo during the 2nd quarter worth $629,000. Finally, Squarepoint Ops LLC purchased a new stake in shares of Hippo in the 2nd quarter worth about $335,000. Institutional investors and hedge funds 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.