Mizuho Forecasts Strong Price Appreciation for Neptune Insurance (NYSE:NP) Stock

Neptune Insurance (NYSE:NP) had its price target increased by stock analysts at Mizuho from $29.00 to $32.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. Mizuho’s price target would indicate a potential upside of 1.53% from the stock’s previous close.

Several other research firms have also issued reports on NP. Raymond James Financial reaffirmed an “outperform” rating on shares of Neptune Insurance in a research note on Monday, April 27th. Keefe, Bruyette & Woods reissued a “market perform” rating and set a $34.00 target price (up from $32.00) on shares of Neptune Insurance in a research report on Wednesday. Bank of America raised their target price on Neptune Insurance from $23.00 to $26.00 and gave the company a “neutral” rating in a report on Tuesday, April 14th. Wells Fargo & Company assumed coverage on Neptune Insurance in a research report on Tuesday, June 30th. They issued an “overweight” rating and a $35.00 price target for the company. Finally, Morgan Stanley increased their price objective on Neptune Insurance from $26.00 to $29.00 and gave the company an “equal weight” rating in a report on Thursday, May 21st. Eight 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’s stock. According to data from MarketBeat.com, Neptune Insurance has an average rating of “Hold” and a consensus target price of $28.82.

Neptune Insurance Stock Performance

Shares of NYSE NP opened at $31.52 on Thursday. The business has a 50 day simple moving average of $28.26 and a 200 day simple moving average of $25.83. Neptune Insurance has a 52 week low of $14.78 and a 52 week high of $34.61. The stock has a market cap of $4.36 billion and a price-to-earnings ratio of 117.40.

Neptune Insurance (NYSE:NP) last posted its earnings results on Wednesday, April 22nd. The company reported $0.09 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.09. The business had revenue of $37.80 million during the quarter, compared to analyst estimates of $36.96 million. The company’s revenue was up 28.8% compared to the same quarter last year. On average, analysts predict that Neptune Insurance will post 0.4 EPS for the current year.

Insider Transactions at Neptune Insurance

In other news, major shareholder Vii L.P. Ftv sold 5,252,044 shares of Neptune Insurance stock in a transaction that occurred on Friday, May 15th. The shares were sold at an average price of $26.40, for a total transaction of $138,653,961.60. Following the completion of the sale, the insider owned 17,098,587 shares in the company, valued at $451,402,696.80. The trade was a 23.50% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Hold 101 Lp Bsiv sold 4,589,351 shares of the company’s stock in a transaction on Friday, May 15th. The shares were sold at an average price of $26.40, for a total transaction of $121,158,866.40. Following the completion of the sale, the insider owned 14,941,121 shares of the company’s stock, valued at approximately $394,445,594.40. This represents a 23.50% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 11,317,604 shares of company stock valued at $298,784,746. Insiders own 74.26% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Bank of America Corp DE raised its position 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 valued at $907,000 after buying an additional 31,833 shares during the last quarter. Janus Henderson Group PLC bought a new position in shares of Neptune Insurance during the 1st quarter worth approximately $313,000. California State Teachers Retirement System bought a new position in shares of Neptune Insurance during the 1st quarter worth approximately $523,000. SummitTX Capital L.P. acquired a new stake in shares of Neptune Insurance in the first quarter valued at approximately $898,000. Finally, Renaissance Technologies LLC lifted its position in shares of 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 purchasing an additional 144,210 shares in the last quarter.

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.