Neptune Insurance Holdings Inc. (NYSE:NP) Sees Significant Growth in Short Interest

Neptune Insurance Holdings Inc. (NYSE:NP) was the recipient of a significant increase in short interest in the month of June. As of June 30th, there was short interest totaling 2,167,741 shares, an increase of 160.9% from the June 15th total of 830,875 shares. Currently, 6.1% of the shares of the stock are sold short. Based on an average daily volume of 1,301,637 shares, the days-to-cover ratio is currently 1.7 days.

Neptune Insurance Stock Performance

Shares of Neptune Insurance stock opened at $30.81 on Thursday. Neptune Insurance has a 52-week low of $14.78 and a 52-week high of $34.61. The company has a fifty day moving average of $28.90 and a 200-day moving average of $25.90. The stock has a market capitalization of $4.26 billion and a price-to-earnings ratio of 114.10.

Neptune Insurance (NYSE:NP) last issued its earnings results on Wednesday, April 22nd. The company reported $0.09 EPS for the quarter, hitting analysts’ consensus estimates of $0.09. The business had revenue of $37.80 million during the quarter, compared to analysts’ expectations of $36.96 million. The company’s revenue was up 28.8% on a year-over-year basis. On average, equities research analysts forecast that Neptune Insurance will post 0.4 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on NP. Evercore reissued an “outperform” rating on shares of Neptune Insurance in a report on Friday, May 8th. Morgan Stanley raised their price target on Neptune Insurance from $26.00 to $29.00 and gave the company an “equal weight” rating in a research report on Thursday, May 21st. Piper Sandler lifted their price target on Neptune Insurance from $30.00 to $39.00 and gave the stock an “overweight” rating in a research note on Wednesday. Mizuho upped 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. Finally, Bank of America increased their price objective on Neptune Insurance from $23.00 to $26.00 and gave the company a “neutral” rating in a research report on Tuesday, April 14th. Eight analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $29.82.

Insider Buying and Selling at Neptune Insurance

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

Institutional Investors Weigh In On Neptune Insurance

Hedge funds and other institutional investors have recently modified their holdings of the stock. Maltese Capital Management LLC bought a new position in Neptune Insurance during the 3rd quarter worth approximately $3,200,000. FNY Investment Advisers LLC bought a new stake in Neptune Insurance in the third quarter valued at approximately $171,000. Massachusetts Financial Services Co. MA purchased a new stake in shares of Neptune Insurance during the fourth quarter valued at approximately $759,000. Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in shares of Neptune Insurance during the fourth quarter valued at approximately $2,068,000. Finally, Vanguard Group Inc. bought a new position in shares of Neptune Insurance in the fourth quarter worth approximately $47,063,000.

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.