Neptune Insurance (NYSE:NP) Stock Price Down 9.6% – Here’s What Happened

Shares of Neptune Insurance Holdings Inc. (NYSE:NP) dropped 9.6% on Thursday . The stock traded as low as $17.28 and last traded at $17.39. Approximately 68,275 shares traded hands during trading, a decline of 79% from the average daily volume of 325,674 shares. The stock had previously closed at $19.23.

Analyst Ratings Changes

A number of analysts recently commented on the stock. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Neptune Insurance from $29.00 to $31.00 and gave the stock a “buy” rating in a report on Monday, December 22nd. Morgan Stanley lifted their price target on Neptune Insurance from $26.00 to $27.00 and gave the stock an “equal weight” rating in a research note on Monday, November 17th. Zacks Research upgraded Neptune Insurance to a “hold” rating in a report on Tuesday, October 28th. TD Cowen began coverage on shares of Neptune Insurance in a report on Monday, October 27th. They set a “buy” rating for the company. Finally, Evercore started coverage on Neptune Insurance in a research note on Monday, October 27th. They issued an “outperform” rating and a $35.00 target price on the stock. Seven research analysts have rated the stock with a Buy rating, four have given a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $27.92.

Neptune Insurance Stock Performance

The stock has a market capitalization of $2.60 billion and a price-to-earnings ratio of 171.09. The company’s 50 day moving average is $26.43 and its 200 day moving average is $27.95.

Neptune Insurance (NYSE:NP) last announced its quarterly earnings results on Wednesday, November 12th. The company reported $0.11 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.12 by ($0.01). The business had revenue of $44.37 million during the quarter, compared to the consensus estimate of $42.58 million.

Institutional Investors Weigh In On Neptune Insurance

Institutional investors have recently added to or reduced their stakes in the stock. Emerald Mutual Fund Advisers Trust acquired a new position in Neptune Insurance during the 3rd quarter worth approximately $792,000. Boston Partners bought a new stake in shares of Neptune Insurance in the fourth quarter worth $843,000. Wells Fargo & Company MN acquired a new position in Neptune Insurance during the fourth quarter worth $28,000. Cohen & Steers Inc. bought a new position in Neptune Insurance in the fourth quarter valued at $292,000. Finally, Lord Abbett & CO. LLC bought a new stake in Neptune Insurance during the 4th quarter worth about $3,228,000.

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.