Neptune Insurance (NYSE:NP) Posts Quarterly Earnings Results, Beats Expectations By $0.01 EPS

Neptune Insurance (NYSE:NP) announced its quarterly earnings results on Wednesday. The company reported $0.11 EPS for the quarter, topping the consensus estimate of $0.10 by $0.01, Zacks reports. The company had revenue of $43.77 million during the quarter, compared to analysts’ expectations of $39.42 million.

Neptune Insurance Stock Performance

NYSE NP traded up $0.82 during mid-day trading on Friday, reaching $21.26. 564,102 shares of the stock were exchanged, compared to its average volume of 428,165. Neptune Insurance has a 1 year low of $14.78 and a 1 year high of $33.23. The business’s 50 day moving average is $25.88 and its 200-day moving average is $27.60. The company has a market capitalization of $2.93 billion and a P/E ratio of 193.27.

Hedge Funds Weigh In On Neptune Insurance

A number of hedge funds have recently made changes to their positions in NP. T. Rowe Price Investment Management Inc. purchased a new stake in shares of Neptune Insurance in the 4th quarter valued at approximately $133,488,000. Balyasny Asset Management L.P. purchased a new stake in shares of Neptune Insurance during the 4th quarter valued at approximately $29,051,000. JPMorgan Chase & Co. acquired a new position in Neptune Insurance in the fourth quarter valued at approximately $27,695,000. Bamco Inc. NY purchased a new position in Neptune Insurance in the fourth quarter worth approximately $20,667,000. Finally, Price T Rowe Associates Inc. MD acquired a new stake in Neptune Insurance during the fourth quarter worth $12,847,000.

Analysts Set New Price Targets

Several equities analysts have commented on NP shares. Weiss Ratings initiated coverage on shares of Neptune Insurance in a research report on Wednesday, December 24th. They issued a “sell (d)” rating for the company. Keefe, Bruyette & Woods upgraded Neptune Insurance from a “market perform” rating to an “outperform” rating and lowered their price target for the company from $26.00 to $25.00 in a report on Thursday. Piper Sandler reduced their price objective on Neptune Insurance from $33.00 to $30.00 and set an “overweight” rating on the stock in a report on Thursday. Evercore set a $30.00 target price on Neptune Insurance in a report on Thursday. Finally, TD Cowen initiated coverage on Neptune Insurance in a research note on Monday, October 27th. They set a “buy” rating on the stock. Eight investment analysts have rated the stock with a Buy rating, four have given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $26.73.

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.