Short Interest in Neptune Insurance Holdings Inc. (NYSE:NP) Expands By 160.9%

Neptune Insurance Holdings Inc. (NYSE:NP) was the recipient of a large increase in short interest during 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 trading volume of 1,301,637 shares, the short-interest ratio is currently 1.7 days.

Analysts Set New Price Targets

A number of equities research analysts have commented on the company. Bank of America increased 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. Weiss Ratings restated a “sell (d)” rating on shares of Neptune Insurance in a research report on Monday, April 20th. Evercore reaffirmed an “outperform” rating on shares of Neptune Insurance in a research note on Friday, May 8th. Morgan Stanley lifted their price objective on Neptune Insurance from $26.00 to $29.00 and gave the stock an “equal weight” rating in a research report on Thursday, May 21st. Finally, Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $34.00 target price (up from $32.00) on shares of Neptune Insurance in a research note on Wednesday, July 8th. 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 stock. According to MarketBeat.com, Neptune Insurance presently has an average rating of “Hold” and an average target price of $29.18.

Insider Activity

In other news, major shareholder Vii L.P. Ftv sold 5,252,044 shares of the stock in a transaction that occurred on Friday, May 15th. The shares were sold at an average price of $26.40, for a total value of $138,653,961.60. Following the sale, the insider directly owned 17,098,587 shares in the company, valued at $451,402,696.80. This represents a 23.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Hold 101 Lp Bsiv sold 4,589,351 shares of the firm’s stock in a transaction that occurred on Friday, May 15th. The stock was sold at an average price of $26.40, for a total transaction of $121,158,866.40. Following the transaction, the insider directly owned 14,941,121 shares of the company’s stock, valued at approximately $394,445,594.40. This trade represents a 23.50% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 11,317,604 shares of company stock valued at $298,784,746 over the last 90 days. 74.26% of the stock is currently owned by insiders.

Institutional Trading of Neptune Insurance

Hedge funds have recently added to or reduced their stakes in the business. Maltese Capital Management LLC purchased a new stake in Neptune Insurance in the 3rd quarter valued at about $3,200,000. FNY Investment Advisers LLC purchased a new position in shares of Neptune Insurance during the 3rd quarter worth about $171,000. Massachusetts Financial Services Co. MA acquired a new stake in shares of Neptune Insurance in the fourth quarter worth approximately $759,000. Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in shares of Neptune Insurance in the fourth quarter worth approximately $2,068,000. Finally, Vanguard Group Inc. purchased a new stake in Neptune Insurance in the fourth quarter valued at approximately $47,063,000.

Neptune Insurance Stock Performance

NP stock opened at $32.23 on Tuesday. The company has a 50 day moving average price of $28.64 and a two-hundred day moving average price of $25.89. The stock has a market capitalization of $4.46 billion and a P/E ratio of 119.38. Neptune Insurance has a one year low of $14.78 and a one year high of $34.61.

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

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.