Neptune Insurance (NYSE:NP) Hits New 1-Year High – Here’s Why

Shares of Neptune Insurance Holdings Inc. (NYSE:NP) hit a new 52-week high during trading on Wednesday . The company traded as high as $33.81 and last traded at $33.6050, with a volume of 202531 shares trading hands. The stock had previously closed at $31.50.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. Wells Fargo & Company assumed coverage on shares of Neptune Insurance in a research note on Tuesday. They issued an “overweight” rating and a $35.00 price objective on the stock. Morgan Stanley upped their target price on shares of Neptune Insurance from $26.00 to $29.00 and gave the stock an “equal weight” rating in a report on Thursday, May 21st. Keefe, Bruyette & Woods raised their price target on shares of Neptune Insurance from $28.00 to $32.00 and gave the company an “outperform” rating in a research report on Thursday, April 23rd. Raymond James Financial reissued an “outperform” rating on shares of Neptune Insurance in a report on Monday, April 27th. Finally, Evercore restated an “outperform” rating on shares of Neptune Insurance in a report on Friday, May 8th. Nine investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $28.25.

Neptune Insurance Stock Up 7.5%

The company has a market capitalization of $4.68 billion and a PE ratio of 125.39. The stock has a 50-day moving average of $27.58 and a 200 day moving average of $25.62.

Neptune Insurance (NYSE:NP) last posted its 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 firm had revenue of $37.80 million for the quarter, compared to analysts’ expectations of $36.96 million. The company’s revenue for the quarter was up 28.8% on a year-over-year basis. Equities analysts forecast that Neptune Insurance Holdings Inc. will post 0.4 EPS for the current fiscal year.

Insiders Place Their Bets

In other Neptune Insurance news, major shareholder Hold 101 Lp Bsiv sold 688,403 shares of the stock in a transaction on Tuesday, May 19th. The stock was sold at an average price of $26.40, for a total transaction of $18,173,839.20. Following the sale, the insider directly owned 14,252,718 shares in the company, valued at approximately $376,271,755.20. This trade represents a 4.61% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, major shareholder Vii L.P. Ftv sold 787,806 shares of the business’s stock in a transaction on Tuesday, May 19th. The stock was sold at an average price of $26.40, for a total value of $20,798,078.40. Following the completion of the transaction, the insider owned 16,310,781 shares of the company’s stock, valued at $430,604,618.40. This represents a 4.61% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 11,317,604 shares of company stock worth $298,784,746. Insiders own 74.26% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in NP. Wells Fargo & Company MN bought a new stake in Neptune Insurance in the 4th quarter worth approximately $28,000. PNC Financial Services Group Inc. purchased a new position in shares of Neptune Insurance in the 4th quarter worth $125,000. FNY Investment Advisers LLC purchased a new stake in Neptune Insurance during the third quarter valued at $171,000. Symmetry Investments LP purchased a new stake in Neptune Insurance during the fourth quarter valued at $204,000. Finally, FJ Capital Management LLC bought a new position in Neptune Insurance in the fourth quarter valued at about $289,000.

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.