Hippo (NYSE:HIPO) Stock Price Down 6% – What’s Next?

Shares of Hippo Holdings Inc. (NYSE:HIPO) dropped 6% during mid-day trading on Tuesday . The company traded as low as $26.30 and last traded at $26.53. Approximately 39,092 shares were traded during mid-day trading, a decline of 75% from the average daily volume of 159,541 shares. The stock had previously closed at $28.22.

Analyst Upgrades and Downgrades

A number of research firms recently commented on HIPO. Jefferies Financial Group lowered their price target on Hippo from $29.00 to $28.00 and set a “buy” rating on the stock in a report on Wednesday, October 9th. JMP Securities boosted their price objective on Hippo from $25.00 to $35.00 and gave the stock a “market outperform” rating in a research note on Friday, November 22nd.

Hippo Trading Up 0.6 %

The business has a 50-day moving average price of $25.50 and a 200-day moving average price of $20.38. The firm has a market cap of $615.33 million, a P/E ratio of -4.85 and a beta of 1.47.

Insider Buying and Selling at Hippo

In related news, CAO Anirudh Badia sold 2,552 shares of the stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $24.49, for a total transaction of $62,498.48. Following the completion of the sale, the chief accounting officer now owns 102,315 shares of the company’s stock, valued at $2,505,694.35. This represents a 2.43 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Richard Mccathron sold 15,000 shares of Hippo stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $30.16, for a total transaction of $452,400.00. Following the completion of the transaction, the chief executive officer now directly owns 339,623 shares in the company, valued at $10,243,029.68. This represents a 4.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 40,657 shares of company stock valued at $990,571. Company insiders own 11.37% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in HIPO. Geode Capital Management LLC increased its position in shares of Hippo by 6.3% in the 3rd quarter. Geode Capital Management LLC now owns 442,261 shares of the company’s stock valued at $7,467,000 after acquiring an additional 26,085 shares during the period. State Street Corp increased its holdings in Hippo by 10.5% in the 3rd quarter. State Street Corp now owns 377,537 shares of the company’s stock worth $6,373,000 after buying an additional 35,743 shares during the period. Charles Schwab Investment Management Inc. raised its position in Hippo by 9.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 151,240 shares of the company’s stock worth $2,553,000 after buying an additional 13,586 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its stake in Hippo by 37.5% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 65,924 shares of the company’s stock valued at $1,113,000 after acquiring an additional 17,978 shares during the period. Finally, Bank of New York Mellon Corp increased its stake in shares of Hippo by 99.2% in the second quarter. Bank of New York Mellon Corp now owns 61,089 shares of the company’s stock worth $1,050,000 after acquiring an additional 30,418 shares during the period. 43.01% of the stock is currently owned by hedge funds and other institutional investors.

Hippo Company Profile

Hippo Holdings Inc provides property and casualty insurance products to individuals and business customers primarily in the United States. The company operates through three segments: Services, Insurance-as-a-Service, and Hippo Home Insurance Program. Its insurance products include homeowners' insurance against risks of fire, wind, and theft, as well as other personal lines policies from third party carriers; and personal and commercial, as well as home, auto, cyber, small business, life, specialty lines, and other insurance products.