Hippo (NYSE:HIPO) Shares Down 7.1% After Insider Selling

Hippo Holdings Inc. (NYSE:HIPO) dropped 7.1% on Tuesday following insider selling activity. The stock traded as low as $27.55 and last traded at $27.55. Approximately 48,676 shares traded hands during mid-day trading, a decline of 69% from the average daily volume of 155,032 shares. The stock had previously closed at $29.66.

Specifically, CEO Richard Mccathron sold 10,000 shares of the business’s stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $25.55, for a total transaction of $255,500.00. Following the transaction, the chief executive officer now directly owns 366,146 shares in the company, valued at $9,355,030.30. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Anirudh Badia sold 2,552 shares of the firm’s stock in a transaction dated 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 trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on HIPO shares. Keefe, Bruyette & Woods raised their price target on Hippo from $20.00 to $21.00 and gave the company a “market perform” rating in a report on Monday, August 19th. Jefferies Financial Group decreased their target price on Hippo from $29.00 to $28.00 and set a “buy” rating on the stock in a research report on Wednesday, October 9th.

Hippo Stock Down 0.4 %

The firm has a market capitalization of $670.35 million, a price-to-earnings ratio of -5.16 and a beta of 1.26. The company’s 50 day moving average is $19.44 and its 200 day moving average is $18.39.

Institutional Investors Weigh In On Hippo

Several institutional investors have recently made changes to their positions in the stock. Hood River Capital Management LLC increased its stake in Hippo by 79.4% in the first quarter. Hood River Capital Management LLC now owns 326,343 shares of the company’s stock valued at $5,962,000 after acquiring an additional 144,459 shares during the last quarter. Vanguard Group Inc. increased its position in Hippo by 6.3% during the 1st quarter. Vanguard Group Inc. now owns 759,254 shares of the company’s stock worth $13,872,000 after purchasing an additional 45,058 shares in the last quarter. Dimensional Fund Advisors LP bought a new position in Hippo in the 2nd quarter valued at approximately $629,000. Bank of New York Mellon Corp lifted its stake in Hippo by 99.2% in the 2nd quarter. Bank of New York Mellon Corp now owns 61,089 shares of the company’s stock valued at $1,050,000 after purchasing an additional 30,418 shares during the last quarter. Finally, Squarepoint Ops LLC bought a new stake in shares of Hippo during the second quarter worth $335,000. 43.01% of the stock is currently owned by institutional investors.

About Hippo

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.