Hippo (NYSE:HIPO) Shares Gap Down on Insider Selling

Hippo Holdings Inc. (NYSE:HIPO)’s share price gapped down prior to trading on Friday following insider selling activity. The stock had previously closed at $26.16, but opened at $24.88. Hippo shares last traded at $24.74, with a volume of 24,440 shares changing hands.

Specifically, CEO Torben Ostergaard sold 3,022 shares of Hippo stock in a transaction dated Wednesday, January 8th. The stock was sold at an average price of $25.77, for a total value of $77,876.94. Following the completion of the sale, the chief executive officer now owns 98,288 shares in the company, valued at $2,532,881.76. The trade was a 2.98 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.

Wall Street Analyst Weigh In

Several analysts have commented on the company. JMP Securities lifted their price target on Hippo from $25.00 to $35.00 and gave the company a “market outperform” rating in a report on Friday, November 22nd. Jefferies Financial Group lowered their price target on Hippo from $29.00 to $28.00 and set a “buy” rating for the company in a report on Wednesday, October 9th.

Hippo Stock Performance

The firm has a market cap of $596.58 million, a PE ratio of -4.70 and a beta of 1.51. The stock has a fifty day moving average price of $28.02 and a 200-day moving average price of $21.55.

Institutional Trading of Hippo

A number of institutional investors have recently modified their holdings of HIPO. JPMorgan Chase & Co. grew its holdings in shares of Hippo by 205.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 146,176 shares of the company’s stock worth $2,467,000 after purchasing an additional 98,256 shares during the period. Jacobs Levy Equity Management Inc. purchased a new stake in shares of Hippo during the 3rd quarter worth about $864,000. Dimensional Fund Advisors LP purchased a new stake in shares of Hippo during the 2nd quarter worth about $629,000. State Street Corp grew its holdings in shares of Hippo by 10.5% during the 3rd quarter. State Street Corp now owns 377,537 shares of the company’s stock worth $6,373,000 after purchasing an additional 35,743 shares during the period. Finally, Bank of New York Mellon Corp grew its holdings in shares of Hippo by 99.2% during the 2nd quarter. Bank of New York Mellon Corp now owns 61,089 shares of the company’s stock worth $1,050,000 after purchasing an additional 30,418 shares during the period. Hedge funds and other institutional investors own 43.01% of the company’s stock.

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.