Neptune Insurance (NYSE:NP) Shares Gap Up After Better-Than-Expected Earnings

Neptune Insurance Holdings Inc. (NYSE:NP) gapped up prior to trading on Wednesday after the company announced better than expected quarterly earnings. The stock had previously closed at $30.34, but opened at $32.36. Neptune Insurance shares last traded at $29.4480, with a volume of 87,246 shares changing hands.

The company reported $0.15 earnings per share for the quarter, topping the consensus estimate of $0.14 by $0.01. The company had revenue of $55.87 million during the quarter, compared to the consensus estimate of $52.38 million.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. Morgan Stanley raised their price target on Neptune Insurance from $26.00 to $29.00 and gave the company an “equal weight” rating in a report on Thursday, May 21st. Bank of America upped their target price on shares of Neptune Insurance from $23.00 to $26.00 and gave the company a “neutral” rating in a research report on Tuesday, April 14th. Keefe, Bruyette & Woods reaffirmed 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. JPMorgan Chase & Co. lifted their price target on shares of Neptune Insurance from $26.00 to $30.00 and gave the stock a “neutral” rating in a research report on Monday, July 13th. Finally, Wells Fargo & Company started coverage on shares of Neptune Insurance in a research note on Tuesday, June 30th. They set an “overweight” rating and a $35.00 price target for the company. Eight equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $29.82.

Insider Activity

In related 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 trade represents a 23.50% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, major shareholder Hold 101 Lp Bsiv sold 4,589,351 shares of Neptune Insurance 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 in the company, valued at $394,445,594.40. The trade was a 23.50% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 11,317,604 shares of company stock valued at $298,784,746 over the last 90 days. Corporate insiders own 74.26% of the company’s stock.

Hedge Funds Weigh In On Neptune Insurance

Several institutional investors and hedge funds have recently made changes to their positions in the company. Comerica Bank bought a new position in Neptune Insurance during the fourth quarter worth about $1,507,000. Vanguard Group Inc. bought a new stake in shares of Neptune Insurance in the fourth quarter worth about $47,063,000. Bregal Sagemount IV General Partner Jersey Ltd acquired a new stake in shares of Neptune Insurance during the fourth quarter worth about $569,509,000. Capital World Investors bought a new stake in Neptune Insurance during the 4th quarter worth approximately $32,091,000. Finally, Azora Capital LP bought a new position in Neptune Insurance in the fourth quarter valued at approximately $21,695,000.

Neptune Insurance Price Performance

The company’s 50-day moving average price is $28.99 and its 200-day moving average price is $25.93. The company has a market cap of $4.00 billion and a P/E ratio of 109.02.

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.