Zacks Investment Research Lowers Hippo (NYSE:HIPO) to Sell

Zacks Investment Research cut shares of Hippo (NYSE:HIPOGet Rating) from a hold rating to a sell rating in a research note issued to investors on Monday morning, Zacks.com reports.

According to Zacks, “Hippo Holdings Inc. offers a different kind of home insurance, built from the ground up to provide a new standard of care and protection for homeowners. The company is a licensed property casualty insurance agent with products underwritten by various insurance companies. It operates principally in Austin and Dallas, Texas. Hippo Holdings Inc., formerly known as Reinvent Technology Partners Z, is headquartered in Palo Alto, California. “

Several other research firms have also issued reports on HIPO. The Goldman Sachs Group dropped their target price on shares of Hippo from $5.40 to $3.00 and set a neutral rating on the stock in a report on Tuesday, April 5th. JMP Securities started coverage on Hippo in a research note on Wednesday, February 9th. They issued an outperform rating and a $4.00 price objective on the stock. Finally, Morgan Stanley decreased their target price on Hippo from $4.60 to $3.76 and set an overweight rating for the company in a research note on Tuesday, March 15th. One research analyst has rated the stock with a sell rating, one has given a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of Hold and a consensus price target of $4.25.

Shares of HIPO opened at $1.89 on Monday. The business’s 50-day moving average is $1.92. Hippo has a 1 year low of $1.63 and a 1 year high of $10.82.

Hippo (NYSE:HIPOGet Rating) last released its earnings results on Thursday, March 10th. The company reported ($0.11) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.03). The business had revenue of $32.10 million for the quarter, compared to analyst estimates of $28.00 million. On average, research analysts predict that Hippo will post -0.49 EPS for the current fiscal year.

Hedge funds have recently bought and sold shares of the stock. Migdal Insurance & Financial Holdings Ltd. boosted its holdings in Hippo by 7.7% in the first quarter. Migdal Insurance & Financial Holdings Ltd. now owns 4,604,848 shares of the company’s stock worth $9,164,000 after acquiring an additional 329,909 shares in the last quarter. Sciencast Management LP acquired a new position in shares of Hippo during the first quarter worth approximately $162,000. Kestra Advisory Services LLC lifted its holdings in shares of Hippo by 57.7% in the 1st quarter. Kestra Advisory Services LLC now owns 36,275 shares of the company’s stock worth $72,000 after purchasing an additional 13,275 shares in the last quarter. Bond Capital Management LP acquired a new stake in Hippo in the 1st quarter valued at $59,706,000. Finally, Psagot Value Holdings Ltd. Israel grew its position in Hippo by 429.9% in the 4th quarter. Psagot Value Holdings Ltd. Israel now owns 65,482 shares of the company’s stock valued at $185,000 after purchasing an additional 53,124 shares during the period. 35.23% of the stock is currently owned by institutional investors and hedge funds.

About Hippo (Get Rating)

Hippo Holdings Inc provides home protection insurance in the United States and the District of Columbia. Its insurance products include homeowners' insurance against risks of fire, wind, and theft; and commercial and personal lines of products. The company distributes insurance products and services through its technology platform; and offers its policies online, over the phone, or through licensed insurance agents.

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