Neptune Insurance (NYSE:NP) Trading Up 9.5% on Insider Buying Activity

Shares of Neptune Insurance Holdings Inc. (NYSE:NP) shot up 9.5% during trading on Friday following insider buying activity. The stock traded as high as $19.84 and last traded at $19.9150. 91,046 shares were traded during trading, a decline of 77% from the average session volume of 403,144 shares. The stock had previously closed at $18.19.

Specifically, CEO Trevor R. Burgess purchased 50,000 shares of the company’s stock in a transaction on Friday, March 13th. The shares were acquired at an average price of $18.71 per share, for a total transaction of $935,500.00. Following the purchase, the chief executive officer owned 2,082,964 shares in the company, valued at $38,972,256.44. This trade represents a 2.46% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink.

Wall Street Analyst Weigh In

A number of research firms recently commented on NP. BMO Capital Markets raised Neptune Insurance from a “market perform” rating to an “outperform” rating and decreased their target price for the stock from $25.00 to $20.00 in a report on Friday, February 13th. Morgan Stanley cut their price target on shares of Neptune Insurance from $27.00 to $25.00 and set an “equal weight” rating on the stock in a report on Wednesday, March 4th. Piper Sandler decreased their price objective on shares of Neptune Insurance from $33.00 to $30.00 and set an “overweight” rating for the company in a research note on Thursday, February 19th. Weiss Ratings started coverage on shares of Neptune Insurance in a report on Wednesday, December 24th. They issued a “sell (d)” rating on the stock. Finally, Keefe, Bruyette & Woods upgraded shares of Neptune Insurance from a “market perform” rating to an “outperform” rating and cut their price objective for the stock from $26.00 to $25.00 in a research note on Thursday, February 19th. Eight analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Neptune Insurance has an average rating of “Moderate Buy” and a consensus target price of $26.50.

Neptune Insurance Stock Up 20.2%

The firm has a market capitalization of $3.02 billion and a PE ratio of 99.42. The stock has a 50-day moving average price of $23.12 and a 200 day moving average price of $26.29.

Neptune Insurance (NYSE:NP) last announced its earnings results on Wednesday, February 18th. The company reported $0.11 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.10 by $0.01. The business had revenue of $43.77 million for the quarter, compared to analysts’ expectations of $39.42 million.

Hedge Funds Weigh In On Neptune Insurance

A number of large investors have recently added to or reduced their stakes in the stock. T. Rowe Price Investment Management Inc. acquired a new stake in shares of Neptune Insurance in the fourth quarter valued at about $133,488,000. XTX Topco Ltd purchased a new stake in shares of Neptune Insurance during the fourth quarter worth about $361,000. Zimmer Partners LP acquired a new position in shares of Neptune Insurance during the 4th quarter worth about $3,645,000. Symmetry Investments LP purchased a new position in Neptune Insurance in the 4th quarter valued at about $204,000. Finally, Readystate Asset Management LP purchased a new position in Neptune Insurance in the 4th quarter valued at about $1,448,000.

Neptune Insurance Company Profile

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.