Bank of America Forecasts Strong Price Appreciation for Neptune Insurance (NYSE:NP) Stock

Neptune Insurance (NYSE:NP) had its target price lifted by equities researchers at Bank of America from $23.00 to $26.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. Bank of America‘s target price suggests a potential downside of 3.42% from the company’s previous close.

A number of other research analysts have also weighed in on NP. Deutsche Bank Aktiengesellschaft upped their price objective on Neptune Insurance from $29.00 to $31.00 and gave the stock a “buy” rating in a report on Monday, December 22nd. Weiss Ratings began coverage on Neptune Insurance in a report on Wednesday, December 24th. They set a “sell (d)” rating on the stock. Evercore set a $30.00 price objective on Neptune Insurance in a report on Thursday, February 19th. Piper Sandler dropped their price objective on Neptune Insurance from $33.00 to $30.00 and set an “overweight” rating on the stock in a report on Thursday, February 19th. Finally, The Goldman Sachs Group reaffirmed a “buy” rating and set a $32.50 price objective on shares of Neptune Insurance in a report on Wednesday, January 7th. Eight analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $27.12.

Neptune Insurance Price Performance

Shares of NP stock opened at $26.92 on Tuesday. The business’s fifty day moving average price is $22.21 and its 200 day moving average price is $25.02. Neptune Insurance has a 1-year low of $14.78 and a 1-year high of $33.23. The firm has a market capitalization of $3.72 billion and a PE ratio of 122.36.

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

Insider Buying and Selling at Neptune Insurance

In other news, CEO Trevor R. Burgess bought 50,000 shares of the stock in a transaction on Friday, March 13th. The shares were bought at an average price of $18.71 per share, with a total value of $935,500.00. Following the completion of the acquisition, the chief executive officer owned 2,082,964 shares of the company’s stock, valued at approximately $38,972,256.44. This trade represents a 2.46% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Michael Warren Vostrizansky bought 23,000 shares of the stock in a transaction on Friday, February 20th. The stock was purchased at an average cost of $21.50 per share, for a total transaction of $494,500.00. Following the acquisition, the director directly owned 23,000 shares of the company’s stock, valued at $494,500. The trade was a ∞ increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. 0.63% of the stock is currently owned by corporate insiders.

Institutional Trading of Neptune Insurance

Several large investors have recently bought and sold shares of the company. Bregal Sagemount IV General Partner Jersey Ltd purchased a new stake in shares of Neptune Insurance in the fourth quarter valued at $569,509,000. T. Rowe Price Investment Management Inc. purchased a new stake in shares of Neptune Insurance in the fourth quarter valued at $133,488,000. Vanguard Group Inc. purchased a new stake in shares of Neptune Insurance in the fourth quarter valued at $47,063,000. Capital World Investors purchased a new stake in shares of Neptune Insurance in the fourth quarter valued at $32,091,000. Finally, Balyasny Asset Management L.P. purchased a new stake in shares of Neptune Insurance in the fourth quarter valued at $29,051,000.

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.