Neptune Insurance (NYSE:NP) Shares Gap Up After Earnings Beat

Neptune Insurance Holdings Inc. (NYSE:NP) gapped up before the market opened on Wednesday following a stronger than expected earnings report. 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 trading hands.

The company reported $0.15 earnings per share for the quarter, topping analysts’ consensus estimates of $0.14 by $0.01. The company had revenue of $55.87 million for the quarter, compared to analysts’ expectations of $52.38 million. Neptune Insurance had a net margin of 21.45% and a negative return on equity of 17.37%.

Analyst Ratings Changes

NP has been the topic of several research analyst reports. Piper Sandler lifted their price target on shares of Neptune Insurance from $30.00 to $39.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 15th. Raymond James Financial restated an “outperform” rating on shares of Neptune Insurance in a research note on Monday, April 27th. Bank of America raised their price objective on Neptune Insurance from $23.00 to $26.00 and gave the stock a “neutral” rating in a report on Tuesday, April 14th. Evercore reiterated an “outperform” rating and set a $36.00 target price on shares of Neptune Insurance in a research report on Wednesday. Finally, Weiss Ratings reissued a “sell (d)” rating on shares of Neptune Insurance in a report on Friday, July 17th. Eight research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $30.39.

Insider Buying and Selling

In related news, major shareholder Vii L.P. Ftv sold 5,252,044 shares of the stock in a transaction on Friday, May 15th. The shares were sold at an average price of $26.40, for a total transaction of $138,653,961.60. Following the completion of the sale, the insider owned 17,098,587 shares in the company, valued at $451,402,696.80. This represents a 23.50% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Hold 101 Lp Bsiv sold 4,589,351 shares of the firm’s stock in a transaction 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 ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 11,317,604 shares of company stock worth $298,784,746. Insiders own 74.26% of the company’s stock.

Institutional Investors Weigh In On Neptune Insurance

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Wells Fargo & Company MN purchased a new position in shares of Neptune Insurance during the fourth quarter worth about $28,000. PNC Financial Services Group Inc. purchased a new stake in Neptune Insurance during the 4th quarter valued at approximately $125,000. Symmetry Investments LP purchased a new stake in Neptune Insurance during the 4th quarter valued at approximately $204,000. FJ Capital Management LLC acquired a new stake in Neptune Insurance during the 4th quarter worth approximately $289,000. Finally, BIT Capital GmbH purchased a new position in shares of Neptune Insurance in the 4th quarter valued at approximately $292,000.

Neptune Insurance Trading Down 1.1%

The company has a market capitalization of $4.15 billion and a PE ratio of 120.06. The firm has a 50 day simple moving average of $29.03 and a two-hundred day simple moving average of $25.94.

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.