Hippo (NYSE:HIPO) Shares Gap Down on Insider Selling

Shares of Hippo Holdings Inc. (NYSE:HIPO) gapped down prior to trading on Friday following insider selling activity. The stock had previously closed at $26.16, but opened at $24.88. Hippo shares last traded at $24.74, with a volume of 24,440 shares trading hands.

Specifically, CEO Torben Ostergaard sold 3,022 shares of the stock in a transaction that occurred on Wednesday, January 8th. The shares were sold at an average price of $25.77, for a total transaction of $77,876.94. Following the completion of the transaction, the chief executive officer now owns 98,288 shares of the company’s stock, valued at approximately $2,532,881.76. This trade represents a 2.98 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

Wall Street Analyst Weigh In

Several equities analysts have commented on HIPO shares. JMP Securities boosted their price target on shares of Hippo from $25.00 to $35.00 and gave the stock a “market outperform” rating in a research note on Friday, November 22nd. Jefferies Financial Group dropped their price target on shares of Hippo from $29.00 to $28.00 and set a “buy” rating for the company in a research note on Wednesday, October 9th.

Hippo Stock Performance

The company’s 50-day moving average price is $28.02 and its 200-day moving average price is $21.55. The firm has a market capitalization of $596.58 million, a PE ratio of -4.70 and a beta of 1.51.

Institutional Investors Weigh In On Hippo

A number of institutional investors have recently added to or reduced their stakes in the company. JPMorgan Chase & Co. grew its position in Hippo by 205.0% during the third quarter. JPMorgan Chase & Co. now owns 146,176 shares of the company’s stock worth $2,467,000 after buying an additional 98,256 shares in the last quarter. Barclays PLC grew its position in Hippo by 276.5% during the third quarter. Barclays PLC now owns 25,816 shares of the company’s stock worth $435,000 after buying an additional 18,960 shares in the last quarter. Geode Capital Management LLC grew its position in Hippo by 6.3% during the third quarter. Geode Capital Management LLC now owns 442,261 shares of the company’s stock worth $7,467,000 after buying an additional 26,085 shares in the last quarter. Public Employees Retirement System of Ohio acquired a new stake in Hippo during the third quarter worth about $174,000. Finally, State Street Corp grew its position in Hippo by 10.5% during the third quarter. State Street Corp now owns 377,537 shares of the company’s stock worth $6,373,000 after buying an additional 35,743 shares in the last quarter. 43.01% of the stock is owned by institutional investors and hedge funds.

Hippo Company Profile

Hippo Holdings Inc provides property and casualty insurance products to individuals and business customers primarily in the United States. The company operates through three segments: Services, Insurance-as-a-Service, and Hippo Home Insurance Program. Its insurance products include homeowners' insurance against risks of fire, wind, and theft, as well as other personal lines policies from third party carriers; and personal and commercial, as well as home, auto, cyber, small business, life, specialty lines, and other insurance products.