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

Hippo Holdings Inc. (NYSE:HIPO) shares 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.

Specifically, CEO Torben Ostergaard sold 3,022 shares of the company’s stock in a transaction that occurred on Wednesday, January 8th. The stock was sold at an average price of $25.77, for a total value of $77,876.94. Following the completion of the transaction, the chief executive officer now owns 98,288 shares in the company, valued at $2,532,881.76. This represents a 2.98 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

Analysts Set New Price Targets

A number of research firms have weighed in on HIPO. Jefferies Financial Group decreased their price target on Hippo from $29.00 to $28.00 and set a “buy” rating for the company in a report on Wednesday, October 9th. JMP Securities upped their target price on Hippo from $25.00 to $35.00 and gave the company a “market outperform” rating in a research report on Friday, November 22nd.

Hippo Trading Down 6.4 %

The stock has a 50-day simple moving average of $28.02 and a 200-day simple moving average of $21.55. The company has a market capitalization of $596.58 million, a price-to-earnings ratio of -4.70 and a beta of 1.51.

Hedge Funds Weigh In On Hippo

A number of institutional investors have recently made changes to their positions in HIPO. Caz Investments LP raised its position in shares of Hippo by 100.0% in the 3rd quarter. Caz Investments LP now owns 5,600 shares of the company’s stock valued at $95,000 after purchasing an additional 2,800 shares in the last quarter. Public Employees Retirement System of Ohio acquired a new stake in shares of Hippo during the 3rd quarter valued at approximately $174,000. SG Americas Securities LLC acquired a new stake in shares of Hippo during the 3rd quarter valued at approximately $174,000. AQR Capital Management LLC acquired a new stake in shares of Hippo during the 2nd quarter valued at approximately $194,000. Finally, Squarepoint Ops LLC acquired a new stake in shares of Hippo during the 2nd quarter valued at approximately $335,000. 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.