Neptune Insurance (NYSE:NP) Releases Quarterly Earnings Results, Beats Expectations By $0.01 EPS

Neptune Insurance (NYSE:NP) announced its earnings results on Tuesday. The company reported $0.15 EPS for the quarter, topping analysts’ consensus estimates of $0.14 by $0.01, FiscalAI reports. The company had revenue of $55.87 million during the quarter, compared to analysts’ expectations of $52.38 million.

Neptune Insurance Stock Performance

Shares of Neptune Insurance stock opened at $30.21 on Wednesday. The company has a market capitalization of $4.18 billion and a PE ratio of 111.88. The company has a 50-day simple moving average of $28.99 and a two-hundred day simple moving average of $25.93. Neptune Insurance has a one year low of $14.78 and a one year high of $34.61.

Analysts Set New Price Targets

A number of analysts recently issued reports on NP shares. Raymond James Financial reiterated an “outperform” rating on shares of Neptune Insurance in a report on Monday, April 27th. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $34.00 target price (up from $32.00) on shares of Neptune Insurance in a research report on Wednesday, July 8th. Morgan Stanley upped their target price on Neptune Insurance from $26.00 to $29.00 and gave the stock an “equal weight” rating in a report on Thursday, May 21st. Evercore reissued an “outperform” rating on shares of Neptune Insurance in a research report on Friday, May 8th. Finally, Piper Sandler raised their price target on Neptune Insurance from $30.00 to $39.00 and gave the company an “overweight” rating in a research note on Wednesday, July 15th. Eight research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Neptune Insurance has an average rating of “Hold” and a consensus price target of $29.82.

Insider Transactions at Neptune Insurance

In related news, major shareholder Vii L.P. Ftv sold 787,806 shares of the business’s stock in a transaction on Tuesday, May 19th. The stock was sold at an average price of $26.40, for a total transaction of $20,798,078.40. Following the transaction, the insider directly owned 16,310,781 shares in the company, valued at $430,604,618.40. The trade was a 4.61% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Hold 101 Lp Bsiv sold 688,403 shares of the stock in a transaction dated Tuesday, May 19th. The shares were sold at an average price of $26.40, for a total value of $18,173,839.20. Following the completion of the sale, the insider owned 14,252,718 shares of the company’s stock, valued at approximately $376,271,755.20. This trade represents a 4.61% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 11,317,604 shares of company stock worth $298,784,746 over the last 90 days. Company insiders own 74.26% of the company’s stock.

Hedge Funds Weigh In On Neptune Insurance

Hedge funds have recently modified their holdings of the stock. Wells Fargo & Company MN purchased a new position in shares of Neptune Insurance in the 4th quarter valued at approximately $28,000. PNC Financial Services Group Inc. acquired a new position in Neptune Insurance during the 4th quarter valued at approximately $125,000. Symmetry Investments LP purchased a new position in shares of Neptune Insurance in the fourth quarter worth $204,000. Cohen & Steers Inc. purchased a new position in shares of Neptune Insurance in the fourth quarter worth about $292,000. Finally, Boothbay Fund Management LLC purchased a new position in shares of Neptune Insurance in the fourth quarter worth about $294,000.

About Neptune Insurance

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.