Readystate Asset Management LP Lowers Stock Position in Neptune Insurance Holdings Inc. $NP

Readystate Asset Management LP trimmed its position in shares of Neptune Insurance Holdings Inc. (NYSE:NP) by 49.7% in the first quarter, HoldingsChannel reports. The institutional investor owned 25,000 shares of the company’s stock after selling 24,655 shares during the period. Readystate Asset Management LP’s holdings in Neptune Insurance were worth $605,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in NP. SummitTX Capital L.P. purchased a new stake in Neptune Insurance during the first quarter valued at about $898,000. Renaissance Technologies LLC raised its holdings in shares of Neptune Insurance by 874.4% in the 1st quarter. Renaissance Technologies LLC now owns 160,703 shares of the company’s stock worth $3,887,000 after purchasing an additional 144,210 shares during the period. Sei Investments Co. raised its holdings in shares of Neptune Insurance by 203.3% in the 1st quarter. Sei Investments Co. now owns 59,114 shares of the company’s stock worth $1,430,000 after purchasing an additional 39,626 shares during the period. Walleye Capital LLC lifted its stake in shares of Neptune Insurance by 17.3% in the 1st quarter. Walleye Capital LLC now owns 135,364 shares of the company’s stock valued at $3,274,000 after purchasing an additional 20,000 shares in the last quarter. Finally, PNC Financial Services Group Inc. grew its holdings in shares of Neptune Insurance by 73.3% during the 1st quarter. PNC Financial Services Group Inc. now owns 7,440 shares of the company’s stock worth $180,000 after purchasing an additional 3,146 shares during the period.

Neptune Insurance Stock Performance

NP opened at $34.97 on Thursday. The company has a market capitalization of $4.84 billion and a P/E ratio of 139.88. The company has a 50-day moving average of $29.45 and a 200-day moving average of $26.06. Neptune Insurance Holdings Inc. has a 1-year low of $14.78 and a 1-year high of $35.15.

Neptune Insurance (NYSE:NP) last issued its quarterly earnings results on Tuesday, July 21st. The company reported $0.15 EPS for the quarter, topping the consensus estimate of $0.14 by $0.01. The business 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 18.77%. As a group, sell-side analysts expect that Neptune Insurance Holdings Inc. will post 0.4 earnings per share for the current fiscal year.

Insider Activity at Neptune Insurance

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

Analysts Set New Price Targets

A number of analysts recently issued reports on NP shares. Wells Fargo & Company increased their target price on shares of Neptune Insurance from $35.00 to $37.00 and gave the stock an “overweight” rating in a research report on Thursday, July 23rd. Piper Sandler boosted their price objective 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. Bank of America increased their price objective on shares of Neptune Insurance from $23.00 to $26.00 and gave the stock a “neutral” rating in a research report on Tuesday, April 14th. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and issued a $33.00 target price on shares of Neptune Insurance in a research note on Wednesday, July 22nd. Finally, Mizuho lifted their target price on shares of Neptune Insurance from $29.00 to $32.00 and gave the company a “neutral” rating in a report on Thursday, July 9th. Eight research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Neptune Insurance presently has a consensus rating of “Hold” and an average price target of $30.61.

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.