Readystate Asset Management LP Decreases Stake in Neptune Insurance Holdings Inc. $NP

Readystate Asset Management LP decreased its holdings in Neptune Insurance Holdings Inc. (NYSE:NP) by 49.7% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 25,000 shares of the company’s stock after selling 24,655 shares during the quarter. Readystate Asset Management LP’s holdings in Neptune Insurance were worth $605,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Comerica Bank acquired a new position in shares of Neptune Insurance during the 4th quarter worth $1,507,000. Vanguard Group Inc. acquired a new stake in shares of Neptune Insurance in the fourth quarter valued at about $47,063,000. Bregal Sagemount IV General Partner Jersey Ltd purchased a new stake in Neptune Insurance during the fourth quarter worth about $569,509,000. Capital World Investors acquired a new position in Neptune Insurance during the fourth quarter worth about $32,091,000. Finally, Azora Capital LP purchased a new position in Neptune Insurance in the fourth quarter valued at about $21,695,000.

Insider Buying and Selling at Neptune Insurance

In related news, major shareholder Vii L.P. Ftv sold 5,252,044 shares of the company’s stock in a transaction on Friday, May 15th. The stock was sold at an average price of $26.40, for a total value of $138,653,961.60. Following the completion of the transaction, the insider directly owned 17,098,587 shares in the company, valued at approximately $451,402,696.80. This represents a 23.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, major shareholder Hold 101 Lp Bsiv sold 4,589,351 shares of the firm’s stock in a transaction dated Friday, May 15th. The stock was sold at an average price of $26.40, for a total value of $121,158,866.40. Following the completion of the sale, the insider directly owned 14,941,121 shares in the company, valued at approximately $394,445,594.40. The trade was a 23.50% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 11,317,604 shares of company stock valued at $298,784,746 over the last quarter. Insiders own 74.26% of the company’s stock.

Wall Street Analysts Forecast Growth

NP has been the topic of several research analyst reports. Piper Sandler boosted their price target on Neptune Insurance from $30.00 to $39.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 15th. Morgan Stanley set a $31.00 price objective on Neptune Insurance in a report on Thursday, July 23rd. JPMorgan Chase & Co. boosted their target price on Neptune Insurance from $26.00 to $30.00 and gave the stock a “neutral” rating in a research report on Monday, July 13th. Wells Fargo & Company upped their target price on Neptune Insurance from $35.00 to $37.00 and gave the company an “overweight” rating in a report on Thursday, July 23rd. Finally, Keefe, Bruyette & Woods dropped their price target on Neptune Insurance from $34.00 to $33.00 and set a “market perform” rating for the company in a research report on Friday, July 24th. Eight investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $30.61.

Neptune Insurance Stock Performance

Shares of NP opened at $34.97 on Thursday. The company has a market capitalization of $4.84 billion and a price-to-earnings ratio of 139.88. Neptune Insurance Holdings Inc. has a 1 year low of $14.78 and a 1 year high of $35.15. The company’s 50 day simple moving average is $29.45 and its 200 day simple moving average is $26.06.

Neptune Insurance (NYSE:NP) last issued its quarterly earnings results on Tuesday, July 21st. The company reported $0.15 earnings per share for the quarter, beating the consensus estimate of $0.14 by $0.01. Neptune Insurance had a negative return on equity of 18.77% and a net margin of 21.45%.The company had revenue of $55.87 million during the quarter, compared to the consensus estimate of $52.38 million. Equities analysts expect that Neptune Insurance Holdings Inc. will post 0.4 EPS for the current fiscal year.

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.