Short-term stake in Hippo Holdings Inc. (NYSE:HIPO) drops 15.3%

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Hippo Holdings Inc. (NYSE: HIPOGet a rating) was the target of a sharp decline in short-term interest in April. As of April 30, there was short interest totaling 5,640,000 shares, down 15.3% from the April 15 total of 6,660,000 shares. Based on an average daily trading volume of 2,150,000 shares, the day-to-cover ratio is currently 2.6 days. Currently, 2.2% of the company’s shares are sold short.

Several brokerages have published reports on HIPO. Goldman Sachs Group lowered its price target on Hippo shares from $5.40 to $3.00 and set a “neutral” rating on the stock in a Tuesday, April 5 report. Zacks Investment Research upgraded Hippo’s shares from a “sell” to a “hold” rating in a Friday, May 13 research note. Morgan Stanley lowered its price target on Hippo from $4.60 to $3.76 and set an “overweight” rating on the stock in a Tuesday, March 15 research report. Finally, JMP Securities assumed coverage of Hippo in a Wednesday, February 9 research report. They issued an “outperform” rating and a price target of $4.00 for the company. Two analysts gave the stock a hold rating and three gave the company a buy rating. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $4.25.

NYSE: HIPO opened at $1.60 on Wednesday. The stock has a market capitalization of $906.03 million, a price-earnings ratio of -0.25 and a beta of 0.18. Hippo has a 52-week low of $1.16 and a 52-week high of $10.82. The company has a 50-day moving average of $1.87 and a 200-day moving average of $2.43.

Hippopotamus (NYSE: HIPOGet a rating) last released its quarterly results on Thursday, March 10. The company reported ($0.11) earnings per share (EPS) for the quarter, missing analyst consensus estimates of ($0.08) by ($0.03). The company posted revenue of $32.10 million for the quarter, versus analyst estimates of $28.00 million. Hippo had a negative return on equity of 41.30% and a negative net margin of 246.66%. On average, stock analysts expect Hippo to post -0.49 earnings per share for the current fiscal year.

A number of institutional investors have recently increased or reduced their stake in HIPO. ETF Managers Group LLC purchased a new equity stake in Hippo during the fourth quarter worth approximately $25,000. Wolverine Asset Management LLC acquired a new stake in Hippo in Q3 worth approximately $26,000. Texas Capital Bank Wealth Management Services Inc. acquired a new stake in Hippo in Q4 worth approximately $28,000. Vivaldi Capital Management LP acquired a new stake in Hippo during Q4 worth approximately $28,000. Finally, IPG Investment Advisors LLC acquired a new position in Hippo during Q4 worth approximately $32,000. Institutional investors hold 35.23% of the company’s shares.

About Hippo (Get a rating)

Hippo Holdings Inc offers home protection insurance in the United States and the District of Columbia. Its insurance products include home insurance against fire, wind and theft; and commercial and personal product lines. The company distributes insurance products and services through its technology platform; and offers its policies online, over the phone or through licensed insurance agents.

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