This morning many investors are going to be looking into those stocks which may have recorded significant gains on Friday and one of the stocks which could come into focus is that of Hippo Holdings. The Hippo Holdings (NYSE:HIPO) stock had clocked gains of as much as 31% on Friday and had emerged as one of the more notable gainers.
Trading Data
On Friday, HIPO stock surged 30.65% to $1.62 with more than 6.54 million shares traded, compared to its average volume of 2.27 million shares. The stock moved within a range of $1.4000 – 1.7600 after opening trading at $1.42.
Earnings Review
The rally in the stock came about after the company announced its financial results for the first fiscal quarter of the year. It may now be a good idea to consider taking a closer look at the financial results.
The company suffered a loss of $0.12 a share in the quarter and generated revenues to the tune of as much as $24.5 million. However, it is necessary to point out that the both those figures actually fell short of analysts’ estimates.
As a consequence, it may have come as a bit of a surprise for many to see the strong rally in the Hippo Holdings stock on Friday. That being said, the gross loss ratio suffered by Hippo Holdings actually dropped from 198% in the prior year period to 76% in the latest reported quarter.
Key Quote
“We’re excited by the progress reported today, achieving significant growth while delivering our best quarterly gross loss ratio since our public listing,” said Hippo co-founder and CEO Assaf Wand. “We believe by focusing on geographic expansion, attracting more homeowners who embrace proactive home protection through our omni-channel strategy, and continuously refining our risk models, we will deliver better outcomes for our customers and fuel Hippo’s success.”
Technical Data
HIPO stock is trading below the 20-Day and 50-Day Moving averages of $1.67 and $1.87 respectively. Moreover, the stock is trading below the 200-Day moving average of $3.35.
