What happens when the market gives you a ton of money and then swipes left?
Hippo began to trade earlier this week after completing its SPAC combination. The home-focused U.S. neoinsurance provider initially stuck close to its $10 per-share pre-combination price before plummeting yesterday during regular trading.
But Hippo’s declines don’t appear to be of its own doing. Lemonade, another U.S. neoinsurance player — albeit one more focused on rental coverage — posted slightly better-than-expected Q2 results earlier in the week. After its report, Lemonade’s value dropped sharply, and it appears it dragged Hippo down …