Hagerty (NYSE:HGTY) Shares Gap Down Following Insider Selling

Hagerty, Inc. (NYSE:HGTY)’s share price gapped down prior to trading on Monday following insider selling activity. The stock had previously closed at $10.60, but opened at $10.34. Hagerty shares last traded at $10.48, with a volume of 1,589 shares traded.

Specifically, Director Robert I. Kauffman sold 3,083 shares of the stock in a transaction on Monday, October 21st. The shares were sold at an average price of $10.47, for a total transaction of $32,279.01. Following the sale, the director now directly owns 5,071,388 shares of the company’s stock, valued at approximately $53,097,432.36. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Robert I. Kauffman sold 2,538 shares of Hagerty stock in a transaction on Friday, October 18th. The shares were sold at an average price of $10.71, for a total transaction of $27,181.98. Following the completion of the transaction, the director now directly owns 5,074,471 shares of the company’s stock, valued at $54,347,584.41. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In other Hagerty news, Director Robert I. Kauffman sold 3,040 shares of the stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $10.72, for a total transaction of $32,588.80. Following the completion of the transaction, the director now owns 5,080,626 shares of the company’s stock, valued at $54,464,310.72. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink.

Wall Street Analysts Forecast Growth

Several research firms recently commented on HGTY. JPMorgan Chase & Co. increased their price objective on Hagerty from $9.50 to $11.00 and gave the company a “neutral” rating in a research note on Thursday, July 11th. Truist Financial raised their price target on shares of Hagerty from $10.00 to $11.00 and gave the stock a “hold” rating in a research note on Thursday, August 8th.

Hagerty Stock Performance

The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.22. The stock has a 50-day moving average of $11.02 and a 200 day moving average of $10.27. The stock has a market cap of $3.52 billion, a PE ratio of 172.50 and a beta of 0.79.

Hagerty (NYSE:HGTY) last issued its earnings results on Tuesday, August 6th. The company reported $0.12 EPS for the quarter, topping analysts’ consensus estimates of $0.09 by $0.03. The company had revenue of $313.23 million for the quarter, compared to the consensus estimate of $312.64 million. Hagerty had a net margin of 5.37% and a return on equity of 15.68%. Equities analysts predict that Hagerty, Inc. will post 0.26 EPS for the current fiscal year.

Hedge Funds Weigh In On Hagerty

Several large investors have recently made changes to their positions in the stock. Blue Trust Inc. raised its position in Hagerty by 178.6% in the third quarter. Blue Trust Inc. now owns 10,542 shares of the company’s stock valued at $110,000 after purchasing an additional 6,758 shares during the period. Lakewood Asset Management LLC acquired a new position in Hagerty during the 3rd quarter worth about $186,000. Algert Global LLC purchased a new position in Hagerty during the 2nd quarter valued at about $108,000. Dimensional Fund Advisors LP acquired a new position in Hagerty in the 2nd quarter valued at about $139,000. Finally, Vanguard Group Inc. increased its stake in Hagerty by 1.1% during the first quarter. Vanguard Group Inc. now owns 2,028,292 shares of the company’s stock worth $18,559,000 after purchasing an additional 21,331 shares during the period. 20.51% of the stock is currently owned by institutional investors and hedge funds.

About Hagerty

Hagerty, Inc provides insurance agency services worldwide. It offers motor vehicle and boat insurance products; and reinsurance products. The company provides Hagerty Media, which publishes contents through the Hagerty Drivers Club Magazine (HDC), video content, and social media channels; HDC that offers subscription based products and services, including HDC Magazine, automotive enthusiast events, proprietary vehicle valuation tools, emergency roadside services, and special vehicle-related discounts.