Hagerty, Inc. (NYSE:HGTY – Get Free Report)’s share price gapped down prior to trading on Friday after an insider sold shares in the company. The stock had previously closed at $9.71, but opened at $9.30. Hagerty shares last traded at $9.52, with a volume of 26,055 shares changing hands.
Specifically, Director Robert I. Kauffman sold 5,044 shares of Hagerty stock in a transaction dated Thursday, January 23rd. The shares were sold at an average price of $9.70, for a total transaction of $48,926.80. Following the completion of the sale, the director now directly owns 4,361,998 shares in the company, valued at $42,311,380.60. This trade represents a 0.12 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Robert I. Kauffman sold 3,301 shares of Hagerty stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $9.62, for a total transaction of $31,755.62. Following the completion of the transaction, the director now owns 4,372,659 shares of the company’s stock, valued at $42,064,979.58. This trade represents a 0.08 % decrease in their position. The disclosure for this sale can be found here.
Wall Street Analysts Forecast Growth
Separately, Raymond James downgraded shares of Hagerty from a “market perform” rating to an “underperform” rating in a research note on Thursday, December 26th.
Hagerty Stock Up 0.8 %
The firm has a market cap of $3.34 billion, a PE ratio of 89.02 and a beta of 0.86. The firm’s 50-day moving average price is $10.49 and its two-hundred day moving average price is $10.82. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.01 and a current ratio of 1.01.
Hagerty (NYSE:HGTY – Get Free Report) last released its earnings results on Thursday, November 7th. The company reported $0.05 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.08 by ($0.03). The firm had revenue of $323.37 million during the quarter, compared to analysts’ expectations of $318.07 million. Hagerty had a net margin of 5.27% and a return on equity of 12.06%. During the same quarter last year, the company posted $0.05 earnings per share. As a group, equities research analysts expect that Hagerty, Inc. will post 0.22 EPS for the current fiscal year.
Institutional Inflows and Outflows
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Connor Clark & Lunn Investment Management Ltd. lifted its holdings in shares of Hagerty by 376.1% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 97,143 shares of the company’s stock worth $988,000 after acquiring an additional 76,740 shares during the period. Lincoln Capital LLC lifted its holdings in shares of Hagerty by 6.7% during the 4th quarter. Lincoln Capital LLC now owns 494,495 shares of the company’s stock worth $4,772,000 after acquiring an additional 31,068 shares during the period. Goldstone Financial Group LLC purchased a new position in shares of Hagerty during the 3rd quarter worth about $236,000. Blue Trust Inc. lifted its holdings in shares of Hagerty by 188.6% during the 4th quarter. Blue Trust Inc. now owns 30,423 shares of the company’s stock worth $309,000 after acquiring an additional 19,881 shares during the period. Finally, Lakewood Asset Management LLC purchased a new position in shares of Hagerty during the 3rd quarter worth about $186,000. 20.51% of the stock is currently owned by hedge funds and other institutional investors.
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.
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