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

Hagerty, Inc. (NYSE:HGTYGet 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.

Read Our Latest Stock Report on HGTY

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:HGTYGet 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

(Get Free Report)

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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