Insider Selling: Hagerty, Inc. (NYSE:HGTY) Director Sells 3,913 Shares of Stock

Hagerty, Inc. (NYSE:HGTY) Director Robert I. Kauffman sold 3,913 shares of Hagerty stock in a transaction on Friday, September 27th. The shares were sold at an average price of $10.46, for a total value of $40,929.98. Following the transaction, the director now owns 5,140,538 shares in the company, valued at $53,770,027.48. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website.

Hagerty Stock Performance

Shares of HGTY stock traded down $0.25 during trading hours on Monday, hitting $10.17. 64,959 shares of the company were exchanged, compared to its average volume of 81,908. The firm has a fifty day simple moving average of $11.12 and a 200 day simple moving average of $10.09. Hagerty, Inc. has a 52-week low of $7.52 and a 52-week high of $12.35. The stock has a market capitalization of $3.42 billion, a price-to-earnings ratio of 169.50 and a beta of 0.81. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.22.

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

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the company. Truist Financial raised their target price on Hagerty from $10.00 to $11.00 and gave the company a “hold” rating in a report on Thursday, August 8th. JPMorgan Chase & Co. upped their price target on shares of Hagerty from $9.50 to $11.00 and gave the company a “neutral” rating in a report on Thursday, July 11th.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in HGTY. Vanguard Group Inc. increased its holdings in shares of Hagerty by 1.1% during the 1st quarter. Vanguard Group Inc. now owns 2,028,292 shares of the company’s stock worth $18,559,000 after buying an additional 21,331 shares during the last quarter. Confluence Investment Management LLC purchased a new stake in Hagerty during the first quarter worth approximately $3,473,000. GABELLI & Co INVESTMENT ADVISERS INC. increased its position in shares of Hagerty by 34.7% during the fourth quarter. GABELLI & Co INVESTMENT ADVISERS INC. now owns 103,300 shares of the company’s stock worth $806,000 after purchasing an additional 26,600 shares in the last quarter. Meixler Investment Management Ltd. grew its position in Hagerty by 21.2% during the 1st quarter. Meixler Investment Management Ltd. now owns 24,325 shares of the company’s stock worth $223,000 after purchasing an additional 4,250 shares during the last quarter. Finally, Dimensional Fund Advisors LP acquired a new stake in shares of Hagerty during the second quarter worth $139,000. 20.51% of the stock is currently owned by 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.