Hagerty, Inc. (NYSE:HGTY) Short Interest Down 9.0% in September

Hagerty, Inc. (NYSE:HGTY) was the target of a significant decline in short interest in September. As of September 15th, there was short interest totalling 436,000 shares, a decline of 9.0% from the August 31st total of 479,000 shares. Currently, 0.6% of the shares of the stock are short sold. Based on an average daily volume of 118,300 shares, the short-interest ratio is currently 3.7 days.

Analyst Ratings Changes

A number of research firms recently issued reports on HGTY. Truist Financial lifted 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. lifted their price target on shares of Hagerty from $9.50 to $11.00 and gave the stock a “neutral” rating in a research note on Thursday, July 11th.

Insider Transactions at Hagerty

In other news, Director Robert I. Kauffman sold 5,874 shares of the firm’s stock in a transaction dated Monday, September 30th. The shares were sold at an average price of $10.22, for a total value of $60,032.28. Following the transaction, the director now directly owns 5,134,664 shares of the company’s stock, valued at $52,476,266.08. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other Hagerty news, Director Robert I. Kauffman sold 3,913 shares of the business’s stock in a transaction dated Friday, September 27th. The shares were sold at an average price of $10.46, for a total transaction of $40,929.98. Following the sale, the director now directly owns 5,140,538 shares in the company, valued at $53,770,027.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Robert I. Kauffman sold 5,874 shares of the firm’s stock in a transaction that occurred on Monday, September 30th. The shares were sold at an average price of $10.22, for a total transaction of $60,032.28. Following the completion of the transaction, the director now directly owns 5,134,664 shares of the company’s stock, valued at approximately $52,476,266.08. The disclosure for this sale can be found here. Insiders sold 198,626 shares of company stock valued at $2,199,578 over the last 90 days. Corporate insiders own 17.90% of the company’s stock.

Hedge Funds Weigh In On Hagerty

A number of hedge funds and other institutional investors have recently made changes to their positions in HGTY. Confluence Investment Management LLC acquired a new position in shares of Hagerty during the first quarter worth about $3,473,000. GABELLI & Co INVESTMENT ADVISERS INC. grew its position in 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 buying an additional 26,600 shares during the period. Blue Trust Inc. acquired a new stake in shares of Hagerty in the 2nd quarter worth approximately $39,000. Vanguard Group Inc. raised its holdings 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 last quarter. Finally, Dimensional Fund Advisors LP acquired a new stake in Hagerty in the second quarter valued at $139,000. Hedge funds and other institutional investors own 20.51% of the company’s stock.

Hagerty Stock Up 2.1 %

Hagerty stock traded up $0.21 during midday trading on Tuesday, reaching $10.38. The company’s stock had a trading volume of 106,908 shares, compared to its average volume of 82,040. The company has a market cap of $3.50 billion, a P/E ratio of 173.00 and a beta of 0.81. 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 business has a 50-day simple moving average of $11.08 and a 200-day simple moving average of $10.11. Hagerty has a fifty-two week low of $7.52 and a fifty-two week high of $12.35.

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

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.