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

Hagerty, Inc. (NYSE:HGTY)’s stock price gapped down before the market opened on Friday following insider selling activity. 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.

Specifically, Director Robert I. Kauffman sold 5,044 shares of Hagerty stock in a transaction on Thursday, January 23rd. The shares were sold at an average price of $9.70, for a total value of $48,926.80. Following the transaction, the director now directly owns 4,361,998 shares of the company’s stock, valued at $42,311,380.60. The trade was a 0.12 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Robert I. Kauffman sold 3,301 shares of the firm’s stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $9.62, for a total transaction of $31,755.62. Following the completion of the sale, the director now directly owns 4,372,659 shares in the company, valued at approximately $42,064,979.58. This trade represents a 0.08 % decrease in their position. The disclosure for this sale can be found here.

Analyst Ratings Changes

Separately, Raymond James lowered shares of Hagerty from a “market perform” rating to an “underperform” rating in a report on Thursday, December 26th.

Hagerty Price Performance

The company has a market cap of $3.34 billion, a PE ratio of 89.02 and a beta of 0.86. The business has a 50 day moving average of $10.49 and a 200 day moving average of $10.82. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.01 and a quick ratio of 1.01.

Hagerty (NYSE:HGTY) last posted its earnings results on Thursday, November 7th. The company reported $0.05 EPS for the quarter, missing the consensus estimate of $0.08 by ($0.03). Hagerty had a return on equity of 12.06% and a net margin of 5.27%. The company had revenue of $323.37 million during the quarter, compared to analysts’ expectations of $318.07 million. During the same period in the prior year, the business posted $0.05 earnings per share. As a group, research analysts predict that Hagerty, Inc. will post 0.22 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Meixler Investment Management Ltd. grew its stake in Hagerty by 9.7% in the third quarter. Meixler Investment Management Ltd. now owns 27,455 shares of the company’s stock worth $279,000 after purchasing an additional 2,430 shares during the period. 17 Capital Partners LLC boosted its holdings in shares of Hagerty by 10.0% during the 3rd quarter. 17 Capital Partners LLC now owns 55,000 shares of the company’s stock valued at $559,000 after buying an additional 5,000 shares in the last quarter. R Squared Ltd purchased a new stake in shares of Hagerty in the 4th quarter worth about $51,000. Barclays PLC increased its stake in shares of Hagerty by 23.0% in the 3rd quarter. Barclays PLC now owns 31,675 shares of the company’s stock worth $321,000 after acquiring an additional 5,932 shares in the last quarter. Finally, FMR LLC lifted its position in Hagerty by 25,769.2% during the 3rd quarter. FMR LLC now owns 6,726 shares of the company’s stock valued at $68,000 after acquiring an additional 6,700 shares during the period. Institutional investors own 20.51% of the company’s stock.

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.