Hagerty (NYSE:HGTY) Downgraded by Raymond James to “Underperform”

Raymond James downgraded shares of Hagerty (NYSE:HGTY) from a market perform rating to an underperform rating in a report published on Thursday, MarketBeat Ratings reports.

Hagerty Price Performance

Shares of NYSE:HGTY opened at $10.00 on Thursday. The company has a market cap of $3.41 billion, a price-to-earnings ratio of 90.91 and a beta of 0.80. The business has a 50 day moving average price of $11.02 and a 200 day moving average price of $10.93. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.23. Hagerty has a twelve month low of $7.68 and a twelve month high of $12.35.

Insider Transactions at Hagerty

In other Hagerty news, Director Robert I. Kauffman sold 2,538 shares of the company’s stock in a transaction that occurred on Friday, October 18th. The stock was sold at an average price of $10.71, for a total value of $27,181.98. Following the completion of the transaction, the director now owns 5,074,471 shares of the company’s stock, valued at $54,347,584.41. This represents a 0.05 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Over the last quarter, insiders have sold 269,042 shares of company stock worth $2,971,462. Insiders own 17.90% of the company’s stock.

Institutional Trading of Hagerty

Institutional investors and hedge funds have recently modified their holdings of the company. FMR LLC lifted its position in Hagerty by 25,769.2% in the third quarter. FMR LLC now owns 6,726 shares of the company’s stock worth $68,000 after purchasing an additional 6,700 shares during the period. Algert Global LLC bought a new position in shares of Hagerty during the 2nd quarter worth about $108,000. Blue Trust Inc. boosted its position in shares of Hagerty by 178.6% during the 3rd quarter. Blue Trust Inc. now owns 10,542 shares of the company’s stock valued at $110,000 after acquiring an additional 6,758 shares in the last quarter. Dimensional Fund Advisors LP bought a new stake in Hagerty in the second quarter valued at about $139,000. Finally, PDT Partners LLC acquired a new position in Hagerty in the third quarter worth about $185,000. 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.