Hagerty (NYSE:HGTY) Sees Strong Trading Volume – Here’s What Happened

Hagerty, Inc. (NYSE:HGTY) saw an uptick in trading volume on Thursday . 40,164 shares were traded during mid-day trading, a decline of 13% from the previous session’s volume of 45,924 shares.The stock last traded at $9.88 and had previously closed at $9.78.

Analysts Set New Price Targets

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

Hagerty Price Performance

The firm has a 50-day simple moving average of $10.34 and a two-hundred day simple moving average of $10.77. The company has a market capitalization of $3.31 billion, a price-to-earnings ratio of 88.27 and a beta of 0.86. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.23.

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 for the quarter, compared to analyst estimates of $318.07 million. During the same period last year, the business earned $0.05 earnings per share. As a group, analysts predict that Hagerty, Inc. will post 0.22 earnings per share for the current fiscal year.

Insider Activity at Hagerty

In related news, Director Robert I. Kauffman sold 6,355 shares of the company’s stock in a transaction dated Tuesday, December 3rd. The stock was sold at an average price of $11.79, for a total value of $74,925.45. Following the completion of the transaction, the director now owns 4,560,989 shares of the company’s stock, valued at approximately $53,774,060.31. This represents a 0.14 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders sold a total of 276,809 shares of company stock worth $2,986,179 in the last three months. Company insiders own 17.90% of the company’s stock.

Institutional Trading of Hagerty

Institutional investors and hedge funds have recently made changes to their positions in the business. Pembroke Management LTD acquired a new stake in Hagerty in the 4th quarter valued at $9,201,000. R Squared Ltd purchased a new position in Hagerty during the fourth quarter valued at $51,000. Blue Trust Inc. grew its position in shares of Hagerty by 188.6% in the fourth quarter. Blue Trust Inc. now owns 30,423 shares of the company’s stock valued at $309,000 after purchasing an additional 19,881 shares during the period. Lincoln Capital LLC grew its position in shares of Hagerty by 6.7% in the fourth quarter. Lincoln Capital LLC now owns 494,495 shares of the company’s stock valued at $4,772,000 after purchasing an additional 31,068 shares during the period. Finally, Barclays PLC increased its stake in shares of Hagerty by 23.0% during the third quarter. Barclays PLC now owns 31,675 shares of the company’s stock worth $321,000 after purchasing an additional 5,932 shares in the last quarter. 20.51% of the stock is currently owned by hedge funds and other institutional investors.

Hagerty Company Profile

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.