Insider Selling: Hagerty, Inc. (NYSE:HGTY) Director Sells 5,404 Shares of Stock

Hagerty, Inc. (NYSE:HGTY) Director Robert I. Kauffman sold 5,404 shares of the stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $10.70, for a total transaction of $57,822.80. Following the completion of the sale, the director now directly owns 5,156,835 shares in the company, valued at $55,178,134.50. The sale was disclosed in a filing with the SEC, which is available at this hyperlink.

Hagerty Trading Down 2.8 %

NYSE HGTY opened at $10.66 on Friday. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.04 and a quick ratio of 1.04. The firm’s fifty day moving average price is $11.17 and its 200 day moving average price is $10.02. The company has a market capitalization of $3.59 billion, a price-to-earnings ratio of 177.67 and a beta of 0.81. Hagerty, Inc. has a 12 month low of $7.52 and a 12 month high of $12.35.

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

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the stock. Algert Global LLC acquired a new stake in Hagerty during the 2nd quarter worth $108,000. Dimensional Fund Advisors LP acquired a new stake in Hagerty during the 2nd quarter worth $139,000. Blue Trust Inc. acquired a new stake in Hagerty during the 2nd quarter worth $39,000. Vanguard Group Inc. boosted its stake in 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 purchasing an additional 21,331 shares during the period. Finally, Meixler Investment Management Ltd. boosted its stake 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 period. 20.51% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on HGTY shares. JPMorgan Chase & Co. increased their price objective on shares of Hagerty from $9.50 to $11.00 and gave the company a “neutral” rating in a research report on Thursday, July 11th. Truist Financial increased their price objective on shares of Hagerty from $10.00 to $11.00 and gave the company a “hold” rating in a research report on Thursday, August 8th.

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.