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

Shares of Hagerty, Inc. (NYSE:HGTY) gapped down prior to trading on Friday after an insider sold shares in the company. 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 trading hands.

Specifically, Director Robert I. Kauffman sold 5,044 shares of the business’s stock in a transaction that occurred on Thursday, January 23rd. The shares were sold at an average price of $9.70, for a total transaction of $48,926.80. Following the completion of the transaction, the director now owns 4,361,998 shares in the company, valued at $42,311,380.60. The trade was a 0.12 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Robert I. Kauffman sold 3,301 shares of the business’s stock in a transaction that occurred 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 transaction, the director now owns 4,372,659 shares of the company’s stock, 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 research note on Thursday, December 26th.

Hagerty Price Performance

The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.01 and a current ratio of 1.01. The firm has a market cap of $3.26 billion, a price-to-earnings ratio of 86.50 and a beta of 0.86. The stock’s 50 day simple moving average is $10.51 and its 200-day simple moving average is $10.83.

Hagerty (NYSE:HGTY) last released its quarterly earnings data on Thursday, November 7th. The company reported $0.05 earnings per share for the quarter, missing analysts’ consensus estimates of $0.08 by ($0.03). The business had revenue of $323.37 million during the quarter, compared to analyst estimates of $318.07 million. Hagerty had a return on equity of 12.06% and a net margin of 5.27%. During the same quarter in the previous year, the company earned $0.05 EPS. Equities research analysts anticipate that Hagerty, Inc. will post 0.22 EPS for the current fiscal year.

Institutional Trading of Hagerty

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. R Squared Ltd purchased a new stake in Hagerty during the fourth quarter worth $51,000. FMR LLC boosted its holdings in Hagerty by 25,769.2% during the third quarter. FMR LLC now owns 6,726 shares of the company’s stock worth $68,000 after buying an additional 6,700 shares in the last quarter. Algert Global LLC purchased a new stake in Hagerty during the second quarter worth $108,000. Blue Trust Inc. boosted its holdings in Hagerty by 178.6% during the third quarter. Blue Trust Inc. now owns 10,542 shares of the company’s stock worth $110,000 after buying an additional 6,758 shares in the last quarter. Finally, Dimensional Fund Advisors LP purchased a new stake in Hagerty during the second quarter worth $139,000. Institutional investors and hedge funds 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.