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

Hagerty, Inc. (NYSE:HGTY) gapped down before the market opened 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 traded.

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

Analyst Ratings Changes

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

Hagerty Stock Up 0.8 %

The company has a market cap of $3.34 billion, a P/E ratio of 89.02 and a beta of 0.86. The company’s 50-day moving average is $10.49 and its two-hundred day moving average is $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 issued 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 net margin of 5.27% and a return on equity of 12.06%. The business had revenue of $323.37 million for the quarter, compared to analysts’ expectations of $318.07 million. During the same quarter in the prior year, the business posted $0.05 earnings per share. As a group, equities analysts predict that Hagerty, Inc. will post 0.22 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Hagerty

Large investors have recently bought and sold shares of the business. Connor Clark & Lunn Investment Management Ltd. lifted its holdings in shares of Hagerty by 376.1% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 97,143 shares of the company’s stock valued at $988,000 after buying an additional 76,740 shares during the period. Barclays PLC increased its position in Hagerty by 23.0% during the third quarter. Barclays PLC now owns 31,675 shares of the company’s stock valued at $321,000 after acquiring an additional 5,932 shares during the last quarter. Lincoln Capital LLC lifted its holdings in 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 acquiring an additional 31,068 shares during the period. FMR LLC boosted 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 last quarter. Finally, Algert Global LLC bought a new stake in shares of Hagerty during the 2nd quarter valued at about $108,000. 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.