Hagerty (NYSE:HGTY) Sees Unusually-High Trading Volume - Here's What Happened

Hagerty, Inc. (NYSE:HGTY - Get Free Report) shares saw an uptick in trading volume on Thursday . 40,164 shares traded hands during 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.

Wall Street Analyst Weigh In

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

Hagerty Stock Down 0.3 %

The company has a debt-to-equity ratio of 0.23, a current ratio of 1.01 and a quick ratio of 1.01. The firm's 50-day simple moving average is $10.34 and its two-hundred day simple moving average is $10.76. The company has a market capitalization of $3.30 billion, a price-to-earnings ratio of 87.85 and a beta of 0.85.

Hagerty (NYSE:HGTY - Get Free Report) last issued its earnings results on Thursday, November 7th. The company reported $0.05 earnings per share for the quarter, missing the consensus estimate of $0.08 by ($0.03). The company had revenue of $323.37 million for 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 posted $0.05 earnings per share. Sell-side analysts predict that Hagerty, Inc. will post 0.22 EPS for the current fiscal year.

Insider Activity

In other news, Director Robert I. Kauffman sold 15,223 shares of the stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $10.85, for a total value of $165,169.55. Following the sale, the director now directly owns 4,964,603 shares in the company, valued at $53,865,942.55. This represents a 0.31 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders have sold 276,809 shares of company stock worth $2,986,179 over the last ninety days. 17.90% of the stock is currently owned by insiders.

Institutional Trading of Hagerty

Hedge funds have recently bought and sold shares of the company. Connor Clark & Lunn Investment Management Ltd. boosted its position in Hagerty by 376.1% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 97,143 shares of the company's stock worth $988,000 after acquiring an additional 76,740 shares during the last quarter. Barclays PLC boosted its position in Hagerty by 23.0% during the third quarter. Barclays PLC now owns 31,675 shares of the company's stock worth $321,000 after acquiring an additional 5,932 shares during the last quarter. Lincoln Capital LLC boosted its position in Hagerty by 6.7% during the fourth quarter. Lincoln Capital LLC now owns 494,495 shares of the company's stock worth $4,772,000 after acquiring an additional 31,068 shares during the last quarter. FMR LLC raised its stake 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 purchasing an additional 6,700 shares during the period. Finally, Algert Global LLC purchased a new position in Hagerty during the second quarter worth approximately $108,000. 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.