Hagerty (NYSE:HGTY) Shares Gap Down - Should You Sell?

Hagerty, Inc. (NYSE:HGTY - Get Free Report) gapped down before the market opened on Tuesday . The stock had previously closed at $8.78, but opened at $8.54. Hagerty shares last traded at $8.94, with a volume of 305 shares trading hands.

Analysts Set New Price Targets

Several brokerages have recently weighed in on HGTY. JPMorgan Chase & Co. lowered their target price on Hagerty from $11.00 to $10.00 and set a "neutral" rating on the stock in a report on Tuesday, April 8th. Raymond James lowered Hagerty from a "market perform" rating to an "underperform" rating in a report on Thursday, December 26th.

Hagerty Trading Down 1.0 %

The stock has a market cap of $2.94 billion, a price-to-earnings ratio of 78.31 and a beta of 0.88. The company's fifty day moving average is $9.34 and its two-hundred day moving average is $10.12. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.23.

Insider Activity

In other Hagerty news, Director Robert I. Kauffman sold 3,301 shares of the 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 transaction, the director now owns 4,372,659 shares in the company, valued at approximately $42,064,979.58. This represents a 0.08 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Laurie Harris sold 3,934 shares of the company's stock in a transaction on Friday, April 4th. The stock was sold at an average price of $8.41, for a total transaction of $33,084.94. Following the transaction, the director now directly owns 30,349 shares in the company, valued at approximately $255,235.09. This trade represents a 11.48 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 83,917 shares of company stock valued at $806,375. Insiders own 17.90% of the company's stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Markel Group Inc. increased its stake in Hagerty by 3.6% in the 4th quarter. Markel Group Inc. now owns 3,108,000 shares of the company's stock valued at $29,992,000 after purchasing an additional 108,000 shares in the last quarter. Lincoln Capital LLC raised its stake in shares of Hagerty by 6.7% during the 4th quarter. Lincoln Capital LLC now owns 494,495 shares of the company's stock worth $4,772,000 after buying an additional 31,068 shares during the last quarter. Barclays PLC boosted its position in shares of Hagerty by 23.0% in the 3rd quarter. Barclays PLC now owns 31,675 shares of the company's stock worth $321,000 after buying an additional 5,932 shares in the last quarter. Pembroke Management LTD acquired a new stake in Hagerty in the 4th quarter valued at about $9,201,000. Finally, Steward Partners Investment Advisory LLC increased its holdings in Hagerty by 35.9% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 10,325 shares of the company's stock valued at $100,000 after acquiring an additional 2,726 shares in the last quarter. 20.51% of the stock is 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.