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

Shares of Hagerty, Inc. (NYSE:HGTY - Get Free Report) gapped down prior to trading on Friday following insider selling activity. 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.

Specifically, Director Robert I. Kauffman sold 5,044 shares of the 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 represents a 0.12 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Robert I. Kauffman sold 3,301 shares of the company's stock in a transaction that occurred on Tuesday, January 21st. The shares were 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 owns 4,372,659 shares of the company's stock, 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.

Analysts Set New Price Targets

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 capitalization of $3.34 billion, a PE ratio of 89.02 and a beta of 0.86. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.23. The firm has a 50-day moving average of $10.51 and a two-hundred day moving average of $10.83.

Hagerty (NYSE:HGTY - Get Free Report) last issued its quarterly earnings data 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 business had revenue of $323.37 million during the quarter, compared to analysts' expectations 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. Equities research analysts predict that Hagerty, Inc. will post 0.22 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Connor Clark & Lunn Investment Management Ltd. boosted its position in shares of 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 buying an additional 76,740 shares during the period. Barclays PLC boosted its position in shares of Hagerty by 23.0% during the third quarter. Barclays PLC now owns 31,675 shares of the company's stock worth $321,000 after buying an additional 5,932 shares during the period. Lincoln Capital LLC boosted its position in shares of 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 buying an additional 31,068 shares during the period. FMR LLC boosted its position in shares of 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 during the period. Finally, Algert Global LLC purchased a new position in shares of Hagerty during the second quarter worth $108,000. 20.51% of the stock is currently 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.