Hagerty, Inc. (NYSE:HGTY) Sees Large Drop in Short Interest

Hagerty, Inc. (NYSE:HGTY - Get Free Report) saw a large decline in short interest in the month of October. As of October 15th, there was short interest totalling 374,800 shares, a decline of 12.7% from the September 30th total of 429,300 shares. Approximately 0.5% of the company's shares are short sold. Based on an average daily trading volume, of 67,000 shares, the short-interest ratio is presently 5.6 days.

Insider Activity

In related news, Director Robert I. Kauffman sold 2,481 shares of Hagerty stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $10.75, for a total transaction of $26,670.75. Following the transaction, the director now owns 5,154,354 shares in the company, valued at approximately $55,409,305.50. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, Director Robert I. Kauffman sold 2,481 shares of Hagerty stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $10.75, for a total transaction of $26,670.75. Following the transaction, the director now owns 5,154,354 shares in the company, valued at approximately $55,409,305.50. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Robert I. Kauffman sold 3,515 shares of Hagerty stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $10.80, for a total transaction of $37,962.00. Following the transaction, the director now owns 5,391,493 shares in the company, valued at $58,228,124.40. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 138,865 shares of company stock valued at $1,520,686 in the last ninety days. Company insiders own 17.90% of the company's stock.

Institutional Trading of Hagerty

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Goldstone Financial Group LLC purchased a new stake in shares of Hagerty in the 3rd quarter valued at approximately $236,000. Blue Trust Inc. lifted its position in shares of Hagerty by 178.6% in the 3rd quarter. Blue Trust Inc. now owns 10,542 shares of the company's stock valued at $110,000 after acquiring an additional 6,758 shares in the last quarter. Lakewood Asset Management LLC purchased a new stake in shares of Hagerty in the 3rd quarter valued at approximately $186,000. Algert Global LLC purchased a new stake in shares of Hagerty in the 2nd quarter valued at approximately $108,000. Finally, Dimensional Fund Advisors LP purchased a new stake in shares of Hagerty in the 2nd quarter valued at approximately $139,000. 20.51% of the stock is owned by institutional investors and hedge funds.

Hagerty Stock Performance

Shares of NYSE:HGTY traded up $0.11 during trading on Tuesday, reaching $10.55. 43,582 shares of the company's stock traded hands, compared to its average volume of 78,558. Hagerty has a 12 month low of $7.60 and a 12 month high of $12.35. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.04 and a quick ratio of 1.04. The stock has a market capitalization of $3.55 billion, a P/E ratio of 175.83 and a beta of 0.79. The company has a 50 day moving average of $10.97 and a 200-day moving average of $10.35.

Hagerty (NYSE:HGTY - Get Free Report) last posted its earnings results on Tuesday, August 6th. The company reported $0.12 EPS for the quarter, topping the consensus estimate of $0.09 by $0.03. Hagerty had a net margin of 5.37% and a return on equity of 15.68%. The firm had revenue of $313.23 million during the quarter, compared to analysts' expectations of $312.64 million. On average, equities analysts expect that Hagerty will post 0.26 EPS for the current year.

Analyst Ratings Changes

A number of equities analysts have commented on the stock. JPMorgan Chase & Co. boosted their price objective on shares of Hagerty from $9.50 to $11.00 and gave the stock a "neutral" rating in a report on Thursday, July 11th. Truist Financial boosted their target price on shares of Hagerty from $10.00 to $11.00 and gave the stock a "hold" rating in a research report on Thursday, August 8th.

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.

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