Hagerty (NYSE:HGTY) Stock: Insider Holding Corp. Hagerty Sells 1,500,000 Shares

Hagerty, Inc. (NYSE:HGTY) major shareholder Holding Corp. Hagerty sold 1,500,000 shares of the company’s stock in a transaction dated Thursday, November 12th. The stock was sold at an average price of $14.33, for a total transaction of $21,495,000.00. Following the completion of the transaction, the insider owned 10,000,000 shares of the company’s stock, valued at approximately $143,300,000. This trade represents a 13.04% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Large shareholders that own more than 10% of a company’s shares are required to disclose their transactions with the SEC.

Holding Corp. Hagerty also recently made the following trade(s):

• On Tuesday, November 10th, Holding Corp. Hagerty sold 10,000,000 shares of Hagerty stock. The stock was sold at an average price of $14.33, for a total value of $143,300,000.00.
• On Friday, September 11th, Holding Corp. Hagerty sold 1,387,500 shares of Hagerty stock. The shares were sold at an average price of $11.47, for a total transaction of $15,914,625.00.
• On Wednesday, September 9th, Holding Corp. Hagerty sold 9,250,000 shares of Hagerty stock. The stock was sold at an average price of $11.47, for a total transaction of $106,097,500.00.

Hagerty Stock Up 2.5%

HGTY opened at $16.19 on Friday. The business’s 50-day simple moving average is $14.87 and its 200-day simple moving average is $12.28. The stock has a market capitalization of $5.56 billion, a P/E ratio of 269.84 and a beta of 0.83. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.59 and a current ratio of 1.59. Hagerty, Inc. has a one year low of $9.36 and a one year high of $19.41.

Hagerty (NYSE:HGTY) last announced its earnings results on Tuesday, November 3rd. The company reported $0.10 earnings per share for the quarter, topping the consensus estimate of $0.01 by $0.09. Hagerty had a net margin of 1.08% and a return on equity of 6.27%. The business had revenue of $354.24 million during the quarter, compared to the consensus estimate of $338.99 million. Analysts anticipate that Hagerty, Inc. will post 0.09 EPS for the current year.

Hedge Funds Weigh In On Hagerty

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vise Technologies Inc. acquired a new stake in Hagerty in the 3rd quarter worth approximately $139,000. E. Ohman J or Asset Management AB grew its holdings in Hagerty by 4.2% during the third quarter. E. Ohman J or Asset Management AB now owns 48,047 shares of the company’s stock valued at $647,000 after purchasing an additional 1,941 shares during the last quarter. State of Alaska Department of Revenue acquired a new position in Hagerty during the third quarter valued at approximately $55,000. Lincoln Capital LLC raised its position in shares of Hagerty by 38.7% in the third quarter. Lincoln Capital LLC now owns 1,350,809 shares of the company’s stock valued at $18,209,000 after purchasing an additional 377,158 shares during the period. Finally, Sequoia Financial Advisors LLC bought a new position in shares of Hagerty in the second quarter valued at approximately $170,000. Institutional investors own 20.51% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the stock. Zacks Research downgraded shares of Hagerty from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 19th. Citizens Jmp upped their price objective on shares of Hagerty from $15.00 to $19.00 and gave the company a “market outperform” rating in a research report on Wednesday, November 4th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Hagerty in a research report on Wednesday, November 4th. Oppenheimer reiterated an “outperform” rating and issued a $20.00 price target on shares of Hagerty in a research note on Tuesday, November 3rd. Finally, Wells Fargo & Company lifted their target price on Hagerty from $14.00 to $17.00 and gave the company an “equal weight” rating in a research note on Wednesday, November 4th. Three equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $16.43.

Hagerty Company Profile

Hagerty is an automotive enthusiast company focused on collectible and classic vehicles. Its services include specialty vehicle insurance, membership programs, vehicle valuation tools, and online marketplaces that connect buyers and sellers. The company also produces automotive media and hosts events and driving experiences for enthusiasts. Hagerty serves customers in the United States and select international markets, including Canada and the United Kingdom. Founded in 1984 as a family business, Hagerty is headquartered in Traverse City, Michigan.