Insider Selling: Hagerty, Inc. (NYSE:HGTY) Director Sells 8,361 Shares of Stock

Hagerty, Inc. (NYSE:HGTY) Director Robert I. Kauffman sold 8,361 shares of the firm’s stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $9.69, for a total value of $81,018.09. Following the transaction, the director now directly owns 3,971,433 shares of the company’s stock, valued at $38,483,185.77. This represents a 0.21% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

Hagerty Trading Down 2.0%

Shares of HGTY stock opened at $9.53 on Wednesday. The stock has a 50-day simple moving average of $9.02 and a 200 day simple moving average of $9.90. Hagerty, Inc. has a fifty-two week low of $8.03 and a fifty-two week high of $12.35. The stock has a market capitalization of $3.26 billion, a P/E ratio of 86.64 and a beta of 0.88. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.23.

Hagerty (NYSE:HGTY) last announced its earnings results on Wednesday, May 7th. The company reported $0.08 earnings per share for the quarter, beating the consensus estimate of $0.02 by $0.06. Hagerty had a return on equity of 12.06% and a net margin of 5.27%. The business had revenue of $319.59 million during the quarter, compared to analysts’ expectations of $299.92 million. During the same quarter last year, the business posted $0.04 earnings per share. On average, sell-side analysts expect that Hagerty, Inc. will post 0.22 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. KLP Kapitalforvaltning AS bought a new position in Hagerty during the fourth quarter valued at about $31,000. Ancora Advisors LLC acquired a new position in shares of Hagerty in the 4th quarter valued at $46,000. R Squared Ltd acquired a new position in shares of Hagerty in the 4th quarter valued at $51,000. BNP Paribas Financial Markets acquired a new position in shares of Hagerty in the 4th quarter valued at $84,000. Finally, Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in shares of Hagerty in the 1st quarter valued at $93,000. Institutional investors own 20.51% of the company’s stock.

Analyst Ratings Changes

Separately, JPMorgan Chase & Co. decreased their target price on Hagerty from $11.00 to $10.00 and set a “neutral” rating for the company in a research note on Tuesday, April 8th.

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.