Short Interest in Hagerty, Inc. (NYSE:HGTY) Declines By 9.0%

Hagerty, Inc. (NYSE:HGTY) was the target of a significant drop in short interest in September. As of September 15th, there was short interest totalling 436,000 shares, a drop of 9.0% from the August 31st total of 479,000 shares. Currently, 0.6% of the shares of the stock are sold short. Based on an average daily trading volume, of 118,300 shares, the days-to-cover ratio is currently 3.7 days.

Hagerty Trading Up 2.1 %

Shares of NYSE HGTY traded up $0.21 during midday trading on Tuesday, hitting $10.38. The stock had a trading volume of 106,908 shares, compared to its average volume of 82,040. The company has a market capitalization of $3.50 billion, a price-to-earnings ratio of 173.00 and a beta of 0.81. Hagerty has a 1-year low of $7.52 and a 1-year high of $12.35. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.22. The company has a fifty day moving average price of $11.08 and a 200 day moving average price of $10.11.

Hagerty (NYSE:HGTY) last released its quarterly earnings data on Tuesday, August 6th. The company reported $0.12 earnings per share for the quarter, beating the consensus estimate of $0.09 by $0.03. The business had revenue of $313.23 million for the quarter, compared to analyst estimates of $312.64 million. Hagerty had a return on equity of 15.68% and a net margin of 5.37%. On average, analysts predict that Hagerty will post 0.26 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the company. JPMorgan Chase & Co. raised their price target on Hagerty from $9.50 to $11.00 and gave the stock a “neutral” rating in a research note on Thursday, July 11th. Truist Financial raised their price target on Hagerty from $10.00 to $11.00 and gave the stock a “hold” rating in a research note on Thursday, August 8th.

Insider Activity

In other news, Director Robert I. Kauffman sold 4,548 shares of the firm’s stock in a transaction on Wednesday, July 3rd. The stock was sold at an average price of $11.04, for a total value of $50,209.92. Following the completion of the transaction, the director now owns 5,539,102 shares in the company, valued at $61,151,686.08. The sale was disclosed in a document filed with the SEC, which is available at this link. In other news, Director Robert I. Kauffman sold 14,853 shares of the firm’s stock in a transaction on Monday, July 15th. The stock was sold at an average price of $10.86, for a total value of $161,303.58. Following the completion of the transaction, the director now owns 5,471,805 shares in the company, valued at $59,423,802.30. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Robert I. Kauffman sold 4,548 shares of the stock in a transaction on Wednesday, July 3rd. The shares were sold at an average price of $11.04, for a total value of $50,209.92. Following the sale, the director now directly owns 5,539,102 shares in the company, valued at approximately $61,151,686.08. The disclosure for this sale can be found here. Insiders sold a total of 198,626 shares of company stock worth $2,199,578 over the last 90 days. 17.90% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Hagerty

Several hedge funds and other institutional investors have recently modified their holdings of the company. GABELLI & Co INVESTMENT ADVISERS INC. raised its holdings in shares of Hagerty by 34.7% during the 4th quarter. GABELLI & Co INVESTMENT ADVISERS INC. now owns 103,300 shares of the company’s stock valued at $806,000 after buying an additional 26,600 shares during the period. Confluence Investment Management LLC purchased a new stake in Hagerty during the 1st quarter worth approximately $3,473,000. Meixler Investment Management Ltd. increased its holdings in Hagerty by 21.2% during the 1st quarter. Meixler Investment Management Ltd. now owns 24,325 shares of the company’s stock worth $223,000 after purchasing an additional 4,250 shares during the last quarter. Vanguard Group Inc. increased its holdings in Hagerty by 1.1% during the 1st quarter. Vanguard Group Inc. now owns 2,028,292 shares of the company’s stock worth $18,559,000 after purchasing an additional 21,331 shares during the last quarter. Finally, Blue Trust Inc. purchased a new stake in Hagerty during the 2nd quarter worth approximately $39,000. 20.51% of the stock is owned by institutional investors and hedge funds.

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.