Hagerty (NYSE:HGTY) Shares Gap Down – Time to Sell?

Hagerty, Inc. (NYSE:HGTY)’s share price gapped down before the market opened on Monday . The stock had previously closed at $10.60, but opened at $10.34. Hagerty shares last traded at $10.48, with a volume of 1,589 shares changing hands.

Wall Street Analyst Weigh In

HGTY has been the topic of a number of research analyst reports. JPMorgan Chase & Co. increased their target price on Hagerty from $9.50 to $11.00 and gave the company a “neutral” rating in a research note on Thursday, July 11th. Truist Financial boosted their price objective on shares of Hagerty from $10.00 to $11.00 and gave the company a “hold” rating in a research report on Thursday, August 8th.

Hagerty Stock Down 1.2 %

The stock’s 50-day moving average price is $11.02 and its two-hundred day moving average price is $10.26. The stock has a market capitalization of $3.53 billion, a PE ratio of 176.67 and a beta of 0.79. The company has a debt-to-equity ratio of 0.22, a quick ratio of 1.04 and a current ratio of 1.04.

Hagerty (NYSE:HGTY) last released its earnings results on Tuesday, August 6th. The company reported $0.12 earnings per share for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $312.64 million. As a group, analysts expect that Hagerty, Inc. will post 0.26 EPS for the current fiscal year.

Insider Buying and Selling at Hagerty

In other Hagerty news, Director Robert I. Kauffman sold 2,481 shares of the stock in a transaction that occurred 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 completion of the sale, the director now directly owns 5,154,354 shares of the company’s stock, valued at $55,409,305.50. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other news, Director Robert I. Kauffman sold 2,481 shares of the firm’s stock in a transaction on Monday, September 23rd. The stock was 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. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Robert I. Kauffman sold 3,040 shares of Hagerty stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $10.72, for a total value of $32,588.80. Following the completion of the transaction, the director now owns 5,080,626 shares in the company, valued at $54,464,310.72. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 144,934 shares of company stock valued at $1,594,902 in the last three months. 17.90% of the stock is currently owned by corporate insiders.

Institutional Trading of Hagerty

Large investors have recently made changes to their positions in the company. Blue Trust Inc. purchased a new stake in shares of Hagerty during the second quarter worth approximately $39,000. Algert Global LLC purchased a new position in Hagerty during the 2nd quarter valued at about $108,000. Dimensional Fund Advisors LP purchased a new position in Hagerty during the 2nd quarter valued at about $139,000. Lakewood Asset Management LLC purchased a new position in Hagerty during the 3rd quarter valued at about $186,000. Finally, Meixler Investment Management Ltd. boosted 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 valued at $223,000 after acquiring an additional 4,250 shares during the period. 20.51% of the stock is currently owned by hedge funds and other institutional investors.

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.