Hagerty (NYSE:HGTY) Shares Gap Down – Here’s Why

Hagerty, Inc. (NYSE:HGTY)’s share price gapped down prior to trading on Thursday . The stock had previously closed at $11.26, but opened at $11.00. Hagerty shares last traded at $11.08, with a volume of 2,977 shares trading hands.

Wall Street Analysts Forecast Growth

Separately, Truist Financial upped their price target 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 Price Performance

The firm has a market capitalization of $3.78 billion, a P/E ratio of 100.91 and a beta of 0.78. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.01 and a current ratio of 1.01. The stock has a 50 day moving average of $10.82 and a two-hundred day moving average of $10.54.

Insiders Place Their Bets

In related news, Director Robert I. Kauffman sold 6,318 shares of the stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $11.85, for a total transaction of $74,868.30. Following the completion of the sale, the director now owns 5,267,317 shares in the company, valued at $62,417,706.45. This trade represents a 0.12 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders have sold 148,624 shares of company stock worth $1,647,469 over the last 90 days. Corporate insiders own 17.90% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Vanguard Group Inc. lifted its stake in Hagerty by 1.1% in the first quarter. Vanguard Group Inc. now owns 2,028,292 shares of the company’s stock valued at $18,559,000 after buying an additional 21,331 shares during the period. Blue Trust Inc. acquired a new stake in shares of Hagerty in the 2nd quarter valued at approximately $39,000. Dimensional Fund Advisors LP bought a new position in Hagerty during the 2nd quarter worth approximately $139,000. Algert Global LLC bought a new stake in Hagerty in the second quarter valued at approximately $108,000. Finally, Lakewood Asset Management LLC acquired a new stake in Hagerty in the third quarter worth $186,000. Institutional investors and hedge funds own 20.51% of the company’s stock.

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.