Hagerty (NYSE:HGTY) Sees Large Volume Increase – Time to Buy?

Hagerty, Inc. (NYSE:HGTY) saw unusually-high trading volume on Thursday . Approximately 55,555 shares were traded during trading, an increase of 29% from the previous session’s volume of 43,146 shares.The stock last traded at $9.76 and had previously closed at $9.66.

Analysts Set New Price Targets

Separately, Raymond James lowered Hagerty from a “market perform” rating to an “underperform” rating in a research note on Thursday, December 26th.

Hagerty Price Performance

The stock has a 50 day simple moving average of $10.49 and a 200-day simple moving average of $10.82. The firm has a market cap of $3.34 billion, a PE ratio of 89.02 and a beta of 0.86. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.23.

Hagerty (NYSE:HGTY) last posted its quarterly earnings results on Thursday, November 7th. The company reported $0.05 EPS for the quarter, missing analysts’ consensus estimates of $0.08 by ($0.03). Hagerty had a return on equity of 12.06% and a net margin of 5.27%. The business had revenue of $323.37 million during the quarter, compared to analysts’ expectations of $318.07 million. During the same period in the prior year, the firm posted $0.05 earnings per share. Equities analysts anticipate that Hagerty, Inc. will post 0.22 earnings per share for the current fiscal year.

Insider Activity at Hagerty

In other news, Director Robert I. Kauffman sold 6,355 shares of the company’s stock in a transaction that occurred on Tuesday, December 3rd. The stock was sold at an average price of $11.79, for a total transaction of $74,925.45. Following the sale, the director now directly owns 4,560,989 shares of the company’s stock, valued at $53,774,060.31. This represents a 0.14 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Over the last ninety days, insiders sold 280,907 shares of company stock valued at $3,042,875. Corporate insiders own 17.90% of the company’s stock.

Institutional Trading of Hagerty

A number of large investors have recently made changes to their positions in the business. Connor Clark & Lunn Investment Management Ltd. boosted its position in shares of Hagerty by 376.1% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 97,143 shares of the company’s stock valued at $988,000 after buying an additional 76,740 shares during the period. Barclays PLC lifted its position in shares of Hagerty by 23.0% during the third quarter. Barclays PLC now owns 31,675 shares of the company’s stock worth $321,000 after purchasing an additional 5,932 shares during the last quarter. Lincoln Capital LLC lifted its holdings in Hagerty by 6.7% during the 4th quarter. Lincoln Capital LLC now owns 494,495 shares of the company’s stock valued at $4,772,000 after buying an additional 31,068 shares in the last quarter. FMR LLC boosted its position in Hagerty by 25,769.2% in the 3rd quarter. FMR LLC now owns 6,726 shares of the company’s stock valued at $68,000 after buying an additional 6,700 shares during the period. Finally, Algert Global LLC purchased a new position in shares of Hagerty during the second quarter worth approximately $108,000. 20.51% of the stock is currently owned by 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.