Hagerty, Inc. $HGTY Shares Sold by Vident Advisory LLC

Key Points

• Vident Advisory LLC reduced its stake in Hagerty, Inc. by 35.9% during the first quarter, holding now 44,220 shares worth $400,000.
• Several institutional investors, including Neuberger Berman Group LLC and Dimensional Fund Advisors LP, increased their positions in Hagerty, reflecting ongoing interest from the investment community.
• Hagerty's stock has shown volatility, with a recent trading price of $11.75, having a market cap of $4.02 billion and a P/E ratio of 58.75.

Vident Advisory LLC lessened its holdings in Hagerty, Inc. (NYSE:HGTY - Free Report) by 35.9% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 44,220 shares of the company's stock after selling 24,748 shares during the period. Vident Advisory LLC's holdings in Hagerty were worth $400,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of HGTY. Neuberger Berman Group LLC lifted its position in Hagerty by 15.7% during the first quarter. Neuberger Berman Group LLC now owns 5,468,793 shares of the company's stock valued at $49,438,000 after acquiring an additional 743,597 shares during the last quarter. Greenhaven Road Investment Management L.P. lifted its position in Hagerty by 10.1% during the first quarter. Greenhaven Road Investment Management L.P. now owns 1,360,506 shares of the company's stock valued at $12,299,000 after acquiring an additional 124,336 shares during the last quarter. Lincoln Capital LLC lifted its position in Hagerty by 12.3% during the first quarter. Lincoln Capital LLC now owns 555,286 shares of the company's stock valued at $4,753,000 after acquiring an additional 60,791 shares during the last quarter. Garner Asset Management Corp purchased a new stake in Hagerty during the first quarter valued at approximately $2,909,000. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its position in Hagerty by 4.1% during the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 142,768 shares of the company's stock valued at $1,291,000 after acquiring an additional 5,667 shares during the last quarter. Hedge funds and other institutional investors own 20.51% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms recently commented on HGTY. Evercore ISI began coverage on shares of Hagerty in a research report on Wednesday, August 27th. They set an "outperform" rating and a $14.00 target price for the company. Keefe, Bruyette & Woods began coverage on shares of Hagerty in a research report on Wednesday, August 27th. They set an "outperform" rating and a $14.00 target price for the company. One equities research analyst has rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $12.67.

Insiders Place Their Bets

In other news, Director Robert I. Kauffman sold 38,085 shares of the stock in a transaction on Monday, September 8th. The shares were sold at an average price of $12.01, for a total value of $457,400.85. Following the sale, the director owned 1,250,444 shares in the company, valued at $15,017,832.44. This represents a 2.96% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Holding Corp. Hagerty sold 1,236,750 shares of the stock in a transaction on Wednesday, August 13th. The stock was sold at an average price of $8.92, for a total transaction of $11,031,810.00. The disclosure for this sale can be found here. Insiders sold 11,953,079 shares of company stock worth $107,763,203 in the last quarter. Company insiders own 16.70% of the company's stock.

Hagerty Stock Performance

Hagerty stock traded up $0.03 during mid-day trading on Friday, reaching $12.53. 211,599 shares of the company traded hands, compared to its average volume of 145,807. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.06 and a quick ratio of 1.06. Hagerty, Inc. has a fifty-two week low of $8.03 and a fifty-two week high of $12.75. The company has a market capitalization of $4.28 billion, a price-to-earnings ratio of 62.63 and a beta of 0.91. The firm's fifty day moving average is $10.83 and its two-hundred day moving average is $9.88.

Hagerty (NYSE:HGTY - Get Free Report) last issued its quarterly earnings results on Monday, August 4th. The company reported $0.13 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.11 by $0.02. Hagerty had a net margin of 4.88% and a return on equity of 13.76%. The business had revenue of $368.70 million for the quarter, compared to analyst estimates of $347.15 million. Hagerty has set its FY 2025 guidance at EPS. On average, equities research analysts expect that Hagerty, Inc. will post 0.22 earnings per share for the current fiscal year.

Hagerty 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.