Hagerty, Inc. (NYSE:HGTY) Short Interest Update

Key Points

• Hagerty, Inc. experienced a significant increase in short interest in August, rising 44.4% from 354,900 shares to 512,400 shares.
• Insider transactions included Director Robert I. Kauffman selling 1,455,000 shares, resulting in a 45.80% decrease in his ownership.
• Several hedge funds have recently adjusted their positions in Hagerty, with Neuberger Berman Group LLC increasing its stake by 15.7% during the first quarter.

Hagerty, Inc. (NYSE:HGTY - Get Free Report) saw a significant growth in short interest in August. As of August 15th, there was short interest totaling 512,400 shares, a growth of 44.4% from the July 31st total of 354,900 shares. Currently, 0.6% of the shares of the stock are sold short. Based on an average daily volume of 137,800 shares, the days-to-cover ratio is currently 3.7 days. Based on an average daily volume of 137,800 shares, the days-to-cover ratio is currently 3.7 days. Currently, 0.6% of the shares of the stock are sold short.

Hagerty Stock Down 0.4%

Shares of NYSE:HGTY traded down $0.06 during midday trading on Friday, hitting $12.45. 26,170 shares of the company's stock were exchanged, compared to its average volume of 100,557. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.06 and a quick ratio of 1.06. The stock has a 50 day moving average price of $10.78 and a 200-day moving average price of $9.86. The company has a market cap of $4.26 billion, a PE ratio of 62.23 and a beta of 0.91. Hagerty has a 12 month low of $8.03 and a 12 month high of $12.75.

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

Insider Buying and Selling

In related news, major shareholder Holding Corp. Hagerty sold 8,245,000 shares of the business's stock in a transaction that occurred on Thursday, August 7th. The shares were sold at an average price of $8.92, for a total value of $73,545,400.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Robert I. Kauffman sold 1,455,000 shares of Hagerty stock in a transaction on Monday, August 11th. The stock was sold at an average price of $8.92, for a total transaction of $12,978,600.00. Following the sale, the director directly owned 1,721,662 shares of the company's stock, valued at $15,357,225.04. This represents a 45.80% decrease in their position. The disclosure for this sale can be found here. Insiders sold 11,953,079 shares of company stock valued at $107,763,203 in the last quarter. 16.70% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Hagerty

A number of large investors have recently added to or reduced their stakes in HGTY. Bank of America Corp DE boosted its stake in Hagerty by 46.6% during the second quarter. Bank of America Corp DE now owns 8,571 shares of the company's stock worth $87,000 after acquiring an additional 2,726 shares in the last quarter. IFP Advisors Inc bought a new stake in Hagerty during the second quarter worth about $30,000. Garde Capital Inc. boosted its stake in Hagerty by 4.0% during the fourth quarter. Garde Capital Inc. now owns 103,960 shares of the company's stock worth $1,003,000 after acquiring an additional 3,960 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in Hagerty by 7.7% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 64,205 shares of the company's stock worth $620,000 after buying an additional 4,575 shares during the last quarter. Finally, Osaic Holdings Inc. raised its holdings in Hagerty by 2,374.5% in the second quarter. Osaic Holdings Inc. now owns 4,949 shares of the company's stock worth $50,000 after buying an additional 4,749 shares during the last quarter. Hedge funds and other institutional investors own 20.51% of the company's stock.

Analyst Ratings Changes

Several brokerages have commented on HGTY. Evercore ISI assumed coverage on shares of Hagerty in a report on Wednesday, August 27th. They issued an "outperform" rating and a $14.00 target price on the stock. Keefe, Bruyette & Woods began coverage on shares of Hagerty in a research report on Wednesday, August 27th. They issued an "outperform" rating and a $14.00 target price for the company. One investment analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, Hagerty currently has a consensus rating of "Hold" and an average price target of $12.67.

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.