Hagerty, Inc. (NYSE:HGTY) Sees Significant Growth in Short Interest

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 large growth in short interest in August. As of August 15th, there was short interest totaling 512,400 shares, agrowthof44.4% from the July 31st total of 354,900 shares. Based on an average daily trading volume, of 137,800 shares, the short-interest ratio is presently 3.7 days. Currently,0.6% of the company's stock are sold short. Currently,0.6% of the company's stock are sold short. Based on an average daily trading volume, of 137,800 shares, the short-interest ratio is presently 3.7 days.

Insider Activity

In other news, Director Robert I. Kauffman sold 1,455,000 shares of the stock in a transaction dated Monday, August 11th. The stock was sold at an average price of $8.92, for a total value of $12,978,600.00. Following the transaction, the director directly owned 1,721,662 shares of the company's stock, valued at approximately $15,357,225.04. This represents a 45.80% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Holding Corp. Hagerty sold 8,245,000 shares of the stock in a transaction dated Thursday, August 7th. The shares were sold at an average price of $8.92, for a total value of $73,545,400.00. The disclosure for this sale can be found here. Insiders have sold a total of 11,925,348 shares of company stock worth $107,406,486 over the last ninety days. 16.70% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Hagerty

Hedge funds have recently bought and sold shares of the business. Neuberger Berman Group LLC boosted 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 worth $49,438,000 after purchasing an additional 743,597 shares in the last quarter. Jane Street Group LLC purchased a new position in Hagerty during the fourth quarter worth approximately $230,000. Voya Investment Management LLC purchased a new position in Hagerty during the fourth quarter worth approximately $104,000. Dimensional Fund Advisors LP boosted its position in Hagerty by 225.3% during the fourth quarter. Dimensional Fund Advisors LP now owns 62,034 shares of the company's stock worth $599,000 after purchasing an additional 42,967 shares in the last quarter. Finally, Greenhaven Road Investment Management L.P. boosted 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 worth $12,299,000 after purchasing an additional 124,336 shares in the last quarter. Hedge funds and other institutional investors own 20.51% of the company's stock.

Hagerty Stock Performance

Hagerty stock traded up $0.25 during midday trading on Friday, hitting $11.75. 219,670 shares of the company were exchanged, compared to its average volume of 151,193. The firm has a market capitalization of $4.02 billion, a PE ratio of 58.75 and a beta of 0.91. Hagerty has a fifty-two week low of $8.03 and a fifty-two week high of $12.03. The business has a fifty day simple moving average of $10.61 and a two-hundred day simple moving average of $9.79. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.06 and a current ratio of 1.06.

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

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the company. Keefe, Bruyette & Woods assumed coverage on Hagerty in a report on Wednesday, August 27th. They issued an "outperform" rating and a $14.00 price objective on the stock. Evercore ISI assumed coverage on Hagerty in a report on Wednesday, August 27th. They issued an "outperform" rating and a $14.00 price objective on the stock. 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. According to MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $12.67.

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.

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