Hagerty, Inc. (NYSE:HGTY) Short Interest Up 53.1% in September

Key Points

• Hagerty, Inc. reported a 53.1% increase in short interest for September, with 742,000 shares sold short as of the end of the month.
• Equities analysts have mixed ratings for Hagerty, with four analysts rating it as "Buy" and others issuing a "Hold" or "Sell" rating, leading to a consensus rating of "Hold" and a target price of $13.88.
• Insiders have made significant sales, offloading a total of 11.7 million shares valued at over $105 million in the last quarter, indicating potential shifts in confidence among company leadership.

Hagerty, Inc. (NYSE:HGTY - Get Free Report) was the target of a significant increase in short interest in September. As of September 30th, there was short interest totaling 742,000 shares, an increase of 53.1% from the September 15th total of 484,600 shares. Approximately 0.9% of the company's stock are sold short. Based on an average daily trading volume, of 191,600 shares, the days-to-cover ratio is currently 3.9 days. Based on an average daily trading volume, of 191,600 shares, the days-to-cover ratio is currently 3.9 days. Approximately 0.9% of the company's stock are sold short.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the stock. Citigroup began coverage on shares of Hagerty in a research note on Wednesday, October 1st. They set an "outperform" rating for the company. Wall Street Zen cut Hagerty from a "buy" rating to a "hold" rating in a research report on Saturday. JPMorgan Chase & Co. increased their price objective on Hagerty from $11.00 to $12.00 and gave the company a "neutral" rating in a report on Thursday, October 9th. Citizens Jmp initiated coverage on Hagerty in a report on Wednesday, October 1st. They issued a "mkt outperform" rating and a $15.00 price objective for the company. Finally, JMP Securities began coverage on Hagerty in a report on Wednesday, October 1st. They issued a "market outperform" rating and a $15.00 price objective for the company. Four analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, Hagerty currently has a consensus rating of "Hold" and a consensus target price of $13.88.

Insider Transactions at Hagerty

In related news, major shareholder Holding Corp. Hagerty sold 8,245,000 shares of the stock in a transaction on Thursday, August 7th. The shares were sold at an average price of $8.92, for a total transaction of $73,545,400.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, 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 transaction of $12,978,600.00. Following the transaction, the director 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 disclosure for this sale can be found here. Over the last quarter, insiders have sold 11,718,653 shares of company stock valued at $105,979,516. 16.70% of the stock is owned by corporate insiders.

Institutional Trading of Hagerty

Several hedge funds have recently added to or reduced their stakes in HGTY. Greenhaven Road Investment Management L.P. lifted its holdings in Hagerty by 10.1% during the 1st 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 during the last quarter. Garner Asset Management Corp acquired a new stake in shares of Hagerty during the first quarter worth $2,909,000. Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in shares of Hagerty during the first quarter worth $93,000. Swiss National Bank raised its position in shares of Hagerty by 15.3% in the 1st quarter. Swiss National Bank now owns 61,100 shares of the company's stock valued at $552,000 after buying an additional 8,100 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. raised 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 purchasing an additional 5,667 shares in the last quarter. 20.51% of the stock is owned by institutional investors and hedge funds.

Hagerty Stock Performance

Shares of HGTY traded down $0.08 during mid-day trading on Wednesday, reaching $11.17. The company's stock had a trading volume of 102,935 shares, compared to its average volume of 115,361. The business has a 50-day simple moving average of $11.78 and a two-hundred day simple moving average of $10.39. Hagerty has a 1-year low of $8.03 and a 1-year high of $13.32. The stock has a market cap of $3.82 billion, a P/E ratio of 55.84 and a beta of 0.92. The company has a current ratio of 1.06, a quick ratio of 1.06 and a debt-to-equity ratio of 0.27.

Hagerty (NYSE:HGTY - Get Free Report) last announced its quarterly earnings results on Monday, August 4th. The company reported $0.13 earnings per share (EPS) for the quarter, beating the consensus estimate 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 return on equity of 13.76% and a net margin of 4.88%. Hagerty has set its FY 2025 guidance at EPS. As a group, equities research analysts anticipate that Hagerty will post 0.22 earnings per share for the current fiscal year.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.