Hagerty (NYSE:HGTY) Sets New 1-Year Low - Here's What Happened

Shares of Hagerty, Inc. (NYSE:HGTY - Get Free Report) reached a new 52-week low during mid-day trading on Wednesday . The company traded as low as $6.52 and last traded at $8.66, with a volume of 427 shares trading hands. The stock had previously closed at $8.64.

Analyst Upgrades and Downgrades

Several analysts have recently commented on HGTY shares. Raymond James downgraded Hagerty from a "market perform" rating to an "underperform" rating in a research note on Thursday, December 26th. JPMorgan Chase & Co. lowered their target price on shares of Hagerty from $11.00 to $10.00 and set a "neutral" rating for the company in a report on Tuesday, April 8th.

Hagerty Price Performance

The stock has a market cap of $2.90 billion, a P/E ratio of 77.27 and a beta of 0.88. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.01 and a current ratio of 1.01. The business has a 50 day simple moving average of $9.34 and a 200-day simple moving average of $10.11.

Insiders Place Their Bets

In other news, Director Laurie Harris sold 3,934 shares of the business's stock in a transaction that occurred on Friday, April 4th. The shares were sold at an average price of $8.41, for a total value of $33,084.94. Following the sale, the director now owns 30,349 shares of the company's stock, valued at $255,235.09. The trade was a 11.48 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Robert I. Kauffman sold 3,231 shares of the firm's stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $10.17, for a total transaction of $32,859.27. Following the completion of the transaction, the director now directly owns 4,308,961 shares of the company's stock, valued at approximately $43,822,133.37. This trade represents a 0.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 83,917 shares of company stock valued at $806,375. Company insiders own 17.90% of the company's stock.

Hedge Funds Weigh In On Hagerty

Several hedge funds have recently made changes to their positions in the stock. Steward Partners Investment Advisory LLC grew its position in Hagerty by 35.9% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 10,325 shares of the company's stock worth $100,000 after buying an additional 2,726 shares in the last quarter. Swiss National Bank raised its stake in Hagerty by 6.0% in the fourth quarter. Swiss National Bank now owns 53,000 shares of the company's stock valued at $511,000 after purchasing an additional 3,000 shares in the last quarter. KLP Kapitalforvaltning AS purchased a new position in Hagerty in the 4th quarter worth approximately $31,000. Garde Capital Inc. increased its holdings in shares of Hagerty by 4.0% in the 4th quarter. Garde Capital Inc. now owns 103,960 shares of the company's stock worth $1,003,000 after buying an additional 3,960 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of Hagerty by 7.7% during the 4th 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 acquiring an additional 4,575 shares during the last quarter. 20.51% of the stock is currently owned by hedge funds and other 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.