Hagerty (NYSE:HGTY) Reaches New 52-Week Low on Insider Selling

Hagerty, Inc. (NYSE:HGTY - Get Free Report)'s stock price reached a new 52-week low on Monday following insider selling activity. The company traded as low as $8.00 and last traded at $8.62, with a volume of 601 shares. The stock had previously closed at $8.66.

Specifically, Director Robert I. Kauffman sold 8,179 shares of Hagerty stock in a transaction on Thursday, April 24th. The stock was sold at an average price of $9.10, for a total value of $74,428.90. Following the completion of the transaction, the director now directly owns 4,084,967 shares of the company's stock, valued at $37,173,199.70. The trade was a 0.20 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

Wall Street Analysts Forecast Growth

Separately, JPMorgan Chase & Co. reduced their price target on shares of Hagerty from $11.00 to $10.00 and set a "neutral" rating on the stock in a research report on Tuesday, April 8th.

Hagerty Trading Up 3.4 %

The stock has a market cap of $3.09 billion, a P/E ratio of 82.34 and a beta of 0.88. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.23. The business's 50 day simple moving average is $9.07 and its two-hundred day simple moving average is $9.99.

Institutional Investors Weigh In On Hagerty

Hedge funds have recently added to or reduced their stakes in the business. Barclays PLC raised its stake in shares of Hagerty by 23.0% during the third quarter. Barclays PLC now owns 31,675 shares of the company's stock valued at $321,000 after acquiring an additional 5,932 shares during the last quarter. Lincoln Capital LLC raised its position in Hagerty by 6.7% during the 4th quarter. Lincoln Capital LLC now owns 494,495 shares of the company's stock worth $4,772,000 after purchasing an additional 31,068 shares during the last quarter. Blue Trust Inc. raised its position in Hagerty by 188.6% during the 4th quarter. Blue Trust Inc. now owns 30,423 shares of the company's stock worth $309,000 after purchasing an additional 19,881 shares during the last quarter. R Squared Ltd acquired a new position in Hagerty during the 4th quarter worth about $51,000. Finally, Pembroke Management LTD bought a new stake in shares of Hagerty in the 4th quarter valued at about $9,201,000. 20.51% of the stock is currently owned by institutional investors and hedge funds.

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.