Hagerty (NYSE:HGTY) Shares Gap Down - Here's Why

Key Points

• Hagerty, Inc. (NYSE:HGTY) shares opened at $10.11 after closing at $10.92, and were last traded at $9.64 with a trading volume of 136,807 shares.
• The company reported quarterly earnings of $0.13 per share, exceeding estimates of $0.11, and generated revenue of $368.70 million against an expected $347.15 million.
• Insiders sold over 808,000 shares in the past quarter, with significant individual transactions, indicating a 0.13% decrease in ownership for Director Robert Kauffman.

Hagerty, Inc. (NYSE:HGTY - Get Free Report) shares gapped down before the market opened on Thursday . The stock had previously closed at $10.92, but opened at $10.11. Hagerty shares last traded at $9.64, with a volume of 136,807 shares traded.

Hagerty Stock Performance

The stock has a market capitalization of $3.62 billion, a P/E ratio of 52.90 and a beta of 0.90. The stock has a 50 day moving average of $10.08 and a 200 day moving average of $9.63. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.01 and a current ratio of 1.06.

Hagerty (NYSE:HGTY - Get Free Report) last released its quarterly earnings results on Monday, August 4th. The company reported $0.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.11 by $0.02. Hagerty had a return on equity of 13.76% and a net margin of 4.88%. The company had revenue of $368.70 million during the quarter, compared to analysts' expectations of $347.15 million. Equities analysts predict that Hagerty, Inc. will post 0.22 EPS for the current year.

Insider Activity

In other news, Director Robert I. Kauffman sold 110,600 shares of the stock in a transaction on Thursday, July 24th. The stock was sold at an average price of $10.46, for a total value of $1,156,876.00. Following the completion of the transaction, the director owned 3,205,390 shares of the company's stock, valued at approximately $33,528,379.40. This represents a 3.34% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Insiders sold a total of 804,139 shares of company stock valued at $8,124,538 over the last ninety days. Corporate insiders own 17.90% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Raymond James Financial Inc. acquired a new stake in shares of Hagerty in the fourth quarter valued at $879,000. Legal & General Group Plc lifted its holdings in shares of Hagerty by 48.6% in the fourth quarter. Legal & General Group Plc now owns 25,148 shares of the company's stock valued at $243,000 after buying an additional 8,226 shares during the period. Jane Street Group LLC acquired a new stake in shares of Hagerty in the fourth quarter valued at $230,000. XTX Topco Ltd acquired a new stake in shares of Hagerty in the fourth quarter valued at $119,000. Finally, Voya Investment Management LLC acquired a new stake in shares of Hagerty in the fourth quarter valued at $104,000. Institutional investors own 20.51% of the company's stock.

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.