Hagerty (NYSE:HGTY) Shares Gap Up - Still a Buy?

Key Points

• Hagerty's share price gapped up from $9.34 to $10.25 before trading began, closing at $10.68 with a trading volume of 766,982 shares.
• The company reported earnings of $0.13 per share, exceeding analyst estimates of $0.11 and demonstrating revenue of $368.70 million for the quarter.
• Insider trading activity showed that Director Robert I. Kauffman sold 4,000 shares recently, and overall, insiders have sold 804,139 shares worth over $8 million in the last 90 days.

Hagerty, Inc. (NYSE:HGTY - Get Free Report)'s share price gapped up prior to trading on Friday . The stock had previously closed at $9.34, but opened at $10.25. Hagerty shares last traded at $10.68, with a volume of 766,982 shares traded.

Hagerty Stock Performance

The company has a market cap of $3.62 billion, a price-to-earnings ratio of 53.00 and a beta of 0.90. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.06 and a quick ratio of 1.01. The firm has a 50 day simple moving average of $10.06 and a 200-day simple moving average of $9.62.

Hagerty (NYSE:HGTY - Get Free Report) last announced its earnings results on Monday, August 4th. The company reported $0.13 EPS for the quarter, beating analysts' consensus estimates 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. As a group, analysts predict that Hagerty, Inc. will post 0.22 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Robert I. Kauffman sold 4,000 shares of Hagerty stock in a transaction dated Monday, July 28th. The stock was sold at an average price of $10.85, for a total transaction of $43,400.00. Following the sale, the director owned 3,176,662 shares in the company, valued at approximately $34,466,782.70. The trade was a 0.13% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders have sold a total of 804,139 shares of company stock worth $8,124,538 over the last 90 days. 17.90% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Hagerty

A number of hedge funds and other institutional investors have recently bought and sold shares of HGTY. Neuberger Berman Group LLC boosted its holdings 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 buying an additional 743,597 shares in the last quarter. Greenhaven Road Investment Management L.P. lifted its holdings in Hagerty by 10.1% in the 1st quarter. Greenhaven Road Investment Management L.P. now owns 1,360,506 shares of the company's stock valued at $12,299,000 after purchasing an additional 124,336 shares in the last quarter. Pembroke Management LTD boosted its position in Hagerty by 5.9% during the second quarter. Pembroke Management LTD now owns 993,449 shares of the company's stock worth $10,044,000 after acquiring an additional 55,749 shares during the last quarter. Lincoln Capital LLC grew its position in shares of Hagerty by 9.4% in the second quarter. Lincoln Capital LLC now owns 607,309 shares of the company's stock valued at $6,140,000 after purchasing an additional 52,023 shares during the period. Finally, Garner Asset Management Corp purchased a new stake in Hagerty in the 1st quarter valued at about $2,909,000. 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.

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