Hagerty (NYSE:HGTY) Stock Price Down 0.2% - Here's What Happened

Hagerty, Inc. (NYSE:HGTY - Get Free Report)'s stock price was down 0.2% during mid-day trading on Thursday . The company traded as low as $10.02 and last traded at $10.08. Approximately 77,741 shares changed hands during mid-day trading, an increase of 7% from the average daily volume of 72,699 shares. The stock had previously closed at $10.10.

Wall Street Analyst Weigh In

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

Hagerty Price Performance

The company has a market capitalization of $3.42 billion, a PE ratio of 49.97 and a beta of 0.90. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.25. The company's 50 day moving average price is $9.73 and its 200-day moving average price is $9.54.

Hagerty (NYSE:HGTY - Get Free Report) last posted its quarterly earnings results on Wednesday, May 7th. The company reported $0.08 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.02 by $0.06. The firm had revenue of $319.59 million during the quarter, compared to the consensus estimate of $299.92 million. Hagerty had a return on equity of 13.55% and a net margin of 4.73%. During the same quarter in the previous year, the business earned $0.04 earnings per share. On average, sell-side analysts forecast that Hagerty, Inc. will post 0.22 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Hagerty news, Director Robert I. Kauffman sold 98,766 shares of Hagerty stock in a transaction that occurred on Wednesday, July 9th. The shares were sold at an average price of $10.07, for a total transaction of $994,573.62. Following the transaction, the director directly owned 3,550,490 shares of the company's stock, valued at $35,753,434.30. The trade was a 2.71% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders have sold 491,359 shares of company stock worth $4,878,077 over the last 90 days. Insiders own 17.90% of the company's stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Bank of New York Mellon Corp purchased a new stake in shares of Hagerty during the 4th quarter valued at about $182,000. Steward Partners Investment Advisory LLC raised its holdings in shares of Hagerty by 35.9% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 10,325 shares of the company's stock valued at $100,000 after buying an additional 2,726 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in shares of Hagerty by 6.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 140,037 shares of the company's stock valued at $1,351,000 after buying an additional 8,258 shares during the period. Raymond James Financial Inc. purchased a new stake in shares of Hagerty during the 4th quarter valued at about $879,000. Finally, Connor Clark & Lunn Investment Management Ltd. raised its holdings in shares of Hagerty by 41.1% during the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 137,101 shares of the company's stock valued at $1,323,000 after buying an additional 39,958 shares during the period. 20.51% of the stock is 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.