Hagerty (NYSE:HGTY) Major Shareholder Holding Corp. Hagerty Sells 9,250,000 Shares

Key Points

• Major shareholder Holding Corp. Hagerty sold 9.25 million Hagerty shares at an average price of $11.47, generating approximately $106.1 million and reducing its position by 50%. The shareholder also sold an additional 1.39 million shares in a separate transaction.
• Hagerty shares rose 0.3% to $13.53, near the upper end of their 12-month range of $9.36 to $14.00. The company reported quarterly revenue of $354.8 million and an adjusted EPS loss of $0.02, beating analyst expectations.
• Analysts maintain a generally positive outlook, with an average rating of “Moderate Buy” and an average price target of $14.00; institutional investors own about 20.5% of the company.

Hagerty, Inc. (NYSE:HGTY - Get Free Report) major shareholder Holding Corp. Hagerty sold 9,250,000 shares of the business's stock in a transaction on Wednesday, September 9th. The shares were sold at an average price of $11.47, for a total transaction of $106,097,500.00. Following the transaction, the insider owned 9,250,000 shares in the company, valued at $106,097,500. The trade was a 50.00% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Large shareholders that own 10% or more of a company's shares are required to disclose their transactions with the SEC.

Holding Corp. Hagerty also recently made the following trade(s):

• On Friday, September 11th, Holding Corp. Hagerty sold 1,387,500 shares of Hagerty stock. The shares were sold at an average price of $11.47, for a total value of $15,914,625.00.

Hagerty Stock Up 0.3%

Hagerty stock traded up $0.04 during midday trading on Friday, reaching $13.53. The stock had a trading volume of 572,272 shares, compared to its average volume of 197,808. The company has a fifty day moving average price of $12.61 and a two-hundred day moving average price of $11.39. Hagerty, Inc. has a 12 month low of $9.36 and a 12 month high of $14.00. The company has a current ratio of 1.53, a quick ratio of 1.53 and a debt-to-equity ratio of 0.33. The company has a market capitalization of $4.65 billion, a P/E ratio of 150.32 and a beta of 0.81.

Hagerty (NYSE:HGTY - Get Free Report) last announced its quarterly earnings results on Wednesday, August 5th. The company reported ($0.02) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.09) by $0.07. Hagerty had a return on equity of 5.15% and a net margin of 1.81%.The business had revenue of $354.82 million for the quarter, compared to analyst estimates of $316.21 million. As a group, equities analysts expect that Hagerty, Inc. will post 0.01 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of HGTY. Ancora Advisors LLC purchased a new stake in Hagerty in the 2nd quarter valued at $28,000. EverSource Wealth Advisors LLC lifted its stake in Hagerty by 107.4% during the 1st quarter. EverSource Wealth Advisors LLC now owns 3,072 shares of the company's stock valued at $32,000 after acquiring an additional 1,591 shares in the last quarter. Osaic Holdings Inc. boosted its holdings in Hagerty by 2,374.5% during the 2nd quarter. Osaic Holdings Inc. now owns 4,949 shares of the company's stock worth $50,000 after acquiring an additional 4,749 shares during the last quarter. BNP Paribas Financial Markets boosted its holdings in Hagerty by 165.3% during the 3rd quarter. BNP Paribas Financial Markets now owns 5,131 shares of the company's stock worth $62,000 after acquiring an additional 3,197 shares during the last quarter. Finally, Integrated Wealth Concepts LLC bought a new stake in shares of Hagerty in the 2nd quarter worth $63,000. Hedge funds and other institutional investors own 20.51% of the company's stock.

Analyst Upgrades and Downgrades

HGTY has been the subject of several research reports. Truist Financial lifted their price target on shares of Hagerty from $11.00 to $13.00 and gave the company a "hold" rating in a research report on Friday, August 7th. Keefe, Bruyette & Woods upped their price objective on shares of Hagerty from $15.00 to $16.00 and gave the stock an "outperform" rating in a report on Tuesday, August 11th. Wells Fargo & Company raised their price objective on shares of Hagerty from $11.00 to $13.00 and gave the company an "equal weight" rating in a research note on Thursday, July 9th. JPMorgan Chase & Co. lifted their price objective on shares of Hagerty from $12.00 to $13.00 and gave the company a "neutral" rating in a report on Tuesday, July 14th. Finally, UBS Group set a $14.00 target price on shares of Hagerty in a research report on Wednesday, June 10th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, Hagerty has an average rating of "Moderate Buy" and an average target price of $14.00.

Hagerty Company Profile

Hagerty, Inc is an automotive lifestyle company focused on serving classic and enthusiast vehicle owners. Through its insurance operations, the company provides specialty insurance products and related services designed for collector cars, classic vehicles, motorsports vehicles and other vehicles that may require coverage tailored to their usage and value.

Hagerty also offers automotive valuation tools, vehicle research and pricing information, membership benefits, and digital content for enthusiasts.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.