Insider Selling: Hagerty (NYSE:HGTY) Major Shareholder Sells 1,387,500 Shares of Stock

Key Points

• Major shareholder Holding Corp. Hagerty sold 1.3875 million HGTY shares at an average price of $11.47, generating approximately $15.9 million and reducing its position by 13.04% to 9.25 million shares.
• Hagerty shares traded at $13.53, near their one-year high of $14.00, while the company’s latest quarterly results exceeded expectations with revenue of $354.82 million and an EPS loss of $0.02 versus the $0.09 consensus loss.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $14.00; 20.51% of the stock is held by institutional investors and hedge funds.

Hagerty, Inc. (NYSE:HGTY - Get Free Report) major shareholder Holding Corp. Hagerty sold 1,387,500 shares of the stock in a transaction on Friday, September 11th. The shares were sold at an average price of $11.47, for a total value of $15,914,625.00. Following the sale, the insider owned 9,250,000 shares of the company's stock, valued at $106,097,500. This trade represents a 13.04% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at 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 Wednesday, September 9th, Holding Corp. Hagerty sold 9,250,000 shares of Hagerty stock. The stock was sold at an average price of $11.47, for a total value of $106,097,500.00.

Hagerty Price Performance

Shares of NYSE HGTY traded up $0.04 during mid-day trading on Friday, reaching $13.53. The company had a trading volume of 572,272 shares, compared to its average volume of 197,808. The company has a 50-day moving average price of $12.61 and a two-hundred day moving average price of $11.39. The stock has a market cap of $4.65 billion, a PE ratio of 150.32 and a beta of 0.81. The company has a current ratio of 1.53, a quick ratio of 1.53 and a debt-to-equity ratio of 0.33. Hagerty, Inc. has a 1-year low of $9.36 and a 1-year high of $14.00.

Hagerty (NYSE:HGTY - Get Free Report) last announced its earnings results on Wednesday, August 5th. The company reported ($0.02) EPS for the quarter, beating 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 during the quarter, compared to the consensus estimate of $316.21 million. On average, equities analysts anticipate that Hagerty, Inc. will post 0.01 earnings per share for the current year.

Institutional Investors Weigh In On Hagerty

A number of institutional investors have recently bought and sold shares of the business. Ancora Advisors LLC purchased a new position in Hagerty during the 2nd quarter valued at about $28,000. EverSource Wealth Advisors LLC lifted its position in shares of Hagerty by 107.4% in the first quarter. EverSource Wealth Advisors LLC now owns 3,072 shares of the company's stock worth $32,000 after purchasing an additional 1,591 shares in the last quarter. Osaic Holdings Inc. boosted its holdings in shares of Hagerty by 2,374.5% during the second quarter. Osaic Holdings Inc. now owns 4,949 shares of the company's stock worth $50,000 after purchasing an additional 4,749 shares during the period. BNP Paribas Financial Markets boosted its holdings in shares of Hagerty by 165.3% during the third quarter. BNP Paribas Financial Markets now owns 5,131 shares of the company's stock worth $62,000 after purchasing an additional 3,197 shares during the period. Finally, Integrated Wealth Concepts LLC acquired a new stake in shares of Hagerty during the second quarter worth approximately $63,000. 20.51% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

HGTY has been the subject of a number of analyst reports. Wells Fargo & Company upped 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. UBS Group set a $14.00 price target on shares of Hagerty in a report on Wednesday, June 10th. Zacks Research upgraded shares of Hagerty from a "hold" rating to a "strong-buy" rating in a report on Thursday, August 13th. Keefe, Bruyette & Woods upped their price target on shares of Hagerty from $15.00 to $16.00 and gave the company an "outperform" rating in a research report on Tuesday, August 11th. Finally, JPMorgan Chase & Co. raised their price objective on shares of Hagerty from $12.00 to $13.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 14th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target 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.

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