Robert I. Kauffman Sells 110,600 Shares of Hagerty, Inc. (NYSE:HGTY) Stock

Hagerty, Inc. (NYSE:HGTY - Get Free Report) Director Robert I. Kauffman sold 110,600 shares of the business's stock in a transaction that occurred on Thursday, July 24th. The stock was sold at an average price of $10.46, for a total transaction of $1,156,876.00. Following the completion of the transaction, the director owned 3,205,390 shares in the company, valued at $33,528,379.40. This trade represents a 3.34% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website.

Hagerty Stock Performance

Shares of Hagerty stock traded up $0.12 during trading hours on Friday, reaching $10.75. 98,495 shares of the stock traded hands, compared to its average volume of 86,513. The firm has a market capitalization of $3.67 billion, a price-to-earnings ratio of 53.73 and a beta of 0.90. Hagerty, Inc. has a one year low of $8.03 and a one year high of $12.35. The company has a 50 day moving average price of $9.89 and a 200 day moving average price of $9.57. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.25.

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, topping analysts' consensus estimates of $0.02 by $0.06. Hagerty had a return on equity of 13.55% and a net margin of 4.73%. The business had revenue of $319.59 million for the quarter, compared to the consensus estimate of $299.92 million. During the same quarter in the prior year, the company earned $0.04 EPS. On average, equities research analysts expect that Hagerty, Inc. will post 0.22 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Hagerty

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Raymond James Financial Inc. purchased a new stake in Hagerty in the fourth quarter valued at about $879,000. Legal & General Group Plc raised its stake 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 worth $243,000 after purchasing an additional 8,226 shares during the last quarter. Jane Street Group LLC purchased a new position in shares of Hagerty in the fourth quarter worth about $230,000. XTX Topco Ltd purchased a new position in shares of Hagerty in the fourth quarter worth about $119,000. Finally, Voya Investment Management LLC purchased a new position in shares of Hagerty in the fourth quarter worth about $104,000. 20.51% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Separately, JPMorgan Chase & Co. dropped their price objective on shares of Hagerty from $11.00 to $10.00 and set a "neutral" rating on the stock in a report on Tuesday, April 8th.

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.