Insider Selling: Hagerty, Inc. (NYSE:HGTY) Director Sells 98,766 Shares of Stock

Hagerty, Inc. (NYSE:HGTY - Get Free Report) Director Robert I. Kauffman sold 98,766 shares of the stock in a transaction that occurred on Wednesday, July 9th. The stock was sold at an average price of $10.07, for a total transaction of $994,573.62. Following the completion of the sale, the director directly owned 3,550,490 shares of the company's stock, valued at $35,753,434.30. This trade represents a 2.71% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Hagerty Price Performance

NYSE HGTY traded down $0.05 on Friday, reaching $9.99. The company's stock had a trading volume of 102,933 shares, compared to its average volume of 72,819. Hagerty, Inc. has a 52 week low of $8.03 and a 52 week high of $12.35. The firm has a market cap of $3.42 billion, a PE ratio of 49.97 and a beta of 0.90. The business has a 50-day moving average price of $9.73 and a 200 day moving average price of $9.54. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.25.

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

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Neuberger Berman Group LLC raised its stake in shares of 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 during the last quarter. Garner Asset Management Corp acquired a new stake in Hagerty during the 1st quarter worth $2,909,000. Greenhaven Road Investment Management L.P. grew its holdings in Hagerty by 10.1% during the 1st quarter. Greenhaven Road Investment Management L.P. now owns 1,360,506 shares of the company's stock worth $12,299,000 after acquiring an additional 124,336 shares during the period. GABELLI & Co INVESTMENT ADVISERS INC. acquired a new position in shares of Hagerty in the 4th quarter valued at $997,000. Finally, Raymond James Financial Inc. bought a new position in shares of Hagerty in the 4th quarter worth $879,000. 20.51% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

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

Hagerty Company Profile

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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