Insider Selling: Hagerty (NYSE:HGTY) Director Sells 12,391 Shares of Stock

Key Points

• Robert Kauffman, a director at Hagerty, Inc., sold 12,391 shares of stock for approximately $150,427, reducing his ownership to 1,011,134 shares, valued at over $12 million.
• Hagerty's stock traded down 6.2% to $11.41, with a twelve-month range between $8.03 and $13.32, and a market cap of $3.90 billion.
• Hagerty reported earnings of $0.13 per share, surpassing analysts' expectations, and set a FY 2025 guidance forecasting earnings of $0.22 per share.

Hagerty, Inc. (NYSE:HGTY - Get Free Report) Director Robert Kauffman sold 12,391 shares of the business's stock in a transaction on Wednesday, October 15th. The shares were sold at an average price of $12.14, for a total transaction of $150,426.74. Following the completion of the transaction, the director directly owned 1,011,134 shares of the company's stock, valued at $12,275,166.76. This trade represents a 1.21% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Hagerty Trading Down 6.2%

Shares of HGTY stock traded down $0.75 on Thursday, hitting $11.41. The stock had a trading volume of 202,279 shares, compared to its average volume of 109,714. Hagerty, Inc. has a twelve month low of $8.03 and a twelve month high of $13.32. The firm has a market cap of $3.90 billion, a P/E ratio of 57.05 and a beta of 0.92. The company has a current ratio of 1.06, a quick ratio of 1.06 and a debt-to-equity ratio of 0.27. The company has a fifty day moving average price of $11.71 and a two-hundred day moving average price of $10.31.

Hagerty (NYSE:HGTY - Get Free Report) last announced its quarterly earnings results on Monday, August 4th. The company reported $0.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.11 by $0.02. Hagerty had a net margin of 4.88% and a return on equity of 13.76%. The company had revenue of $368.70 million during the quarter, compared to analyst estimates of $347.15 million. Hagerty has set its FY 2025 guidance at EPS. As a group, analysts forecast that Hagerty, Inc. will post 0.22 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Hagerty

Large investors have recently modified their holdings of the business. IFP Advisors Inc acquired a new position in shares of Hagerty during the 2nd quarter worth about $30,000. Osaic Holdings Inc. boosted its stake in shares of 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 buying an additional 4,749 shares during the last quarter. Bank of America Corp DE boosted its stake in shares of Hagerty by 46.6% during the 2nd quarter. Bank of America Corp DE now owns 8,571 shares of the company's stock worth $87,000 after buying an additional 2,726 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in Hagerty in the 1st quarter valued at about $93,000. Finally, KLP Kapitalforvaltning AS lifted its stake in Hagerty by 228.1% in the 2nd quarter. KLP Kapitalforvaltning AS now owns 10,500 shares of the company's stock valued at $106,000 after purchasing an additional 7,300 shares during the last quarter. 20.51% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on HGTY shares. Evercore ISI started coverage on shares of Hagerty in a research note on Wednesday, August 27th. They issued an "outperform" rating and a $14.00 target price for the company. Wells Fargo & Company started coverage on shares of Hagerty in a research note on Friday, October 3rd. They issued an "equal weight" rating and a $13.00 target price for the company. Keefe, Bruyette & Woods started coverage on shares of Hagerty in a research note on Wednesday, August 27th. They issued an "outperform" rating and a $14.00 target price for the company. Oppenheimer started coverage on shares of Hagerty in a research note on Wednesday, September 17th. They issued an "outperform" rating and a $15.00 target price for the company. Finally, Citigroup started coverage on shares of Hagerty in a research note on Wednesday, October 1st. They issued an "outperform" rating for the company. Four research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $13.88.

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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