Insider Selling: Hagerty (NYSE:HGTY) Director Sells 14,644 Shares of Stock

Key Points

• Hagerty, Inc. Director Robert Kauffman sold 14,644 shares of stock at an average price of $11.33, totaling approximately $165,916, which decreased his ownership by 1.48%.
• The company's stock price is currently around $11.21, up 0.5%, with a market cap of $3.83 billion and a P/E ratio of 56.03.
• Hagerty's recent quarterly earnings exceeded estimates, reporting $0.13 EPS, while revenue reached $368.7 million, surpassing expectations by $21.55 million.

Hagerty, Inc. (NYSE:HGTY - Get Free Report) Director Robert Kauffman sold 14,644 shares of the company's stock in a transaction that occurred on Friday, October 17th. The stock was sold at an average price of $11.33, for a total value of $165,916.52. Following the transaction, the director directly owned 973,098 shares in the company, valued at approximately $11,025,200.34. This trade represents a 1.48% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

Hagerty Stock Up 0.5%

HGTY stock traded up $0.06 during trading on Tuesday, reaching $11.21. 114,848 shares of the stock were exchanged, compared to its average volume of 109,897. The firm has a market cap of $3.83 billion, a P/E ratio of 56.03 and a beta of 0.92. Hagerty, Inc. has a twelve month low of $8.03 and a twelve month high of $13.32. The firm's 50 day moving average is $11.77 and its 200 day moving average is $10.38. The company has a current ratio of 1.06, a quick ratio of 1.06 and a debt-to-equity ratio of 0.27.

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

Hedge Funds Weigh In On Hagerty

Several institutional investors and hedge funds have recently bought and sold shares of the company. Osaic Holdings Inc. grew its holdings in Hagerty by 2,374.5% during the second quarter. Osaic Holdings Inc. now owns 4,949 shares of the company's stock valued at $50,000 after purchasing an additional 4,749 shares during the period. Neuberger Berman Group LLC grew its holdings in Hagerty by 1.6% during the second quarter. Neuberger Berman Group LLC now owns 5,557,427 shares of the company's stock valued at $56,186,000 after purchasing an additional 88,634 shares during the period. Bank of America Corp DE grew its holdings in Hagerty by 46.6% during the second quarter. Bank of America Corp DE now owns 8,571 shares of the company's stock valued at $87,000 after purchasing an additional 2,726 shares during the period. Marshall Wace LLP grew its holdings in Hagerty by 37.2% during the second quarter. Marshall Wace LLP now owns 22,405 shares of the company's stock valued at $227,000 after purchasing an additional 6,072 shares during the period. Finally, Greenhaven Road Investment Management L.P. grew its holdings in Hagerty by 33.2% during the second quarter. Greenhaven Road Investment Management L.P. now owns 1,811,539 shares of the company's stock valued at $18,315,000 after purchasing an additional 451,033 shares during the period. 20.51% of the stock is owned by institutional investors.

Analyst Ratings Changes

HGTY has been the subject of several analyst reports. BMO Capital Markets initiated coverage on Hagerty in a research note on Monday, September 22nd. They issued a "market perform" rating and a $13.00 price objective for the company. Weiss Ratings reissued a "hold (c)" rating on shares of Hagerty in a research note on Wednesday, October 8th. Wall Street Zen downgraded Hagerty from a "buy" rating to a "hold" rating in a research note on Saturday. Wells Fargo & Company initiated coverage on Hagerty in a report on Friday, October 3rd. They issued an "equal weight" rating and a $13.00 target price for the company. Finally, JPMorgan Chase & Co. upped their target price on Hagerty from $11.00 to $12.00 and gave the company a "neutral" rating in a report on Thursday, October 9th. Four equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of "Hold" and a consensus 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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