Insider Selling: Hagerty (NYSE:HGTY) Director Sells 14,731 Shares of Stock

Key Points

• Robert Kauffman, a director at Hagerty, sold 14,731 shares of the company's stock for approximately $164,397.96, reducing his ownership by 1.59%.
• Hagerty's stock price decreased to $11.10, with recent trading volume lower than its average, while the company holds a market cap of $3.80 billion.
• Analysts have mixed opinions on Hagerty, with four rating it as a Buy, while others maintain a Hold rating, resulting in a consensus target price of $13.88.

Hagerty, Inc. (NYSE:HGTY - Get Free Report) Director Robert Kauffman sold 14,731 shares of the business's stock in a transaction dated Friday, October 24th. The stock was sold at an average price of $11.16, for a total transaction of $164,397.96. Following the transaction, the director owned 913,367 shares in the company, valued at approximately $10,193,175.72. This trade represents a 1.59% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink.

Hagerty Price Performance

HGTY stock traded down $0.08 during trading on Friday, reaching $11.10. 75,222 shares of the company were exchanged, compared to its average volume of 109,660. The company has a market cap of $3.80 billion, a P/E ratio of 55.49 and a beta of 0.92. Hagerty, Inc. has a 52-week low of $8.03 and a 52-week high of $13.32. The stock's 50 day moving average price is $11.78 and its 200 day moving average price is $10.41. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.06 and a current ratio of 1.06.

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

Institutional Investors Weigh In On Hagerty

Several large investors have recently made changes to their positions in HGTY. Neuberger Berman Group LLC increased its position in shares of Hagerty by 15.7% in the first quarter. Neuberger Berman Group LLC now owns 5,468,793 shares of the company's stock worth $49,438,000 after acquiring an additional 743,597 shares in the last quarter. Greenhaven Road Investment Management L.P. increased its position in shares of Hagerty by 33.2% in the second quarter. Greenhaven Road Investment Management L.P. now owns 1,811,539 shares of the company's stock worth $18,315,000 after acquiring an additional 451,033 shares in the last quarter. Garner Asset Management Corp acquired a new stake in shares of Hagerty in the first quarter worth $2,909,000. Scholtz & Company LLC acquired a new stake in shares of Hagerty in the second quarter worth $2,429,000. Finally, Lincoln Capital LLC increased its position in shares of Hagerty by 12.3% in the first quarter. Lincoln Capital LLC now owns 555,286 shares of the company's stock worth $4,753,000 after acquiring an additional 60,791 shares in the last quarter. Institutional investors and hedge funds own 20.51% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms recently commented on HGTY. Evercore ISI initiated coverage on shares of Hagerty in a report on Wednesday, August 27th. They set an "outperform" rating and a $14.00 price objective on the stock. BMO Capital Markets initiated coverage on shares of Hagerty in a report on Monday, September 22nd. They issued a "market perform" rating and a $13.00 price target on the stock. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Hagerty in a report on Wednesday, October 8th. JPMorgan Chase & Co. upped their price target on shares of Hagerty from $11.00 to $12.00 and gave the stock a "neutral" rating in a research report on Thursday, October 9th. Finally, Keefe, Bruyette & Woods began coverage on shares of Hagerty in a research report on Wednesday, August 27th. They set an "outperform" rating and a $14.00 price target for the company. Four equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $13.88.

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.

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