Insider Selling: Hagerty (NYSE:HGTY) Director Sells 3,024 Shares of Stock

Key Points

• Hagerty Director Robert Kauffman sold 3,024 shares at an average price of $12.01, totaling approximately $36,318, which reduced his stake by 0.27%.
• The company's stock is currently valued at $12.08, with a market cap of $4.13 billion and a P/E ratio of 60.38.
• Hagerty exceeded earnings expectations with $0.13 earnings per share, beating analysts' projection of $0.11, along with a revenue of $368.70 million.

Hagerty, Inc. (NYSE:HGTY - Get Free Report) Director Robert Kauffman sold 3,024 shares of the business's stock in a transaction dated Monday, October 6th. The shares were sold at an average price of $12.01, for a total transaction of $36,318.24. Following the completion of the transaction, the director owned 1,108,539 shares in the company, valued at $13,313,553.39. The trade was a 0.27% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website.

Hagerty Trading Up 0.7%

Shares of NYSE HGTY traded up $0.09 during midday trading on Monday, hitting $12.08. 67,311 shares of the company traded hands, compared to its average volume of 110,185. The firm has a market cap of $4.13 billion, a P/E ratio of 60.38 and a beta of 0.92. 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, Inc. has a 12-month low of $8.03 and a 12-month high of $13.32. The stock has a 50-day moving average price of $11.48 and a 200 day moving average price of $10.17.

Hagerty (NYSE:HGTY - Get Free Report) last announced its quarterly earnings data on Monday, August 4th. The company reported $0.13 earnings per share for the quarter, topping analysts' consensus estimates of $0.11 by $0.02. The business had revenue of $368.70 million for the quarter, compared to analysts' expectations 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 expect that Hagerty, Inc. will post 0.22 earnings per share for the current year.

Institutional Investors Weigh In On Hagerty

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

Analyst Upgrades and Downgrades

HGTY has been the topic of several recent research reports. Keefe, Bruyette & Woods initiated coverage on shares of Hagerty in a research report on Wednesday, August 27th. They issued an "outperform" rating and a $14.00 price target on the stock. Oppenheimer began coverage on shares of Hagerty in a report on Wednesday, September 17th. They set an "outperform" rating and a $15.00 price objective for the company. Wells Fargo & Company began coverage on shares of Hagerty in a research report on Friday. They issued an "equal weight" rating and a $13.00 price objective on the stock. BMO Capital Markets initiated coverage on shares of Hagerty in a research note on Monday, September 22nd. They set a "market perform" rating and a $13.00 price objective for the company. Finally, Evercore ISI began coverage on shares of Hagerty in a report on Wednesday, August 27th. They issued an "outperform" rating and a $14.00 price target for the company. Four investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Hold" and an average target price of $13.63.

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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