Goosehead Insurance (NASDAQ:GSHD) Shares Break Above 200-Day Moving Average - Here's What Happened

Key Points

• Goosehead Insurance shares rose 7.9% and briefly traded above their 200-day moving average of $50.91, reaching $51.60 before closing at $51.35.
• Analyst sentiment remains mixed: the stock has an average rating of “Hold” and a consensus price target of $64.42, despite several recent target-price and rating reductions.
• Insider and institutional activity was notable, including a 150,000-share purchase by Durable Capital Partners and a 7,000-share sale by major shareholder Adrienne Kebodeaux; insiders collectively own 38.07% of the company.

Goosehead Insurance (NASDAQ:GSHD - Get Free Report)'s stock price crossed above its 200-day moving average during trading on Monday. The stock has a 200-day moving average of $50.91 and traded as high as $51.60. Goosehead Insurance shares last traded at $51.35, with a volume of 312,369 shares trading hands.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on GSHD shares. Royal Bank Of Canada raised their target price on shares of Goosehead Insurance from $55.00 to $58.00 and gave the stock a "sector perform" rating in a research note on Thursday, July 23rd. Weiss Ratings lowered shares of Goosehead Insurance from a "hold (c)" rating to a "hold (c-)" rating in a research report on Friday, September 18th. Piper Sandler lowered shares of Goosehead Insurance from an "overweight" rating to a "neutral" rating and dropped their price target for the stock from $72.00 to $48.00 in a research report on Tuesday, October 6th. Truist Financial reduced their price objective on shares of Goosehead Insurance from $58.00 to $48.00 and set a "hold" rating for the company in a research note on Tuesday, October 13th. Finally, Citizens Jmp decreased their price objective on shares of Goosehead Insurance from $100.00 to $80.00 and set a "market outperform" rating on the stock in a research report on Monday, October 12th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, six have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, Goosehead Insurance presently has an average rating of "Hold" and a consensus target price of $64.42.

Goosehead Insurance Stock Up 7.9%

The business has a 50 day moving average price of $52.80 and a two-hundred day moving average price of $50.91. The stock has a market cap of $1.82 billion, a P/E ratio of 37.48, a price-to-earnings-growth ratio of 1.75 and a beta of 1.46.

Insider Buying and Selling

In other Goosehead Insurance news, major shareholder Adrienne Kebodeaux sold 7,000 shares of the company's stock in a transaction that occurred on Thursday, August 20th. The stock was sold at an average price of $70.00, for a total value of $490,000.00. Following the completion of the transaction, the insider directly owned 273,027 shares in the company, valued at $19,111,890. This represents a 2.50% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, major shareholder Durable Capital Partners Lp acquired 150,000 shares of the business's stock in a transaction on Tuesday, September 22nd. The shares were bought at an average cost of $47.32 per share, with a total value of $7,098,000.00. Following the completion of the acquisition, the insider owned 2,720,260 shares in the company, valued at approximately $128,722,703.20. This represents a 5.84% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. 38.07% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Goosehead Insurance

A number of hedge funds and other institutional investors have recently modified their holdings of GSHD. MassMutual Private Wealth & Trust FSB grew its position in shares of Goosehead Insurance by 484.1% during the second quarter. MassMutual Private Wealth & Trust FSB now owns 514 shares of the company's stock valued at $25,000 after purchasing an additional 426 shares in the last quarter. Covestor Ltd increased its holdings in shares of Goosehead Insurance by 112.0% in the third quarter. Covestor Ltd now owns 581 shares of the company's stock worth $26,000 after purchasing an additional 307 shares during the last quarter. Versant Capital Management Inc increased its holdings in shares of Goosehead Insurance by 471.9% in the second quarter. Versant Capital Management Inc now owns 772 shares of the company's stock worth $37,000 after purchasing an additional 637 shares during the last quarter. Integrated Wealth Concepts LLC purchased a new stake in shares of Goosehead Insurance in the second quarter worth about $48,000. Finally, Nykredit A S purchased a new stake in shares of Goosehead Insurance in the second quarter worth about $50,000.

About Goosehead Insurance

Goosehead Insurance, Inc is an independent insurance agency that distributes personal and commercial insurance products through a network of corporate and franchise locations. The company uses technology and relationships with multiple insurance carriers to help customers compare coverage options and select policies suited to their needs.

Its offerings primarily include homeowners, automobile, renters, flood, umbrella and other personal insurance products, along with selected commercial insurance solutions.

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