Goosehead Insurance (NASDAQ:GSHD) Shares Down 6% - Here's What Happened

Key Points

• Goosehead Insurance shares fell about 6% to approximately $45.04 during mid-day trading, on volume that was 94% below the average daily level.
• Analysts have recently reduced several price targets, including Truist’s cut to $48 and JPMorgan’s to $60. The stock carries a consensus “Hold” rating and an average price target of $64.42.
• Insider activity was mixed: a major shareholder sold 22,481 shares, while Durable Capital Partners purchased 150,000 shares. Insiders own approximately 38.07% of the company.

Goosehead Insurance (NASDAQ:GSHD - Get Free Report)'s share price traded down 6% during mid-day trading on Tuesday. The company traded as low as $45.13 and last traded at $45.0370. Approximately 27,905 shares were traded during mid-day trading, a decline of 94% from the average daily volume of 483,786 shares. The stock had previously closed at $47.92.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on GSHD shares. Truist Financial lowered 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 report on Tuesday, October 13th. Keefe, Bruyette & Woods dropped their price objective on shares of Goosehead Insurance from $72.00 to $66.00 and set an "outperform" rating on the stock in a research note on Monday, October 12th. JPMorgan Chase & Co. cut their target price on shares of Goosehead Insurance from $68.00 to $60.00 and set a "neutral" rating on the stock in a report on Thursday, October 1st. 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 report on Thursday, July 23rd. Finally, UBS Group lifted their target price on Goosehead Insurance from $70.00 to $72.00 and gave the company a "buy" rating in a research note on Monday, July 27th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, six have assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, Goosehead Insurance has an average rating of "Hold" and a consensus price target of $64.42.

Goosehead Insurance Trading Down 8.0%

The company has a market cap of $1.57 billion, a price-to-earnings ratio of 32.19, a price-to-earnings-growth ratio of 1.83 and a beta of 1.46. The stock has a 50-day simple moving average of $54.83 and a 200-day simple moving average of $51.57.

Insider Buying and Selling

In related news, major shareholder & Robyn Jones Descendants Mark sold 22,481 shares of the stock in a transaction dated Tuesday, August 4th. The shares were sold at an average price of $66.87, for a total value of $1,503,304.47. Following the completion of the transaction, the insider owned 6,767,661 shares in the company, valued at $452,553,491.07. This represents a 0.33% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, major shareholder Durable Capital Partners Lp bought 150,000 shares of the stock in a transaction on Tuesday, September 22nd. The shares were bought at an average cost of $47.32 per share, for a total transaction of $7,098,000.00. Following the purchase, the insider owned 2,720,260 shares in the company, valued at $128,722,703.20. This trade represents a 5.84% increase in their position. The SEC filing for this purchase provides additional information. Insiders sold 257,000 shares of company stock valued at $17,404,989 over the last 90 days. 38.07% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in GSHD. Versant Capital Management Inc lifted its holdings in Goosehead Insurance by 36.9% during the 3rd quarter. Versant Capital Management Inc now owns 1,057 shares of the company's stock valued at $48,000 after purchasing an additional 285 shares during the last quarter. GAMMA Investing LLC boosted its position in Goosehead Insurance by 37.6% during the third quarter. GAMMA Investing LLC now owns 1,200 shares of the company's stock worth $54,000 after purchasing an additional 328 shares during the period. MassMutual Private Wealth & Trust FSB boosted its position in Goosehead Insurance by 484.1% during the second quarter. MassMutual Private Wealth & Trust FSB now owns 514 shares of the company's stock worth $25,000 after purchasing an additional 426 shares during the period. Handelsbanken Fonder AB increased its holdings in shares of Goosehead Insurance by 12.1% in the second quarter. Handelsbanken Fonder AB now owns 6,500 shares of the company's stock valued at $315,000 after purchasing an additional 700 shares during the last quarter. Finally, Integrated Wealth Concepts LLC acquired a new position in shares of Goosehead Insurance in the second quarter valued at $48,000.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.