Robert Kauffman Sells 15,000 Shares of Hagerty (NYSE:HGTY) Stock

Key Points

• Director Robert Kauffman sold 15,000 shares of Hagerty stock at an average price of $11.12, totaling $166,800, which decreased his ownership by 1.59%.
• Hagerty's stock traded down by 0.7% to $11.10, with a market capitalization of $3.80 billion and a PE ratio of 55.49, despite reporting better-than-expected earnings.
• Recent hedge fund activity has shown significant interest in Hagerty, with Osaic Holdings increasing its stake by 2,374.5% in the second quarter.

Hagerty, Inc. (NYSE:HGTY - Get Free Report) Director Robert Kauffman sold 15,000 shares of Hagerty stock in a transaction dated Thursday, October 23rd. The stock was sold at an average price of $11.12, for a total value of $166,800.00. Following the sale, the director directly owned 928,098 shares of the company's stock, valued at approximately $10,320,449.76. This trade represents a 1.59% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.

Hagerty Trading Down 0.7%

Shares of NYSE HGTY traded down $0.08 during midday trading on Friday, reaching $11.10. The company had a trading volume of 75,222 shares, compared to its average volume of 109,660. Hagerty, Inc. has a one year low of $8.03 and a one year high of $13.32. The company has a quick ratio of 1.06, a current ratio of 1.06 and a debt-to-equity ratio of 0.27. The firm's fifty day moving average price is $11.78 and its 200-day moving average price is $10.41. The stock has a market cap of $3.80 billion, a PE ratio of 55.49 and a beta of 0.92.

Hagerty (NYSE:HGTY - Get Free Report) last released its earnings results on Monday, August 4th. The company reported $0.13 earnings per share for the quarter, beating analysts' consensus estimates of $0.11 by $0.02. Hagerty had a return on equity of 13.76% and a net margin of 4.88%.The company had revenue of $368.70 million during the quarter, compared to analyst estimates of $347.15 million. Hagerty has set its FY 2025 guidance at EPS. On average, equities research analysts anticipate that Hagerty, Inc. will post 0.22 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the business. Osaic Holdings Inc. increased its holdings in Hagerty by 2,374.5% during the 2nd 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 shares of Hagerty by 1.6% during the 2nd quarter. Neuberger Berman Group LLC now owns 5,557,427 shares of the company's stock worth $56,186,000 after acquiring an additional 88,634 shares during the period. Bank of America Corp DE grew its holdings in shares of Hagerty by 46.6% during the 2nd quarter. Bank of America Corp DE now owns 8,571 shares of the company's stock worth $87,000 after acquiring an additional 2,726 shares during the period. Marshall Wace LLP grew its holdings in shares of Hagerty by 37.2% during the 2nd quarter. Marshall Wace LLP now owns 22,405 shares of the company's stock worth $227,000 after acquiring an additional 6,072 shares during the period. Finally, Greenhaven Road Investment Management L.P. grew its holdings in shares of Hagerty by 33.2% during the 2nd 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 during the period. Hedge funds and other institutional investors own 20.51% of the company's stock.

Analyst Ratings Changes

HGTY has been the subject of a number of recent research reports. Wells Fargo & Company initiated coverage on Hagerty in a research note on Friday, October 3rd. They issued an "equal weight" rating and a $13.00 target price for the company. Wall Street Zen lowered Hagerty from a "buy" rating to a "hold" rating in a research note on Saturday, October 18th. Evercore ISI began coverage on Hagerty in a report on Wednesday, August 27th. They set an "outperform" rating and a $14.00 price target on the stock. Keefe, Bruyette & Woods began coverage on Hagerty in a report on Wednesday, August 27th. They set an "outperform" rating and a $14.00 price target on the stock. Finally, Oppenheimer began coverage on Hagerty in a report on Wednesday, September 17th. They set an "outperform" rating and a $15.00 price target on the stock. 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 stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target 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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