Insider Selling: Hagerty (NYSE:HGTY) Director Sells 17,622 Shares of Stock

Key Points

• Robert Kauffman, a director at Hagerty, sold 17,622 shares at an average price of $12.46, reducing his ownership by 1.42% and maintaining a total of 1,221,389 shares valued at approximately $15.2 million.
• Hagerty reported revenue of $368.70 million and earnings per share of $0.13 for its last quarter, exceeding estimates and setting guidance for FY 2025 at 0.22 EPS.
• Analysts have given Hagerty a mixed rating, with two recommending a Buy, one a Hold, and one a Sell, while the consensus price target stands at $13.25.

Hagerty, Inc. (NYSE:HGTY - Get Free Report) Director Robert I. Kauffman sold 17,622 shares of the stock in a transaction dated Tuesday, September 16th. The stock was sold at an average price of $12.46, for a total transaction of $219,570.12. Following the transaction, the director directly owned 1,221,389 shares in the company, valued at $15,218,506.94. This trade represents a 1.42% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Hagerty Stock Down 1.7%

Hagerty stock traded down $0.22 during mid-day trading on Friday, reaching $12.76. The stock had a trading volume of 1,021,266 shares, compared to its average volume of 223,393. 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 fifty-two week low of $8.03 and a fifty-two week high of $13.32. The stock's 50-day simple moving average is $11.10 and its 200-day simple moving average is $9.97. The firm has a market capitalization of $4.36 billion, a PE ratio of 63.80 and a beta of 0.91.

Hagerty (NYSE:HGTY - Get Free Report) last issued its earnings results 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. Hagerty had a return on equity of 13.76% and a net margin of 4.88%.The company had revenue of $368.70 million for the quarter, compared to analyst estimates of $347.15 million. Hagerty has set its FY 2025 guidance at EPS. On average, sell-side analysts forecast that Hagerty, Inc. will post 0.22 EPS for the current fiscal year.

Institutional Trading of Hagerty

Several hedge funds have recently added to or reduced their stakes in HGTY. Neuberger Berman Group LLC lifted its stake in shares of Hagerty by 15.7% in the 1st quarter. Neuberger Berman Group LLC now owns 5,468,793 shares of the company's stock valued at $49,438,000 after acquiring an additional 743,597 shares during the last quarter. Greenhaven Road Investment Management L.P. boosted its stake in shares of Hagerty by 33.2% during the second quarter. Greenhaven Road Investment Management L.P. now owns 1,811,539 shares of the company's stock valued at $18,315,000 after purchasing an additional 451,033 shares during the period. Garner Asset Management Corp bought a new position in shares of Hagerty in the first quarter worth approximately $2,909,000. Scholtz & Company LLC purchased a new position in shares of Hagerty in the second quarter worth $2,429,000. Finally, Lincoln Capital LLC raised its holdings in Hagerty by 12.3% during the 1st quarter. Lincoln Capital LLC now owns 555,286 shares of the company's stock valued at $4,753,000 after buying an additional 60,791 shares during the last quarter. 20.51% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research firms recently weighed in on HGTY. Keefe, Bruyette & Woods began coverage on shares of Hagerty in a report on Wednesday, August 27th. They issued an "outperform" rating and a $14.00 target price on the stock. Oppenheimer began coverage on Hagerty in a research note on Wednesday. They issued an "outperform" rating and a $15.00 price objective for the company. Finally, Evercore ISI assumed coverage on Hagerty in a research report on Wednesday, August 27th. They set an "outperform" rating and a $14.00 target price on the stock. Two analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $13.25.

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.