Robert Kauffman Sells 6,861 Shares of Hagerty (NYSE:HGTY) Stock

Key Points

• Director Robert Kauffman sold 6,861 shares of Hagerty stock at an average price of $11.90, totaling approximately $81,645.90, reducing his ownership by 0.62%.
• Hagerty reported earnings of $0.13 per share for the last quarter, exceeding analysts' estimates of $0.11, with revenue reaching $368.70 million.
• The stock currently has an average rating of "Hold" with a consensus target price of $13.88, as multiple analysts recently initiated coverage with various price targets.

Hagerty, Inc. (NYSE:HGTY - Get Free Report) Director Robert Kauffman sold 6,861 shares of Hagerty stock in a transaction dated Tuesday, October 7th. The shares were sold at an average price of $11.90, for a total transaction of $81,645.90. Following the transaction, the director directly owned 1,101,678 shares of the company's stock, valued at $13,109,968.20. This represents a 0.62% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

Hagerty Price Performance

Shares of NYSE HGTY traded down $0.10 during trading on Thursday, reaching $12.01. The company had a trading volume of 68,103 shares, compared to its average volume of 109,492. Hagerty, Inc. has a 52 week low of $8.03 and a 52 week high of $13.32. The stock has a market cap of $4.11 billion, a PE ratio of 60.05 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. The business's 50 day moving average price is $11.58 and its 200-day moving average price is $10.21.

Hagerty (NYSE:HGTY - Get Free Report) last announced 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 net margin of 4.88% and a return on equity of 13.76%. The company had revenue of $368.70 million during the quarter, compared to the consensus estimate of $347.15 million. Hagerty has set its FY 2025 guidance at EPS. Analysts expect that Hagerty, Inc. will post 0.22 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on HGTY shares. BMO Capital Markets started coverage on shares of Hagerty in a research note on Monday, September 22nd. They set a "market perform" rating and a $13.00 price target for the company. Wells Fargo & Company assumed coverage on shares of Hagerty in a research note on Friday, October 3rd. They set an "equal weight" rating and a $13.00 price target for the company. JMP Securities assumed coverage on shares of Hagerty in a report on Wednesday, October 1st. They set a "market outperform" rating and a $15.00 price objective for the company. Oppenheimer assumed 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. Finally, Weiss Ratings restated a "hold (c)" rating on shares of Hagerty in a report on Wednesday. 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 MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $13.88.

Hedge Funds Weigh In On Hagerty

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. IFP Advisors Inc acquired a new position in Hagerty during the second quarter worth $30,000. Osaic Holdings Inc. boosted its holdings in Hagerty by 2,374.5% during the second 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 last quarter. Bank of America Corp DE boosted its holdings in Hagerty by 46.6% during the second quarter. Bank of America Corp DE now owns 8,571 shares of the company's stock worth $87,000 after purchasing an additional 2,726 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in Hagerty during the first quarter worth $93,000. Finally, KLP Kapitalforvaltning AS boosted its holdings 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.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.