Hagerty (NYSE:HGTY) Shares Gap Down – Here’s What Happened

Hagerty, Inc. (NYSE:HGTY)’s share price gapped down before the market opened on Thursday . The stock had previously closed at $11.95, but opened at $11.01. Hagerty shares last traded at $11.15, with a volume of 3,580 shares trading hands.

Analysts Set New Price Targets

A number of research firms have recently weighed in on HGTY. Truist Financial boosted their target price on shares of Hagerty from $10.00 to $11.00 and gave the stock a “hold” rating in a report on Thursday, August 8th. JPMorgan Chase & Co. boosted their price objective on Hagerty from $9.50 to $11.00 and gave the stock a “neutral” rating in a research note on Thursday, July 11th.

Hagerty Price Performance

The company has a debt-to-equity ratio of 0.22, a quick ratio of 1.04 and a current ratio of 1.04. The company has a market capitalization of $3.93 billion, a P/E ratio of 99.63 and a beta of 0.78. The firm’s fifty day moving average is $10.90 and its 200 day moving average is $10.43.

Hagerty (NYSE:HGTY) last posted its quarterly earnings results on Tuesday, August 6th. The company reported $0.12 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.09 by $0.03. Hagerty had a return on equity of 15.68% and a net margin of 5.37%. The business had revenue of $313.23 million for the quarter, compared to the consensus estimate of $312.64 million. As a group, analysts predict that Hagerty, Inc. will post 0.26 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Robert I. Kauffman sold 11,428 shares of the stock in a transaction that occurred on Friday, August 9th. The shares were sold at an average price of $10.57, for a total transaction of $120,793.96. Following the completion of the sale, the director now owns 5,353,334 shares of the company’s stock, valued at $56,584,740.38. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other Hagerty news, Director Robert I. Kauffman sold 11,428 shares of the firm’s stock in a transaction dated Friday, August 9th. The stock was sold at an average price of $10.57, for a total value of $120,793.96. Following the completion of the sale, the director now owns 5,353,334 shares of the company’s stock, valued at approximately $56,584,740.38. This trade represents a 0.00 % 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 the SEC website. Also, Director Robert I. Kauffman sold 6,318 shares of the company’s stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $11.85, for a total transaction of $74,868.30. Following the transaction, the director now owns 5,267,317 shares in the company, valued at approximately $62,417,706.45. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 129,636 shares of company stock worth $1,425,943. 17.90% of the stock is currently owned by company insiders.

Institutional Trading of Hagerty

Hedge funds and other institutional investors have recently made changes to their positions in the business. Blue Trust Inc. acquired a new position in Hagerty in the second quarter valued at approximately $39,000. Algert Global LLC acquired a new stake in Hagerty during the second quarter valued at $108,000. Dimensional Fund Advisors LP acquired a new stake in Hagerty during the second quarter valued at $139,000. Lakewood Asset Management LLC acquired a new position in shares of Hagerty in the third quarter worth about $186,000. Finally, Meixler Investment Management Ltd. boosted its stake in shares of Hagerty by 21.2% during the 1st quarter. Meixler Investment Management Ltd. now owns 24,325 shares of the company’s stock worth $223,000 after acquiring an additional 4,250 shares in the last quarter. Institutional investors and hedge funds own 20.51% of the company’s stock.

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.