Hagerty, Inc. (NYSE:HGTY) Sees Significant Drop in Short Interest

Hagerty, Inc. (NYSE:HGTY) was the recipient of a significant decrease in short interest in the month of February. As of February 28th, there was short interest totalling 260,400 shares, a decrease of 15.5% from the February 13th total of 308,100 shares. Based on an average daily trading volume, of 52,100 shares, the short-interest ratio is presently 5.0 days. Currently, 0.3% of the shares of the company are short sold.

Insider Buying and Selling at Hagerty

In other news, Director Robert I. Kauffman sold 11,046 shares of the stock in a transaction that occurred on Monday, December 23rd. The stock was sold at an average price of $10.13, for a total transaction of $111,895.98. Following the transaction, the director now owns 4,454,010 shares in the company, valued at approximately $45,119,121.30. This trade represents a 0.25 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders have sold 112,321 shares of company stock worth $1,098,897 over the last 90 days. Company insiders own 17.90% of the company’s stock.

Institutional Investors Weigh In On Hagerty

A number of large investors have recently added to or reduced their stakes in HGTY. Pembroke Management LTD acquired a new stake in Hagerty during the fourth quarter worth approximately $9,201,000. Neuberger Berman Group LLC boosted its holdings in shares of Hagerty by 11.4% in the 4th quarter. Neuberger Berman Group LLC now owns 4,725,196 shares of the company’s stock valued at $45,598,000 after purchasing an additional 483,324 shares in the last quarter. Markel Group Inc. boosted its holdings in shares of Hagerty by 3.6% in the 4th quarter. Markel Group Inc. now owns 3,108,000 shares of the company’s stock valued at $29,992,000 after purchasing an additional 108,000 shares in the last quarter. GABELLI & Co INVESTMENT ADVISERS INC. acquired a new stake in shares of Hagerty in the 4th quarter valued at $997,000. Finally, Raymond James Financial Inc. acquired a new stake in shares of Hagerty in the 4th quarter valued at $879,000. Institutional investors and hedge funds own 20.51% of the company’s stock.

Analysts Set New Price Targets

Separately, Raymond James lowered Hagerty from a “market perform” rating to an “underperform” rating in a research note on Thursday, December 26th.

Hagerty Stock Performance

Shares of NYSE HGTY traded down $0.06 during trading hours on Thursday, reaching $9.18. 11,816 shares of the stock were exchanged, compared to its average volume of 79,016. The firm has a market capitalization of $3.13 billion, a price-to-earnings ratio of 83.41 and a beta of 0.84. Hagerty has a 52 week low of $8.30 and a 52 week high of $12.35. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.01 and a current ratio of 1.01. The stock’s fifty day simple moving average is $9.79 and its 200 day simple moving average is $10.48.

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.