JPMorgan Chase & Co. Has Lowered Expectations for Hagerty (NYSE:HGTY) Stock Price

Hagerty (NYSE:HGTY) had its target price decreased by JPMorgan Chase & Co. from $11.00 to $10.00 in a research note issued to investors on Tuesday,Benzinga reports. JPMorgan Chase & Co. currently has a neutral rating on the stock.

Separately, Raymond James cut shares of Hagerty from a “market perform” rating to an “underperform” rating in a research report on Thursday, December 26th.

Hagerty Price Performance

HGTY stock opened at $8.37 on Tuesday. Hagerty has a 52 week low of $8.03 and a 52 week high of $12.35. The company has a market capitalization of $2.85 billion, a price-to-earnings ratio of 76.09 and a beta of 0.88. The firm’s 50-day moving average is $9.57 and its two-hundred day moving average is $10.23. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.23.

Insiders Place Their Bets

In other news, Director Laurie Harris sold 3,934 shares of the stock in a transaction dated Friday, April 4th. The stock was sold at an average price of $8.41, for a total transaction of $33,084.94. Following the transaction, the director now owns 30,349 shares of the company’s stock, valued at approximately $255,235.09. This represents a 11.48 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Robert I. Kauffman sold 8,918 shares of the business’s stock in a transaction on Monday, January 13th. The stock was sold at an average price of $9.32, for a total transaction of $83,115.76. Following the completion of the sale, the director now owns 4,389,521 shares of the company’s stock, valued at $40,910,335.72. The trade was a 0.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 106,186 shares of company stock worth $1,016,267. Corporate insiders own 17.90% of the company’s stock.

Institutional Investors Weigh In On Hagerty

A number of hedge funds have recently bought and sold shares of HGTY. KLP Kapitalforvaltning AS acquired a new position in shares of Hagerty during the fourth quarter worth approximately $31,000. Ancora Advisors LLC bought a new stake in Hagerty in the fourth quarter valued at about $46,000. R Squared Ltd acquired a new position in shares of Hagerty in the 4th quarter worth approximately $51,000. FMR LLC boosted its stake in shares of Hagerty by 25,769.2% in the 3rd quarter. FMR LLC now owns 6,726 shares of the company’s stock valued at $68,000 after purchasing an additional 6,700 shares in the last quarter. Finally, BNP Paribas Financial Markets bought a new stake in Hagerty during the fourth quarter worth about $84,000. 20.51% of the stock is currently owned by institutional investors.

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.