Hagerty (NYSE:HGTY) Hits New 52-Week Low on Insider Selling

Hagerty, Inc. (NYSE:HGTY)’s share price hit a new 52-week low during mid-day trading on Monday following insider selling activity. The company traded as low as $8.00 and last traded at $8.62, with a volume of 601 shares. The stock had previously closed at $8.66.

Specifically, Director Robert I. Kauffman sold 8,179 shares of the stock in a transaction that occurred on Thursday, April 24th. The stock was sold at an average price of $9.10, for a total transaction of $74,428.90. Following the completion of the transaction, the director now directly owns 4,084,967 shares in the company, valued at approximately $37,173,199.70. This represents a 0.20 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink.

Analyst Ratings Changes

Separately, JPMorgan Chase & Co. cut their target price on shares of Hagerty from $11.00 to $10.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 8th.

Hagerty Stock Performance

The stock’s 50-day moving average price is $9.14 and its 200-day moving average price is $10.02. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.23. The company has a market capitalization of $3.00 billion, a P/E ratio of 79.85 and a beta of 0.88.

Hedge Funds Weigh In On Hagerty

Large investors have recently bought and sold shares of the business. Pembroke Management LTD bought a new position in shares of Hagerty during the fourth quarter valued at approximately $9,201,000. Neuberger Berman Group LLC grew its stake in Hagerty by 11.4% during the 4th quarter. Neuberger Berman Group LLC now owns 4,725,196 shares of the company’s stock worth $45,598,000 after buying an additional 483,324 shares during the last quarter. Markel Group Inc. increased its position in Hagerty by 3.6% in the fourth quarter. Markel Group Inc. now owns 3,108,000 shares of the company’s stock worth $29,992,000 after buying an additional 108,000 shares during the period. GABELLI & Co INVESTMENT ADVISERS INC. acquired a new stake in Hagerty in the fourth quarter worth $997,000. Finally, Raymond James Financial Inc. bought a new stake in Hagerty in the fourth quarter valued at $879,000. Institutional investors own 20.51% of the company’s stock.

Hagerty Company Profile

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.