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

Hagerty, Inc. (NYSE:HGTY) shares gapped down before the market opened on Thursday . The stock had previously closed at $11.26, but opened at $11.00. Hagerty shares last traded at $11.08, with a volume of 2,977 shares.

Analyst Ratings Changes

Separately, Truist Financial boosted their price target on shares of Hagerty from $10.00 to $11.00 and gave the company a “hold” rating in a research report on Thursday, August 8th.

Hagerty Stock Performance

The stock has a market cap of $3.79 billion, a P/E ratio of 100.82 and a beta of 0.78. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.23. The stock has a fifty day simple moving average of $10.83 and a 200-day simple moving average of $10.51.

Insider Transactions at Hagerty

In related news, Director Robert I. Kauffman sold 7,000 shares of the stock in a transaction on Thursday, August 22nd. The stock was sold at an average price of $11.28, for a total value of $78,960.00. Following the sale, the director now owns 5,281,195 shares in the company, valued at approximately $59,571,879.60. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, Director Robert I. Kauffman sold 7,000 shares of the company’s stock in a transaction on Thursday, August 22nd. The stock was sold at an average price of $11.28, for a total transaction of $78,960.00. Following the completion of the sale, the director now directly owns 5,281,195 shares in the company, valued at approximately $59,571,879.60. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Robert I. Kauffman sold 2,481 shares of the company’s stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $10.75, for a total transaction of $26,670.75. Following the sale, the director now directly owns 5,154,354 shares of the company’s stock, valued at approximately $55,409,305.50. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 148,624 shares of company stock valued at $1,647,469 in the last ninety days. 17.90% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its holdings in shares of Hagerty by 1.1% in the 1st quarter. Vanguard Group Inc. now owns 2,028,292 shares of the company’s stock worth $18,559,000 after acquiring an additional 21,331 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. grew its position in shares of Hagerty by 376.1% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 97,143 shares of the company’s stock valued at $988,000 after acquiring an additional 76,740 shares during the period. 17 Capital Partners LLC grew its position in shares of Hagerty by 10.0% during the 3rd quarter. 17 Capital Partners LLC now owns 55,000 shares of the company’s stock valued at $559,000 after acquiring an additional 5,000 shares during the period. Meixler Investment Management Ltd. lifted its stake in shares of Hagerty by 9.7% during the 3rd quarter. Meixler Investment Management Ltd. now owns 27,455 shares of the company’s stock valued at $279,000 after buying an additional 2,430 shares in the last quarter. Finally, Caz Investments LP lifted its stake in shares of Hagerty by 66.7% during the 3rd quarter. Caz Investments LP now owns 25,000 shares of the company’s stock valued at $258,000 after buying an additional 10,000 shares in the last quarter. Institutional investors 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.