Hagerty (NYSE:HGTY) Sees Large Volume Increase – Here’s What Happened

Hagerty, Inc. (NYSE:HGTY) shares saw unusually-high trading volume on Thursday. 899,710 shares were traded during mid-day trading, an increase of 216% from the average daily volume of 285,019 shares. The stock last traded at $15.9090 and had previously closed at $16.04.

Analyst Upgrades and Downgrades

HGTY has been the subject of several analyst reports. Zacks Research downgraded Hagerty from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 19th. Weiss Ratings reiterated a “hold (c)” rating on shares of Hagerty in a research report on Wednesday, November 4th. Wells Fargo & Company upped their price target on Hagerty from $14.00 to $17.00 and gave the company an “equal weight” rating in a research report on Wednesday, November 4th. Oppenheimer reiterated an “outperform” rating and set a $20.00 price objective on shares of Hagerty in a research note on Tuesday, November 3rd. Finally, Citizens Jmp lifted their price objective on Hagerty from $15.00 to $19.00 and gave the company a “market outperform” rating in a report on Wednesday, November 4th. Three equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $16.43.

Hagerty Stock Down 0.6%

The stock has a market capitalization of $5.48 billion, a P/E ratio of 265.76 and a beta of 0.83. The firm’s fifty day moving average is $14.76 and its 200-day moving average is $12.25. The company has a current ratio of 1.59, a quick ratio of 1.59 and a debt-to-equity ratio of 0.37.

Hagerty (NYSE:HGTY) last released its quarterly earnings results on Tuesday, November 3rd. The company reported $0.10 EPS for the quarter, beating analysts’ consensus estimates of $0.01 by $0.09. The firm had revenue of $354.24 million for the quarter, compared to analyst estimates of $338.99 million. Hagerty had a net margin of 1.08% and a return on equity of 6.27%. As a group, equities research analysts predict that Hagerty, Inc. will post 0.09 earnings per share for the current year.

Insider Activity

In other news, major shareholder Holding Corp. Hagerty sold 9,250,000 shares of Hagerty stock in a transaction that occurred on Wednesday, September 9th. The shares were sold at an average price of $11.47, for a total value of $106,097,500.00. Following the completion of the transaction, the insider owned 9,250,000 shares in the company, valued at approximately $106,097,500. The trade was a 50.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 3.70% of the company’s stock.

Institutional Investors Weigh In On Hagerty

A number of large investors have recently bought and sold shares of HGTY. Ancora Advisors LLC bought a new stake in Hagerty during the 2nd quarter worth approximately $28,000. EverSource Wealth Advisors LLC increased its holdings in Hagerty by 107.4% during the 1st quarter. EverSource Wealth Advisors LLC now owns 3,072 shares of the company’s stock valued at $32,000 after purchasing an additional 1,591 shares in the last quarter. State of Alaska Department of Revenue bought a new position in Hagerty in the 3rd quarter valued at $55,000. Integrated Wealth Concepts LLC bought a new position in Hagerty in the 2nd quarter valued at $63,000. Finally, The Manufacturers Life Insurance Company acquired a new position in Hagerty in the first quarter worth $115,000. 20.51% of the stock is currently owned by institutional investors.

Hagerty Company Profile

Hagerty is an automotive enthusiast company focused on collectible and classic vehicles. Its services include specialty vehicle insurance, membership programs, vehicle valuation tools, and online marketplaces that connect buyers and sellers. The company also produces automotive media and hosts events and driving experiences for enthusiasts. Hagerty serves customers in the United States and select international markets, including Canada and the United Kingdom. Founded in 1984 as a family business, Hagerty is headquartered in Traverse City, Michigan.