Hagerty (NYSE:HGTY) Shares Down 5.3% – Here’s Why

Hagerty, Inc. (NYSE:HGTY)’s stock price was down 5.3% during trading on Monday . The company traded as low as $11.94 and last traded at $11.93. Approximately 45,487 shares were traded during mid-day trading, a decline of 62% from the average daily volume of 119,363 shares. The stock had previously closed at $12.60.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the stock. Wall Street Zen upgraded shares of Hagerty from a “hold” rating to a “buy” rating in a research note on Sunday, November 30th. Keefe, Bruyette & Woods boosted their price target on shares of Hagerty from $14.00 to $15.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 12th. JPMorgan Chase & Co. increased their target price on shares of Hagerty from $12.00 to $13.00 and gave the company a “neutral” rating in a research note on Wednesday, January 7th. Finally, Weiss Ratings reiterated a “hold (c+)” rating on shares of Hagerty in a research report on Monday, December 29th. Five investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Hagerty has an average rating of “Moderate Buy” and a consensus target price of $14.13.

Hagerty Price Performance

The company has a fifty day moving average price of $12.89 and a two-hundred day moving average price of $12.17. The company has a market cap of $4.11 billion, a price-to-earnings ratio of 35.00 and a beta of 0.89. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.17.

Insiders Place Their Bets

In other news, insider Kenneth Ahn sold 164,870 shares of the company’s stock in a transaction dated Monday, January 5th. The stock was sold at an average price of $12.79, for a total value of $2,108,687.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders sold a total of 351,350 shares of company stock valued at $4,474,572 over the last quarter. Corporate insiders own 16.70% of the company’s stock.

Institutional Trading of Hagerty

Institutional investors have recently modified their holdings of the company. Goldman Sachs Group Inc. boosted its holdings in Hagerty by 24.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 37,383 shares of the company’s stock valued at $338,000 after purchasing an additional 7,459 shares during the period. KLP Kapitalforvaltning AS boosted its holdings in shares of Hagerty by 228.1% in the 2nd quarter. KLP Kapitalforvaltning AS now owns 10,500 shares of the company’s stock valued at $106,000 after purchasing an additional 7,300 shares in the last quarter. IFP Advisors Inc bought a new position in shares of Hagerty in the second quarter worth about $30,000. Scholtz & Company LLC acquired a new stake in Hagerty in the second quarter valued at approximately $2,429,000. Finally, Corton Capital Inc. acquired a new stake in shares of Hagerty during the 2nd quarter valued at $273,000. 20.51% of the stock is currently owned by institutional investors.

About Hagerty

Hagerty is a specialized automotive lifestyle and insurance company that caters primarily to collectible car enthusiasts. Its core business centers on offering classic vehicle insurance policies designed to protect antique, vintage and specialty automobiles, motorcycles and boats. These policies typically feature agreed-value coverage, flexible usage options and access to restoration services, aligning with the unique needs of collectors and hobbyists.

Beyond insurance, Hagerty operates a comprehensive suite of community and content services under its automotive lifestyle brand.