Hagerty (NYSE:HGTY) Shares Gap Down – Should You Sell?

Hagerty, Inc. (NYSE:HGTY) shares gapped down before the market opened on Thursday . The stock had previously closed at $13.26, but opened at $12.12. Hagerty shares last traded at $12.8290, with a volume of 1,046,300 shares changing hands.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the stock. Truist Financial boosted their target price on shares of Hagerty from $11.00 to $13.00 and gave the company a “hold” rating in a research note on Friday, August 7th. JPMorgan Chase & Co. raised their target price on shares of Hagerty from $12.00 to $13.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 14th. UBS Group set a $14.00 price target on Hagerty in a report on Wednesday, June 10th. Weiss Ratings raised Hagerty from a “hold (c-)” rating to a “hold (c)” rating in a research note on Tuesday, August 11th. Finally, Wall Street Zen raised Hagerty from a “sell” rating to a “hold” rating in a research note on Saturday, July 4th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $14.00.

Hagerty Stock Up 0.3%

The business’s 50 day moving average is $12.63 and its 200 day moving average is $11.40. The company has a quick ratio of 1.53, a current ratio of 1.53 and a debt-to-equity ratio of 0.33. The company has a market cap of $4.65 billion, a P/E ratio of 150.32 and a beta of 0.81.

Hagerty (NYSE:HGTY) last announced its earnings results on Wednesday, August 5th. The company reported ($0.02) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.09) by $0.07. The business had revenue of $354.82 million for the quarter, compared to analysts’ expectations of $316.21 million. Hagerty had a return on equity of 5.15% and a net margin of 1.81%. As a group, equities analysts anticipate that Hagerty, Inc. will post 0.01 earnings per share for the current fiscal year.

Insider Activity

In other Hagerty news, major shareholder Holding Corp. Hagerty sold 9,250,000 shares of the business’s stock in a transaction dated 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 directly 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 sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CAO Kevin Delaney sold 9,440 shares of the stock in a transaction dated Wednesday, July 1st. The shares were sold at an average price of $12.10, for a total transaction of $114,224.00. Following the sale, the chief accounting officer directly owned 89,610 shares of the company’s stock, valued at approximately $1,084,281. The trade was a 9.53% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 10,650,958 shares of company stock worth $122,175,352 in the last quarter. 3.70% of the stock is owned by insiders.

Institutional Investors Weigh In On Hagerty

Hedge funds and other institutional investors have recently bought and sold shares of the company. Ancora Advisors LLC acquired a new stake in Hagerty in the second quarter valued at approximately $28,000. EverSource Wealth Advisors LLC increased its position in shares of Hagerty by 107.4% during the first quarter. EverSource Wealth Advisors LLC now owns 3,072 shares of the company’s stock worth $32,000 after purchasing an additional 1,591 shares in the last quarter. Osaic Holdings Inc. lifted its holdings in shares of Hagerty by 2,374.5% during the 2nd quarter. Osaic Holdings Inc. now owns 4,949 shares of the company’s stock valued at $50,000 after purchasing an additional 4,749 shares during the last quarter. BNP Paribas Financial Markets lifted its holdings in shares of Hagerty by 165.3% during the 3rd quarter. BNP Paribas Financial Markets now owns 5,131 shares of the company’s stock valued at $62,000 after purchasing an additional 3,197 shares during the last quarter. Finally, Integrated Wealth Concepts LLC acquired a new stake in shares of Hagerty in the 2nd quarter worth $63,000. Hedge funds and other institutional investors own 20.51% of the company’s stock.

Hagerty Company Profile

Hagerty, Inc is an automotive lifestyle company focused on serving classic and enthusiast vehicle owners. Through its insurance operations, the company provides specialty insurance products and related services designed for collector cars, classic vehicles, motorsports vehicles and other vehicles that may require coverage tailored to their usage and value.

Hagerty also offers automotive valuation tools, vehicle research and pricing information, membership benefits, and digital content for enthusiasts.