Hagerty (NYSE:HGTY) Shares Down 5% – Here’s What Happened

Hagerty, Inc. (NYSE:HGTY)’s stock price fell 5% during trading on Friday . The stock traded as low as $8.68 and last traded at $8.68. 15,250 shares were traded during trading, a decline of 82% from the average session volume of 83,526 shares. The stock had previously closed at $9.13.

Wall Street Analyst Weigh In

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

Hagerty Stock Performance

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 firm has a 50-day simple moving average of $9.19 and a 200 day simple moving average of $10.05. The company has a market cap of $2.94 billion, a price-to-earnings ratio of 78.45 and a beta of 0.88.

Insider Activity

In other Hagerty news, Director Robert I. Kauffman sold 9,170 shares of the stock in a transaction that occurred on Monday, March 31st. The stock was sold at an average price of $9.06, for a total transaction of $83,080.20. Following the completion of the sale, the director now directly owns 4,102,715 shares of the company’s stock, valued at approximately $37,170,597.90. This trade represents a 0.22 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Laurie Harris sold 3,934 shares of Hagerty stock in a transaction that occurred on Friday, April 4th. The shares were sold at an average price of $8.41, for a total value of $33,084.94. Following the completion of the transaction, the director now owns 30,349 shares in the company, valued at $255,235.09. This trade represents a 11.48 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 75,572 shares of company stock valued at $725,693 in the last ninety days. 17.90% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Hagerty

Hedge funds have recently modified their holdings of the stock. Pembroke Management LTD purchased a new position in Hagerty during the 4th quarter worth $9,201,000. Neuberger Berman Group LLC raised its holdings in Hagerty by 11.4% during the fourth quarter. Neuberger Berman Group LLC now owns 4,725,196 shares of the company’s stock worth $45,598,000 after purchasing an additional 483,324 shares in the last quarter. Markel Group Inc. lifted 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 valued at $29,992,000 after purchasing an additional 108,000 shares during the period. GABELLI & Co INVESTMENT ADVISERS INC. purchased a new stake in Hagerty in the 4th quarter valued at approximately $997,000. Finally, Raymond James Financial Inc. acquired a new position in Hagerty during the 4th quarter worth approximately $879,000. 20.51% of the stock is owned by institutional investors and hedge funds.

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.