Hagerty, Inc. (NYSE:HGTY) Sees Significant Drop in Short Interest

Hagerty, Inc. (NYSE:HGTY) saw a significant decline in short interest in the month of September. As of September 15th, there was short interest totalling 436,000 shares, a decline of 9.0% from the August 31st total of 479,000 shares. Based on an average daily volume of 118,300 shares, the short-interest ratio is presently 3.7 days. Currently, 0.6% of the company’s shares are sold short.

Analyst Ratings Changes

Several research analysts have recently commented on the company. JPMorgan Chase & Co. increased their price objective on shares of Hagerty from $9.50 to $11.00 and gave the stock a “neutral” rating in a research note on Thursday, July 11th. Truist Financial upped their target price on Hagerty from $10.00 to $11.00 and gave the company a “hold” rating in a report on Thursday, August 8th.

Hagerty Stock Up 2.1 %

NYSE HGTY traded up $0.21 during trading hours on Tuesday, hitting $10.38. 106,908 shares of the company traded hands, compared to its average volume of 82,040. The stock has a market capitalization of $3.50 billion, a price-to-earnings ratio of 173.00 and a beta of 0.81. The company has a debt-to-equity ratio of 0.22, a quick ratio of 1.04 and a current ratio of 1.04. The business’s 50-day moving average is $11.08 and its 200-day moving average is $10.11. Hagerty has a twelve month low of $7.52 and a twelve month high of $12.35.

Hagerty (NYSE:HGTY) last posted its quarterly earnings data on Tuesday, August 6th. The company reported $0.12 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.09 by $0.03. The firm had revenue of $313.23 million during the quarter, compared to the consensus estimate of $312.64 million. Hagerty had a net margin of 5.37% and a return on equity of 15.68%. Sell-side analysts anticipate that Hagerty will post 0.26 earnings per share for the current year.

Insider Activity at Hagerty

In related news, Director Robert I. Kauffman sold 6,202 shares of Hagerty stock in a transaction that occurred on Monday, July 8th. The shares were sold at an average price of $11.07, for a total value of $68,656.14. Following the completion of the transaction, the director now owns 5,528,496 shares in the company, valued at $61,200,450.72. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director Robert I. Kauffman sold 4,240 shares of Hagerty stock in a transaction that occurred on Wednesday, August 28th. The stock was sold at an average price of $12.01, for a total value of $50,922.40. Following the sale, the director now directly owns 5,255,817 shares in the company, valued at $63,122,362.17. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Robert I. Kauffman sold 6,202 shares of Hagerty stock in a transaction on Monday, July 8th. The stock was sold at an average price of $11.07, for a total value of $68,656.14. Following the transaction, the director now directly owns 5,528,496 shares of the company’s stock, valued at $61,200,450.72. The disclosure for this sale can be found here. Over the last three months, insiders have sold 198,626 shares of company stock worth $2,199,578. Insiders own 17.90% of the company’s stock.

Institutional Trading of Hagerty

Several institutional investors have recently added to or reduced their stakes in the stock. Blue Trust Inc. bought a new stake in shares of Hagerty in the 2nd quarter worth $39,000. Algert Global LLC bought a new position in Hagerty in the 2nd quarter worth approximately $108,000. Dimensional Fund Advisors LP bought a new stake in shares of Hagerty during the 2nd quarter valued at $139,000. Meixler Investment Management Ltd. boosted its position in shares of Hagerty by 21.2% in the first quarter. Meixler Investment Management Ltd. now owns 24,325 shares of the company’s stock valued at $223,000 after acquiring an additional 4,250 shares during the period. Finally, GABELLI & Co INVESTMENT ADVISERS INC. grew its position in shares of Hagerty by 34.7% during the 4th quarter. GABELLI & Co INVESTMENT ADVISERS INC. now owns 103,300 shares of the company’s stock valued at $806,000 after purchasing an additional 26,600 shares in the last quarter. 20.51% of the stock is currently owned by institutional investors.

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.