Hagerty (NYSE:HGTY) Shares Gap Down – Time to Sell?

Hagerty, Inc. (NYSE:HGTY) shares gapped down before the market opened on Thursday . The stock had previously closed at $11.26, but opened at $11.00. Hagerty shares last traded at $11.08, with a volume of 2,977 shares trading hands.

Wall Street Analysts Forecast Growth

Separately, Truist Financial raised 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 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 company has a market cap of $3.79 billion, a price-to-earnings ratio of 100.82 and a beta of 0.78. The firm has a 50-day simple moving average of $10.83 and a 200 day simple moving average of $10.51.

Insider Activity

In other news, Director Robert I. Kauffman sold 4,240 shares of the company’s stock in a transaction that occurred on Wednesday, August 28th. The stock was sold at an average price of $12.01, for a total transaction of $50,922.40. Following the completion of the sale, the director now owns 5,255,817 shares in the company, valued at $63,122,362.17. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, Director Robert I. Kauffman sold 4,240 shares of Hagerty stock in a transaction on Wednesday, August 28th. The stock was sold at an average price of $12.01, for a total transaction of $50,922.40. Following the completion of the transaction, the director now directly owns 5,255,817 shares of the company’s stock, valued at approximately $63,122,362.17. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Robert I. Kauffman sold 6,318 shares of the stock in a transaction on Monday, August 26th. The shares were sold at an average price of $11.85, for a total value of $74,868.30. Following the sale, the director now owns 5,267,317 shares in the company, valued at approximately $62,417,706.45. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 148,624 shares of company stock valued at $1,647,469. Company insiders own 17.90% of the company’s stock.

Institutional Investors Weigh In On Hagerty

A number of hedge funds have recently bought and sold shares of the business. Caz Investments LP increased its holdings in shares of Hagerty by 66.7% in the 3rd quarter. Caz Investments LP now owns 25,000 shares of the company’s stock worth $258,000 after acquiring an additional 10,000 shares during the period. FMR LLC raised its position in shares of Hagerty by 25,769.2% during the third quarter. FMR LLC now owns 6,726 shares of the company’s stock worth $68,000 after purchasing an additional 6,700 shares during the period. Connor Clark & Lunn Investment Management Ltd. lifted its stake in Hagerty by 376.1% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 97,143 shares of the company’s stock valued at $988,000 after buying an additional 76,740 shares in the last quarter. Meixler Investment Management Ltd. boosted its stake in Hagerty by 9.7% in the 3rd quarter. Meixler Investment Management Ltd. now owns 27,455 shares of the company’s stock worth $279,000 after purchasing an additional 2,430 shares during the period. Finally, 17 Capital Partners LLC boosted its position in shares of Hagerty by 10.0% in the third quarter. 17 Capital Partners LLC now owns 55,000 shares of the company’s stock worth $559,000 after buying an additional 5,000 shares during the period. Institutional investors and hedge funds own 20.51% of the company’s stock.

About Hagerty

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.