Hagerty (NYSE:HGTY) Reaches New 12-Month Low – Time to Sell?

Hagerty, Inc. (NYSE:HGTY)’s stock price reached a new 52-week low during mid-day trading on Wednesday . The company traded as low as $6.52 and last traded at $8.66, with a volume of 427 shares traded. The stock had previously closed at $8.64.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on HGTY shares. JPMorgan Chase & Co. cut their price target on Hagerty from $11.00 to $10.00 and set a “neutral” rating for the company in a research note on Tuesday, April 8th. Raymond James cut shares of Hagerty from a “market perform” rating to an “underperform” rating in a research note on Thursday, December 26th.

Hagerty Trading Up 1.6 %

The firm’s 50 day moving average is $9.43 and its 200 day moving average is $10.15. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.01 and a quick ratio of 1.01. The company has a market capitalization of $2.99 billion, a PE ratio of 79.77 and a beta of 0.88.

Insider Activity at Hagerty

In related news, Director Laurie Harris sold 3,934 shares of the stock in a transaction dated 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 directly owns 30,349 shares of the company’s stock, valued at $255,235.09. This represents a 11.48 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Robert I. Kauffman sold 5,044 shares of Hagerty stock in a transaction that occurred on Thursday, January 23rd. The shares were sold at an average price of $9.70, for a total value of $48,926.80. Following the sale, the director now directly owns 4,361,998 shares in the company, valued at approximately $42,311,380.60. The trade was a 0.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 86,324 shares of company stock worth $829,699 over the last quarter. Corporate insiders own 17.90% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. FMR LLC grew its stake in Hagerty by 25,769.2% in 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. Barclays PLC grew its position in shares of Hagerty by 23.0% in the 3rd quarter. Barclays PLC now owns 31,675 shares of the company’s stock worth $321,000 after buying an additional 5,932 shares during the period. Lincoln Capital LLC increased its stake in shares of Hagerty by 6.7% in the 4th quarter. Lincoln Capital LLC now owns 494,495 shares of the company’s stock worth $4,772,000 after acquiring an additional 31,068 shares in the last quarter. Blue Trust Inc. lifted its position in Hagerty by 188.6% during the 4th quarter. Blue Trust Inc. now owns 30,423 shares of the company’s stock valued at $309,000 after acquiring an additional 19,881 shares during the period. Finally, R Squared Ltd bought a new stake in Hagerty during the fourth quarter worth about $51,000. Institutional investors own 20.51% of the company’s stock.

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.