Hagerty (NYSE:HGTY) Hits New 12-Month Low on Insider Selling

Hagerty, Inc. (NYSE:HGTY) reached a new 52-week low on Monday after an insider sold shares in the company. The stock traded as low as $8.00 and last traded at $8.62, with a volume of 601 shares changing hands. The stock had previously closed at $8.66.

Specifically, Director Robert I. Kauffman sold 8,179 shares of the firm’s stock in a transaction on Thursday, April 24th. The stock was sold at an average price of $9.10, for a total transaction of $74,428.90. Following the completion of the sale, the director now directly owns 4,084,967 shares of the company’s stock, valued at $37,173,199.70. This trade represents a 0.20 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website.

Wall Street Analyst Weigh In

Separately, JPMorgan Chase & Co. dropped their target price on Hagerty from $11.00 to $10.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 8th.

Hagerty Stock Down 0.2 %

The company has a market cap of $3.00 billion, a P/E ratio of 79.85 and a beta of 0.88. 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’s 50-day moving average is $9.14 and its two-hundred day moving average is $10.02.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Pembroke Management LTD bought a new position in Hagerty in the 4th quarter worth $9,201,000. Neuberger Berman Group LLC grew its stake in Hagerty by 11.4% during the fourth quarter. Neuberger Berman Group LLC now owns 4,725,196 shares of the company’s stock valued at $45,598,000 after acquiring an additional 483,324 shares in the last quarter. Markel Group Inc. lifted its stake in Hagerty by 3.6% in the 4th quarter. Markel Group Inc. now owns 3,108,000 shares of the company’s stock worth $29,992,000 after purchasing an additional 108,000 shares in the last quarter. GABELLI & Co INVESTMENT ADVISERS INC. bought a new stake in shares of Hagerty in the fourth quarter worth about $997,000. Finally, Raymond James Financial Inc. bought a new stake in Hagerty in the 4th quarter worth approximately $879,000. 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.