Hagerty (NYSE:HGTY) Shares Gap Down – Here’s Why

Hagerty, Inc. (NYSE:HGTY)’s stock price gapped down prior to trading on Wednesday. The stock had previously closed at $16.94, but opened at $15.80. Hagerty shares last traded at $16.1720, with a volume of 3,198,517 shares.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on HGTY. Keefe, Bruyette & Woods raised their price objective on shares of Hagerty from $15.00 to $16.00 and gave the company an “outperform” rating in a research report on Tuesday, August 11th. Wells Fargo & Company upped their target price on shares of Hagerty from $14.00 to $17.00 and gave the stock an “equal weight” rating in a research report on Wednesday, November 4th. Citizens Jmp upped their target price on shares of Hagerty from $15.00 to $19.00 and gave the stock a “market outperform” rating in a research report on Wednesday, November 4th. Zacks Research cut Hagerty from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 19th. Finally, Oppenheimer restated an “outperform” rating and set a $20.00 price target on shares of Hagerty in a research report on Tuesday, November 3rd. Three investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $16.43.

Hagerty Stock Performance

The business’s fifty day simple moving average is $14.81 and its 200-day simple moving average is $12.26. The firm has a market cap of $5.42 billion, a P/E ratio of 262.78 and a beta of 0.83. The company has a current ratio of 1.59, a quick ratio of 1.59 and a debt-to-equity ratio of 0.37.

Hagerty (NYSE:HGTY) last announced its quarterly earnings results on Tuesday, November 3rd. The company reported $0.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.01 by $0.09. Hagerty had a return on equity of 6.27% and a net margin of 1.08%. The company had revenue of $354.24 million for the quarter, compared to the consensus estimate of $338.99 million. As a group, sell-side analysts expect that Hagerty, Inc. will post 0.09 earnings per share for the current year.

Insider Activity at Hagerty

In related news, major shareholder Holding Corp. Hagerty sold 10,000,000 shares of the company’s stock in a transaction that occurred on Tuesday, November 10th. The stock was sold at an average price of $14.33, for a total transaction of $143,300,000.00. Following the completion of the transaction, the insider owned 10,000,000 shares in the company, valued at $143,300,000. This represents a 50.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders sold a total of 22,137,500 shares of company stock worth $286,807,125 in the last ninety days. 3.70% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in HGTY. Vise Technologies Inc. purchased a new stake in shares of Hagerty in the 3rd quarter worth about $139,000. E. Ohman J or Asset Management AB boosted its stake in shares of Hagerty by 4.2% during the 3rd quarter. E. Ohman J or Asset Management AB now owns 48,047 shares of the company’s stock valued at $647,000 after purchasing an additional 1,941 shares in the last quarter. State of Alaska Department of Revenue purchased a new position in shares of Hagerty during the third quarter valued at about $55,000. Lincoln Capital LLC increased its position in shares of Hagerty by 38.7% during the third quarter. Lincoln Capital LLC now owns 1,350,809 shares of the company’s stock valued at $18,209,000 after buying an additional 377,158 shares during the period. Finally, Sequoia Financial Advisors LLC bought a new position in Hagerty in the second quarter worth about $170,000. 20.51% of the stock is owned by hedge funds and other institutional investors.

Hagerty Company Profile

Hagerty is an automotive enthusiast company focused on collectible and classic vehicles. Its services include specialty vehicle insurance, membership programs, vehicle valuation tools, and online marketplaces that connect buyers and sellers. The company also produces automotive media and hosts events and driving experiences for enthusiasts. Hagerty serves customers in the United States and select international markets, including Canada and the United Kingdom. Founded in 1984 as a family business, Hagerty is headquartered in Traverse City, Michigan.