Insider Selling: Hagerty (NYSE:HGTY) CAO Sells $114,224.00 in Stock

Hagerty, Inc. (NYSE:HGTY) CAO Kevin Delaney sold 9,440 shares of the business’s stock in a transaction dated Wednesday, July 1st. The stock was sold at an average price of $12.10, for a total value of $114,224.00. Following the completion of the transaction, the chief accounting officer directly owned 89,610 shares of the company’s stock, valued at approximately $1,084,281. This trade represents a 9.53% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Hagerty Price Performance

HGTY opened at $12.34 on Friday. The company’s 50-day simple moving average is $10.74 and its two-hundred day simple moving average is $11.43. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.65 and a current ratio of 1.65. The stock has a market capitalization of $4.24 billion, a P/E ratio of 61.68 and a beta of 0.79. Hagerty, Inc. has a 52-week low of $8.81 and a 52-week high of $14.00.

Hagerty (NYSE:HGTY) last released its quarterly earnings data on Wednesday, May 6th. The company reported ($0.04) earnings per share for the quarter, missing the consensus estimate of $0.01 by ($0.05). The company had revenue of $311.83 million for the quarter, compared to analysts’ expectations of $284.88 million. Hagerty had a net margin of 5.11% and a return on equity of 11.94%. As a group, analysts predict that Hagerty, Inc. will post -0.1 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the business. Goldman Sachs Group Inc. grew its position in shares of Hagerty by 24.9% during the 1st quarter. Goldman Sachs Group Inc. now owns 37,383 shares of the company’s stock valued at $338,000 after acquiring an additional 7,459 shares during the period. Geode Capital Management LLC raised its holdings in Hagerty by 2.0% in the 2nd quarter. Geode Capital Management LLC now owns 254,634 shares of the company’s stock worth $2,576,000 after purchasing an additional 5,077 shares during the period. Marshall Wace LLP raised its holdings in Hagerty by 37.2% in the 2nd quarter. Marshall Wace LLP now owns 22,405 shares of the company’s stock worth $227,000 after purchasing an additional 6,072 shares during the period. Bank of America Corp DE lifted its position in Hagerty by 46.6% during the second quarter. Bank of America Corp DE now owns 8,571 shares of the company’s stock valued at $87,000 after purchasing an additional 2,726 shares in the last quarter. Finally, Osaic Holdings Inc. grew its holdings in Hagerty by 2,374.5% during the second quarter. Osaic Holdings Inc. now owns 4,949 shares of the company’s stock valued at $50,000 after purchasing an additional 4,749 shares during the period. 20.51% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

HGTY has been the topic of several research analyst reports. Keefe, Bruyette & Woods reissued an “outperform” rating on shares of Hagerty in a report on Wednesday, June 10th. Wells Fargo & Company cut their price objective on Hagerty from $13.00 to $11.00 and set an “equal weight” rating for the company in a report on Thursday, April 9th. Weiss Ratings upgraded Hagerty from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Wednesday, June 17th. Truist Financial lowered their target price on Hagerty from $13.00 to $11.00 and set a “hold” rating on the stock in a report on Monday, May 11th. Finally, Wall Street Zen raised Hagerty from a “sell” rating to a “hold” rating in a research report on Saturday. Four analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $13.44.

About Hagerty

Hagerty is a specialized automotive lifestyle and insurance company that caters primarily to collectible car enthusiasts. Its core business centers on offering classic vehicle insurance policies designed to protect antique, vintage and specialty automobiles, motorcycles and boats. These policies typically feature agreed-value coverage, flexible usage options and access to restoration services, aligning with the unique needs of collectors and hobbyists.

Beyond insurance, Hagerty operates a comprehensive suite of community and content services under its automotive lifestyle brand.