Goosehead Insurance (NASDAQ:GSHD) Trading Down 6.8% – Here’s What Happened

Goosehead Insurance (NASDAQ:GSHD)’s stock price dropped 6.8% during mid-day trading on Tuesday . The company traded as low as $71.13 and last traded at $71.21. Approximately 105,886 shares traded hands during mid-day trading, a decline of 66% from the average daily volume of 310,117 shares. The stock had previously closed at $76.37.

Analyst Ratings Changes

Several research firms recently issued reports on GSHD. BMO Capital Markets dropped their target price on Goosehead Insurance from $110.00 to $79.00 and set a “market perform” rating on the stock in a report on Tuesday, November 25th. Truist Financial dropped their price objective on Goosehead Insurance from $85.00 to $72.00 and set a “hold” rating on the stock in a research note on Thursday, October 23rd. Zacks Research raised shares of Goosehead Insurance from a “strong sell” rating to a “hold” rating in a research note on Monday, November 10th. Citigroup restated an “outperform” rating on shares of Goosehead Insurance in a report on Tuesday, October 14th. Finally, UBS Group cut their price target on shares of Goosehead Insurance from $130.00 to $121.00 and set a “buy” rating for the company in a research note on Monday, October 27th. Six analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $92.20.

Goosehead Insurance Stock Down 7.0%

The company’s 50 day moving average is $70.72 and its 200 day moving average is $84.18. The firm has a market capitalization of $2.62 billion, a price-to-earnings ratio of 62.83, a P/E/G ratio of 12.95 and a beta of 1.52.

Goosehead Insurance (NASDAQ:GSHD) last issued its quarterly earnings results on Thursday, October 23rd. The company reported $0.46 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.54 by ($0.08). The company had revenue of $90.44 million during the quarter, compared to the consensus estimate of $94.25 million. Goosehead Insurance had a net margin of 8.55% and a negative return on equity of 34.60%. The company’s quarterly revenue was up 15.9% on a year-over-year basis. During the same quarter last year, the firm posted $0.50 earnings per share. On average, analysts expect that Goosehead Insurance will post 0.83 EPS for the current year.

Insider Activity

In related news, Director Thomas Mcconnon sold 69,686 shares of the business’s stock in a transaction on Monday, December 1st. The shares were sold at an average price of $73.62, for a total value of $5,130,283.32. Following the sale, the director owned 269,322 shares of the company’s stock, valued at $19,827,485.64. The trade was a 20.56% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, General Counsel John Terry O’connor bought 2,100 shares of the stock in a transaction that occurred on Wednesday, November 26th. The shares were purchased at an average cost of $71.81 per share, with a total value of $150,801.00. Following the purchase, the general counsel directly owned 3,100 shares of the company’s stock, valued at $222,611. The trade was a 210.00% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last 90 days, insiders purchased 7,973 shares of company stock worth $577,487. Insiders own 48.35% of the company’s stock.

Institutional Investors Weigh In On Goosehead Insurance

Several hedge funds and other institutional investors have recently bought and sold shares of GSHD. EverSource Wealth Advisors LLC boosted its holdings in Goosehead Insurance by 480.4% during the second quarter. EverSource Wealth Advisors LLC now owns 325 shares of the company’s stock worth $34,000 after purchasing an additional 269 shares during the last quarter. Northwestern Mutual Wealth Management Co. boosted its holdings in Goosehead Insurance by 802.0% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 442 shares of the company’s stock valued at $47,000 after purchasing an additional 393 shares during the period. CWM LLC grew its position in shares of Goosehead Insurance by 73.8% during the 2nd quarter. CWM LLC now owns 471 shares of the company’s stock valued at $50,000 after purchasing an additional 200 shares in the last quarter. SVB Wealth LLC purchased a new stake in shares of Goosehead Insurance in the 1st quarter valued at about $62,000. Finally, AlphaQuest LLC bought a new stake in Goosehead Insurance during the first quarter valued at approximately $72,000.

About Goosehead Insurance

Goosehead Insurance, Inc operates as a holding company for Goosehead Financial, LLC that engages in the provision of personal lines insurance agency services in the United States. The company offers homeowner’s, automotive, dwelling property, flood, wind, earthquake, excess liability or umbrella, motorcycle, recreational vehicle, general liability, property, and life insurance products and services.