Insider Selling: Hagerty (NYSE:HGTY) Major Shareholder Sells $106,097,500.00 in Stock

Hagerty, Inc. (NYSE:HGTY) major shareholder Holding Corp. Hagerty sold 9,250,000 shares of Hagerty stock in a transaction that occurred on Wednesday, September 9th. The stock was sold at an average price of $11.47, for a total transaction of $106,097,500.00. Following the transaction, the insider directly owned 9,250,000 shares in the company, valued at approximately $106,097,500. This represents a 50.00% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Large shareholders that own more than 10% of a company’s stock are required to disclose their sales and purchases with the SEC.

Holding Corp. Hagerty also recently made the following trade(s):

• On Friday, September 11th, Holding Corp. Hagerty sold 1,387,500 shares of Hagerty stock. The shares were sold at an average price of $11.47, for a total value of $15,914,625.00.

Hagerty Stock Performance

Shares of HGTY stock traded up $0.04 during trading on Friday, hitting $13.53. The company’s stock had a trading volume of 572,272 shares, compared to its average volume of 197,808. The company has a current ratio of 1.53, a quick ratio of 1.53 and a debt-to-equity ratio of 0.33. The company has a market cap of $4.65 billion, a PE ratio of 150.32 and a beta of 0.81. The business has a fifty day moving average of $12.61 and a 200-day moving average of $11.39. Hagerty, Inc. has a 52 week low of $9.36 and a 52 week high of $14.00.

Hagerty (NYSE:HGTY) last issued its quarterly earnings results on Wednesday, August 5th. The company reported ($0.02) EPS for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.07. Hagerty had a return on equity of 5.15% and a net margin of 1.81%.The business had revenue of $354.82 million for the quarter, compared to analyst estimates of $316.21 million. As a group, research analysts anticipate that Hagerty, Inc. will post 0.01 earnings per share for the current year.

Analyst Ratings Changes

HGTY has been the topic of a number of recent analyst reports. Weiss Ratings upgraded Hagerty from a “hold (c-)” rating to a “hold (c)” rating in a research note on Tuesday, August 11th. Zacks Research upgraded shares of Hagerty from a “hold” rating to a “strong-buy” rating in a research report on Thursday, August 13th. Wall Street Zen upgraded shares of Hagerty from a “sell” rating to a “hold” rating in a report on Saturday, July 4th. Wells Fargo & Company lifted their price objective on shares of Hagerty from $11.00 to $13.00 and gave the stock an “equal weight” rating in a research report on Thursday, July 9th. Finally, UBS Group set a $14.00 target price on shares of Hagerty in a research note on Wednesday, June 10th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $14.00.

Institutional Trading of Hagerty

Large investors have recently bought and sold shares of the company. Bank of New York Mellon Corp grew its stake in shares of Hagerty by 3.1% during the 1st quarter. Bank of New York Mellon Corp now owns 39,730 shares of the company’s stock worth $418,000 after acquiring an additional 1,209 shares during the period. EverSource Wealth Advisors LLC increased its holdings in Hagerty by 107.4% in the 1st quarter. EverSource Wealth Advisors LLC now owns 3,072 shares of the company’s stock worth $32,000 after acquiring an additional 1,591 shares during the last quarter. Ancora Advisors LLC bought a new stake in Hagerty in the 2nd quarter valued at about $28,000. Swiss National Bank raised its stake in Hagerty by 3.4% in the 4th quarter. Swiss National Bank now owns 79,260 shares of the company’s stock valued at $1,065,000 after acquiring an additional 2,600 shares during the period. Finally, Bank of America Corp DE lifted its holdings 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 during the last quarter. 20.51% of the stock is owned by hedge funds and other institutional investors.

About Hagerty

Hagerty, Inc is an automotive lifestyle company focused on serving classic and enthusiast vehicle owners. Through its insurance operations, the company provides specialty insurance products and related services designed for collector cars, classic vehicles, motorsports vehicles and other vehicles that may require coverage tailored to their usage and value.

Hagerty also offers automotive valuation tools, vehicle research and pricing information, membership benefits, and digital content for enthusiasts.