Hagerty (NYSE:HGTY) Sees Large Volume Increase – Time to Buy?

Hagerty, Inc. (NYSE:HGTY) saw unusually-high trading volume on Thursday . Approximately 55,555 shares traded hands during trading, an increase of 29% from the previous session’s volume of 43,146 shares.The stock last traded at $9.76 and had previously closed at $9.66.

Wall Street Analyst Weigh In

Separately, Raymond James cut Hagerty from a “market perform” rating to an “underperform” rating in a report on Thursday, December 26th.

Hagerty Price Performance

The stock has a market capitalization of $3.30 billion, a PE ratio of 87.95 and a beta of 0.86. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.01 and a current ratio of 1.01. The company’s fifty day simple moving average is $10.54 and its two-hundred day simple moving average is $10.83.

Hagerty (NYSE:HGTY) last released its quarterly earnings results on Thursday, November 7th. The company reported $0.05 earnings per share for the quarter, missing the consensus estimate of $0.08 by ($0.03). Hagerty had a return on equity of 12.06% and a net margin of 5.27%. The company had revenue of $323.37 million for the quarter, compared to analysts’ expectations of $318.07 million. During the same period in the previous year, the business posted $0.05 EPS. As a group, sell-side analysts predict that Hagerty, Inc. will post 0.22 EPS for the current year.

Insider Buying and Selling at Hagerty

In other news, Director Robert I. Kauffman sold 6,355 shares of the stock in a transaction dated Tuesday, December 3rd. The shares were sold at an average price of $11.79, for a total transaction of $74,925.45. Following the transaction, the director now directly owns 4,560,989 shares in the company, valued at $53,774,060.31. This represents a 0.14 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. In the last ninety days, insiders have sold 277,650 shares of company stock worth $3,015,209. Corporate insiders own 17.90% of the company’s stock.

Hedge Funds Weigh In On Hagerty

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Meixler Investment Management Ltd. lifted its position in Hagerty by 9.7% during the third quarter. Meixler Investment Management Ltd. now owns 27,455 shares of the company’s stock valued at $279,000 after buying an additional 2,430 shares in the last quarter. 17 Capital Partners LLC lifted its holdings in Hagerty by 10.0% in the 3rd quarter. 17 Capital Partners LLC now owns 55,000 shares of the company’s stock worth $559,000 after buying an additional 5,000 shares in the last quarter. R Squared Ltd purchased a new position in Hagerty in the fourth quarter valued at about $51,000. Barclays PLC grew its stake in Hagerty by 23.0% during the 3rd quarter. Barclays PLC now owns 31,675 shares of the company’s stock valued at $321,000 after purchasing an additional 5,932 shares in the last quarter. Finally, FMR LLC increased its holdings in Hagerty by 25,769.2% during the 3rd quarter. FMR LLC now owns 6,726 shares of the company’s stock worth $68,000 after purchasing an additional 6,700 shares during the last quarter. Institutional investors and hedge funds own 20.51% of the company’s stock.

About Hagerty

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.