Hagerty (NYSE:HGTY) Major Shareholder Holding Corp. Hagerty Sells 9,250,000 Shares

Hagerty, Inc. (NYSE:HGTY) major shareholder Holding Corp. Hagerty sold 9,250,000 shares of the stock in a transaction on Wednesday, September 9th. The shares were sold at an average price of $11.47, for a total value of $106,097,500.00. Following the completion of the transaction, the insider owned 9,250,000 shares in the company, valued at $106,097,500. The trade was a 50.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Large shareholders that own more than 10% of a company’s stock are required to disclose their transactions 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 stock was sold at an average price of $11.47, for a total value of $15,914,625.00.

Hagerty Trading Up 0.3%

Shares of HGTY opened at $13.53 on Friday. The stock’s fifty day simple moving average is $12.63 and its 200-day simple moving average is $11.40. The firm has a market capitalization of $4.65 billion, a PE ratio of 150.32 and a beta of 0.81. Hagerty, Inc. has a 12-month low of $9.36 and a 12-month high of $14.00. The company has a quick ratio of 1.53, a current ratio of 1.53 and a debt-to-equity ratio of 0.33.

Hagerty (NYSE:HGTY) last announced its quarterly earnings data 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 firm had revenue of $354.82 million during the quarter, compared to analyst estimates of $316.21 million. As a group, research analysts predict that Hagerty, Inc. will post 0.01 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on HGTY shares. Wells Fargo & Company increased their price objective on shares of Hagerty from $11.00 to $13.00 and gave the company an “equal weight” rating in a report on Thursday, July 9th. Truist Financial upped their target price on shares of Hagerty from $11.00 to $13.00 and gave the company a “hold” rating in a research report on Friday, August 7th. Weiss Ratings raised Hagerty from a “hold (c-)” rating to a “hold (c)” rating in a research note on Tuesday, August 11th. Wall Street Zen upgraded Hagerty from a “sell” rating to a “hold” rating in a research report on Saturday, July 4th. Finally, UBS Group set a $14.00 price objective on Hagerty in a research note on Wednesday, June 10th. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $14.00.

Institutional Investors Weigh In On Hagerty

Large investors have recently made changes to their positions in the stock. Vanguard Group Inc. increased its holdings in shares of Hagerty by 32.3% during the 3rd quarter. Vanguard Group Inc. now owns 3,456,174 shares of the company’s stock worth $41,612,000 after acquiring an additional 843,433 shares during the last quarter. California State Teachers Retirement System grew its stake in shares of Hagerty by 1,850.5% in the second quarter. California State Teachers Retirement System now owns 651,571 shares of the company’s stock valued at $7,767,000 after acquiring an additional 618,165 shares in the last quarter. Polar Capital Holdings Plc grew its position in shares of Hagerty by 9.4% during the 3rd quarter. Polar Capital Holdings Plc now owns 5,817,416 shares of the company’s stock worth $70,042,000 after purchasing an additional 498,389 shares in the last quarter. Woodline Partners LP acquired a new stake in Hagerty during the third quarter worth approximately $3,339,000. Finally, Neuberger Berman Group LLC grew its holdings in shares of Hagerty by 2.8% during the 4th quarter. Neuberger Berman Group LLC now owns 8,269,620 shares of the company’s stock worth $111,144,000 after purchasing an additional 221,834 shares in the last quarter. Institutional investors and hedge funds own 20.51% of the company’s stock.

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.