Hagerty (NYSE:HGTY) Major Shareholder Holding Corp. Hagerty Sells 10,000,000 Shares of Company Stock

Hagerty, Inc. (NYSE:HGTY) major shareholder Holding Corp. Hagerty sold 10,000,000 shares of the business’s stock in a transaction dated Tuesday, November 10th. The stock was sold at an average price of $14.33, for a total transaction of $143,300,000.00. Following the transaction, the insider owned 10,000,000 shares in the company, valued at approximately $143,300,000. The trade was a 50.00% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Large shareholders that own 10% or more 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 Thursday, November 12th, Holding Corp. Hagerty sold 1,500,000 shares of Hagerty stock. The shares were sold at an average price of $14.33, for a total transaction of $21,495,000.00.
• 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 transaction of $15,914,625.00.
• On Wednesday, September 9th, Holding Corp. Hagerty sold 9,250,000 shares of Hagerty stock. The shares were sold at an average price of $11.47, for a total transaction of $106,097,500.00.

Hagerty Stock Performance

HGTY stock traded down $0.28 during trading on Thursday, reaching $15.76. 2,009,583 shares of the stock were exchanged, compared to its average volume of 290,833. Hagerty, Inc. has a twelve month low of $9.36 and a twelve month high of $19.41. The company has a market capitalization of $5.42 billion, a P/E ratio of 262.78 and a beta of 0.83. The stock has a 50 day simple moving average of $14.76 and a 200-day simple moving average of $12.25. The company has a current ratio of 1.59, a quick ratio of 1.59 and a debt-to-equity ratio of 0.37.

Hagerty (NYSE:HGTY) last issued its quarterly earnings results on Tuesday, November 3rd. The company reported $0.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.01 by $0.09. The firm had revenue of $354.24 million for the quarter, compared to analyst estimates of $338.99 million. Hagerty had a return on equity of 6.27% and a net margin of 1.08%. As a group, sell-side analysts anticipate that Hagerty, Inc. will post 0.09 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Lincoln Capital LLC raised its position in Hagerty by 38.7% in the third quarter. Lincoln Capital LLC now owns 1,350,809 shares of the company’s stock worth $18,209,000 after purchasing an additional 377,158 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in Hagerty by 49.5% during the first quarter. Dimensional Fund Advisors LP now owns 271,346 shares of the company’s stock valued at $2,857,000 after purchasing an additional 89,898 shares in the last quarter. Renaissance Technologies LLC boosted its holdings in Hagerty by 79.2% during the first quarter. Renaissance Technologies LLC now owns 157,668 shares of the company’s stock valued at $1,660,000 after purchasing an additional 69,700 shares in the last quarter. E. Ohman J or Asset Management AB grew its stake in shares of Hagerty by 4.2% in the 3rd quarter. E. Ohman J or Asset Management AB now owns 48,047 shares of the company’s stock valued at $647,000 after purchasing an additional 1,941 shares during the period. Finally, Bank of New York Mellon Corp grew its stake in shares of Hagerty by 3.1% in the 1st quarter. Bank of New York Mellon Corp now owns 39,730 shares of the company’s stock valued at $418,000 after purchasing an additional 1,209 shares during the period. Institutional investors and hedge funds own 20.51% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on HGTY shares. Zacks Research lowered Hagerty from a “strong-buy” rating to a “hold” rating in a report on Monday, October 19th. Weiss Ratings restated a “hold (c)” rating on shares of Hagerty in a research note on Wednesday, November 4th. Truist Financial raised their target price on Hagerty from $13.00 to $16.00 and gave the stock a “hold” rating in a research report on Wednesday, November 4th. Oppenheimer reiterated an “outperform” rating and set a $20.00 price target on shares of Hagerty in a research note on Tuesday, November 3rd. Finally, Citizens Jmp boosted their price target on shares of Hagerty from $15.00 to $19.00 and gave the company a “market outperform” rating in a report on Wednesday, November 4th. Three research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $16.43.

About Hagerty

Hagerty is an automotive enthusiast company focused on collectible and classic vehicles. Its services include specialty vehicle insurance, membership programs, vehicle valuation tools, and online marketplaces that connect buyers and sellers. The company also produces automotive media and hosts events and driving experiences for enthusiasts. Hagerty serves customers in the United States and select international markets, including Canada and the United Kingdom. Founded in 1984 as a family business, Hagerty is headquartered in Traverse City, Michigan.