Hagerty (NYSE:HGTY) Hits New 12-Month Low – Time to Sell?

Hagerty, Inc. (NYSE:HGTY) hit a new 52-week low during mid-day trading on Wednesday . The company traded as low as $6.52 and last traded at $8.66, with a volume of 427 shares traded. The stock had previously closed at $8.64.

Wall Street Analyst Weigh In

HGTY has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. decreased their price objective on shares of Hagerty from $11.00 to $10.00 and set a “neutral” rating for the company in a research note on Tuesday, April 8th. Raymond James lowered shares of Hagerty from a “market perform” rating to an “underperform” rating in a research note on Thursday, December 26th.

Hagerty Price Performance

The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.23. The company’s fifty day simple moving average is $9.43 and its 200-day simple moving average is $10.15. The stock has a market cap of $2.99 billion, a P/E ratio of 79.77 and a beta of 0.88.

Insider Buying and Selling at Hagerty

In related news, Director Robert I. Kauffman sold 3,861 shares of the stock in a transaction that occurred on Friday, February 7th. The stock was sold at an average price of $10.21, for a total transaction of $39,420.81. Following the completion of the transaction, the director now directly owns 4,312,192 shares of the company’s stock, valued at approximately $44,027,480.32. This represents a 0.09 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Laurie Harris sold 3,934 shares of the firm’s stock in a transaction on Friday, April 4th. The shares were sold at an average price of $8.41, for a total value of $33,084.94. Following the sale, the director now directly owns 30,349 shares of the company’s stock, valued at $255,235.09. This represents a 11.48 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 86,324 shares of company stock valued at $829,699. 17.90% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Hagerty

Hedge funds have recently made changes to their positions in the stock. KLP Kapitalforvaltning AS bought a new position in shares of Hagerty during the fourth quarter worth about $31,000. Ancora Advisors LLC bought a new stake in Hagerty during the 4th quarter valued at $46,000. R Squared Ltd bought a new stake in shares of Hagerty during the fourth quarter worth about $51,000. FMR LLC raised its stake in shares of Hagerty by 25,769.2% in the third 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. Finally, BNP Paribas Financial Markets purchased a new position in Hagerty during the 4th quarter worth $84,000. 20.51% of the stock is currently owned by institutional investors and hedge funds.

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.