Hagerty (NYSE:HGTY) Shares Gap Up – Should You Buy?

Hagerty, Inc. (NYSE:HGTY)’s share price gapped up prior to trading on Friday . The stock had previously closed at $9.33, but opened at $9.65. Hagerty shares last traded at $9.45, with a volume of 1,260 shares changing hands.

Wall Street Analysts Forecast Growth

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

Hagerty Trading Down 0.8 %

The company has a market cap of $3.16 billion, a P/E ratio of 84.18 and a beta of 0.84. The business’s 50-day moving average price is $9.75 and its 200 day moving average price is $10.38. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.01 and a current ratio of 1.01.

Insider Activity

In other news, Director Robert I. Kauffman sold 8,918 shares of the stock in a transaction dated Monday, January 13th. The shares were sold at an average price of $9.32, for a total value of $83,115.76. Following the transaction, the director now directly owns 4,389,521 shares of the company’s stock, valued at $40,910,335.72. This represents a 0.20 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders sold a total of 115,309 shares of company stock valued at $1,115,200 over the last three months. Insiders own 17.90% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Steward Partners Investment Advisory LLC boosted its holdings in shares of Hagerty by 35.9% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 10,325 shares of the company’s stock worth $100,000 after acquiring an additional 2,726 shares during the period. Swiss National Bank lifted its holdings in Hagerty by 6.0% during the 4th quarter. Swiss National Bank now owns 53,000 shares of the company’s stock worth $511,000 after purchasing an additional 3,000 shares during the last quarter. KLP Kapitalforvaltning AS bought a new stake in Hagerty in the 4th quarter valued at $31,000. Garde Capital Inc. grew its holdings in Hagerty by 4.0% in the 4th quarter. Garde Capital Inc. now owns 103,960 shares of the company’s stock valued at $1,003,000 after buying an additional 3,960 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in Hagerty by 7.7% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 64,205 shares of the company’s stock worth $620,000 after buying an additional 4,575 shares during the period. 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.