Hagerty (NYSE:HGTY) Sees Strong Trading Volume – Time to Buy?

Hagerty, Inc. (NYSE:HGTY) saw strong trading volume on Thursday . 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.

Analyst Upgrades and Downgrades

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

Hagerty Stock 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 firm’s 50 day moving average is $10.54 and its two-hundred day moving average is $10.83.

Hagerty (NYSE:HGTY) last issued 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). The company had revenue of $323.37 million for the quarter, compared to analysts’ expectations of $318.07 million. Hagerty had a return on equity of 12.06% and a net margin of 5.27%. During the same quarter last year, the company earned $0.05 EPS. As a group, research analysts predict that Hagerty, Inc. will post 0.22 earnings per share for the current year.

Insider Activity

In related news, Director Robert I. Kauffman sold 5,010 shares of the firm’s stock in a transaction that occurred on Wednesday, October 30th. The stock was sold at an average price of $10.73, for a total transaction of $53,757.30. Following the transaction, the director now owns 5,037,217 shares in the company, valued at $54,049,338.41. This trade represents a 0.10 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In the last 90 days, insiders have sold 277,650 shares of company stock worth $3,015,209. 17.90% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Hagerty

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Lincoln Capital LLC boosted its holdings in shares of Hagerty by 6.7% in the fourth quarter. Lincoln Capital LLC now owns 494,495 shares of the company’s stock valued at $4,772,000 after acquiring an additional 31,068 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its position in Hagerty by 376.1% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 97,143 shares of the company’s stock worth $988,000 after purchasing an additional 76,740 shares during the period. 17 Capital Partners LLC raised its stake in shares of Hagerty by 10.0% during 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. Barclays PLC raised its stake in shares of Hagerty by 23.0% during the 3rd quarter. Barclays PLC now owns 31,675 shares of the company’s stock worth $321,000 after buying an additional 5,932 shares in the last quarter. Finally, Blue Trust Inc. lifted its holdings in shares of Hagerty by 188.6% in the 4th quarter. Blue Trust Inc. now owns 30,423 shares of the company’s stock valued at $309,000 after buying an additional 19,881 shares during the period. Hedge funds and other institutional investors 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.