Hagerty (NYSE:HGTY) Stock Price Up 8.3% After Strong Earnings

Hagerty, Inc. (NYSE:HGTY)’s stock price rose 8.3% during mid-day trading on Tuesday after the company announced better than expected quarterly earnings. The stock traded as high as $11.00 and last traded at $10.86. Approximately 66,881 shares changed hands during mid-day trading, a decline of 24% from the average daily volume of 87,660 shares. The stock had previously closed at $10.02.

The company reported $0.13 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.11 by $0.02. The firm had revenue of $368.70 million during the quarter, compared to the consensus estimate of $347.15 million. Hagerty had a return on equity of 14.09% and a net margin of 4.88%.

Wall Street Analyst Weigh In

Separately, JPMorgan Chase & Co. decreased their price objective on Hagerty from $11.00 to $10.00 and set a “neutral” rating on the stock in a report on Tuesday, April 8th.

Insider Buying and Selling at Hagerty

In related news, Director Robert I. Kauffman sold 110,600 shares of the firm’s stock in a transaction dated Thursday, July 24th. The stock was sold at an average price of $10.46, for a total transaction of $1,156,876.00. Following the transaction, the director directly owned 3,205,390 shares of the company’s stock, valued at approximately $33,528,379.40. This trade represents a 3.34% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Over the last 90 days, insiders sold 808,322 shares of company stock worth $8,165,155. Company insiders own 17.90% of the company’s stock.

Hedge Funds Weigh In On Hagerty

Large investors have recently modified their holdings of the company. Neuberger Berman Group LLC increased its stake in Hagerty by 15.7% in the 1st quarter. Neuberger Berman Group LLC now owns 5,468,793 shares of the company’s stock worth $49,438,000 after purchasing an additional 743,597 shares during the period. Garner Asset Management Corp purchased a new position in Hagerty in the 1st quarter worth approximately $2,909,000. Scholtz & Company LLC purchased a new position in Hagerty in the 2nd quarter worth approximately $2,429,000. Greenhaven Road Investment Management L.P. increased its stake in Hagerty by 10.1% in the 1st quarter. Greenhaven Road Investment Management L.P. now owns 1,360,506 shares of the company’s stock worth $12,299,000 after purchasing an additional 124,336 shares during the period. Finally, GABELLI & Co INVESTMENT ADVISERS INC. purchased a new position in Hagerty in the 4th quarter worth approximately $997,000. 20.51% of the stock is owned by hedge funds and other institutional investors.

Hagerty Stock Up 3.1%

The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.25. The stock has a 50 day simple moving average of $10.04 and a 200 day simple moving average of $9.62. The firm has a market capitalization of $3.79 billion, a PE ratio of 55.40 and a beta of 0.90.

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.