Hagerty (NYSE:HGTY) Downgraded by Raymond James to Underperform

Raymond James lowered shares of Hagerty (NYSE:HGTY) from a market perform rating to an underperform rating in a report released on Thursday, Marketbeat Ratings reports.

Hagerty Stock Performance

Shares of HGTY stock opened at $9.83 on Thursday. The stock has a market capitalization of $3.35 billion, a price-to-earnings ratio of 89.36 and a beta of 0.80. Hagerty has a one year low of $7.68 and a one year high of $12.35. The company’s 50-day simple moving average is $11.01 and its 200-day simple moving average is $10.93. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.01 and a current ratio of 1.01.

Insiders Place Their Bets

In other news, Director Robert I. Kauffman sold 6,355 shares of Hagerty stock in a transaction dated Tuesday, December 3rd. The shares were sold at an average price of $11.79, for a total value of $74,925.45. Following the completion of the transaction, the director now directly owns 4,560,989 shares of the company’s stock, valued at approximately $53,774,060.31. The trade was a 0.14 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders have sold a total of 269,042 shares of company stock valued at $2,971,462 in the last quarter. Insiders own 17.90% of the company’s stock.

Institutional Investors Weigh In On Hagerty

Several institutional investors and hedge funds have recently bought and sold shares of the business. Meixler Investment Management Ltd. boosted its stake in Hagerty by 9.7% in the third quarter. Meixler Investment Management Ltd. now owns 27,455 shares of the company’s stock valued at $279,000 after acquiring an additional 2,430 shares during the period. 17 Capital Partners LLC raised its position 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 purchasing an additional 5,000 shares during the period. Barclays PLC lifted its holdings in shares of Hagerty by 23.0% in the 3rd quarter. Barclays PLC now owns 31,675 shares of the company’s stock worth $321,000 after purchasing an additional 5,932 shares during the last quarter. FMR LLC boosted its position in Hagerty by 25,769.2% during the 3rd quarter. FMR LLC now owns 6,726 shares of the company’s stock valued at $68,000 after purchasing an additional 6,700 shares during the period. Finally, Blue Trust Inc. grew its stake in Hagerty by 178.6% during the 3rd quarter. Blue Trust Inc. now owns 10,542 shares of the company’s stock worth $110,000 after buying an additional 6,758 shares during the last quarter. 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.