Hagerty, Inc. (NYSE:HGTY) Sees Large Increase in Short Interest

Hagerty, Inc. (NYSE:HGTY) was the target of a large growth in short interest in March. As of March 15th, there was short interest totalling 311,300 shares, a growth of 19.5% from the February 28th total of 260,400 shares. Based on an average daily trading volume, of 56,700 shares, the short-interest ratio is presently 5.5 days. Currently, 0.4% of the shares of the company are sold short.

Hagerty Price Performance

Shares of HGTY traded down $0.08 during mid-day trading on Thursday, reaching $8.88. 40,386 shares of the stock traded hands, compared to its average volume of 81,445. The company has a market cap of $3.03 billion, a price-to-earnings ratio of 80.73 and a beta of 0.84. Hagerty has a 1 year low of $8.30 and a 1 year high of $12.35. The firm has a fifty day moving average price of $9.70 and a 200 day moving average price of $10.32. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.23.

Analyst Upgrades and Downgrades

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

Insider Activity at Hagerty

In other news, Director Robert I. Kauffman sold 5,278 shares of the firm’s stock in a transaction on Wednesday, January 8th. The stock was sold at an average price of $9.40, for a total value of $49,613.20. Following the completion of the transaction, the director now directly owns 4,405,500 shares of the company’s stock, valued at $41,411,700. This trade represents a 0.12 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In the last ninety days, insiders sold 112,426 shares of company stock worth $1,080,808. Corporate insiders own 17.90% of the company’s stock.

Institutional Investors Weigh In On Hagerty

Several large investors have recently added to or reduced their stakes in the business. KLP Kapitalforvaltning AS bought a new position in Hagerty in the 4th quarter worth about $31,000. Ancora Advisors LLC bought a new position in shares of Hagerty in the fourth quarter worth approximately $46,000. R Squared Ltd purchased a new stake in Hagerty in the fourth quarter valued at approximately $51,000. FMR LLC lifted its position in Hagerty by 25,769.2% during the third 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 last quarter. Finally, BNP Paribas Financial Markets bought a new stake in Hagerty during the fourth quarter valued at approximately $84,000. 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.