Short Interest in Hagerty, Inc. (NYSE:HGTY) Decreases By 11.0%

Hagerty, Inc. (NYSE:HGTY) was the recipient of a significant drop in short interest during the month of November. As of November 15th, there was short interest totalling 326,600 shares, a drop of 11.0% from the October 31st total of 367,100 shares. Based on an average daily volume of 78,900 shares, the short-interest ratio is currently 4.1 days. Approximately 0.4% of the company’s stock are sold short.

Wall Street Analyst Weigh In

Separately, Truist Financial increased their target price on shares of Hagerty from $10.00 to $11.00 and gave the stock a “hold” rating in a research report on Thursday, August 8th.

Insider Activity at Hagerty

In other news, Director Robert I. Kauffman sold 67,590 shares of the stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $11.17, for a total transaction of $754,980.30. Following the transaction, the director now owns 4,832,126 shares in the company, valued at $53,974,847.42. This represents a 1.38 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Over the last 90 days, insiders sold 256,952 shares of company stock valued at $2,845,510. Insiders own 17.90% of the company’s stock.

Institutional Investors Weigh In On Hagerty

A number of hedge funds have recently bought and sold shares of the company. Connor Clark & Lunn Investment Management Ltd. grew its stake in shares of Hagerty by 376.1% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 97,143 shares of the company’s stock worth $988,000 after acquiring an additional 76,740 shares during the last quarter. Algert Global LLC acquired a new stake in Hagerty in the 2nd quarter worth $108,000. Dimensional Fund Advisors LP bought a new position in shares of Hagerty during the 2nd quarter worth about $139,000. Blue Trust Inc. bought a new position in shares of Hagerty during the 2nd quarter worth about $39,000. Finally, 17 Capital Partners LLC lifted its stake in shares of Hagerty by 10.0% in the third quarter. 17 Capital Partners LLC now owns 55,000 shares of the company’s stock valued at $559,000 after buying an additional 5,000 shares during the period. 20.51% of the stock is currently owned by institutional investors.

Hagerty Stock Performance

NYSE:HGTY traded up $0.03 during midday trading on Friday, reaching $11.78. The stock had a trading volume of 65,505 shares, compared to its average volume of 122,001. The stock has a market capitalization of $4.02 billion, a P/E ratio of 107.09 and a beta of 0.78. Hagerty has a 1-year low of $7.68 and a 1-year high of $12.35. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.01 and a quick ratio of 1.01. The firm’s fifty day simple moving average is $10.90 and its 200-day simple moving average is $10.72.

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.