Hagerty, Inc. (HGTY) shares are experiencing downward pressure today, likely influenced by broader market concerns following a robust U.S. jobs report. The report, released on January 10th, indicated stronger-than-expected job growth, which has raised fears of sustained inflation and potentially higher interest rates. This macroeconomic backdrop is weighing on the overall market, with the S&P 500, Dow Jones Industrial Average, and Nasdaq composite all showing declines in early trading. Insurance companies, including Hagerty, are particularly sensitive to such economic indicators, as higher interest rates can impact their investment portfolios and profitability.
Additionally, recent insider selling activity may be contributing to the negative sentiment around Hagerty's stock. On January 8th, Director Robert I. Kauffman sold 5,278 shares at an average price of $9.40, as disclosed in a filing with the SEC. While this transaction represents a small fraction of his total holdings, it may have added to investor concerns amid the current market environment.
Hagerty's stock is currently trading at $9.38, down 1.68% from its previous close of $9.54, and slightly lower by 0.32% from its opening price of $9.41.