Hagerty (NYSE:HGTY) Stock Rating Upgraded by Zacks Research

Hagerty (NYSE:HGTY) was upgraded by equities researchers at Zacks Research from a “hold” rating to a “strong-buy” rating in a research report issued on Thursday,Zacks.com reports.

A number of other equities research analysts have also recently commented on HGTY. JPMorgan Chase & Co. raised their target price on shares of Hagerty from $12.00 to $13.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 14th. Weiss Ratings upgraded shares of Hagerty from a “hold (c-)” rating to a “hold (c)” rating in a research report on Tuesday. Keefe, Bruyette & Woods increased their price objective on shares of Hagerty from $15.00 to $16.00 and gave the stock an “outperform” rating in a research note on Tuesday. UBS Group set a $14.00 price objective on shares of Hagerty in a research report on Wednesday, June 10th. Finally, Wells Fargo & Company lifted their target price on shares of Hagerty from $11.00 to $13.00 and gave the company an “equal weight” rating in a research note on Thursday, July 9th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $14.00.

Hagerty Price Performance

NYSE HGTY opened at $12.93 on Thursday. The business’s fifty day moving average is $11.83 and its 200 day moving average is $11.26. Hagerty has a fifty-two week low of $9.36 and a fifty-two week high of $14.00. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.53 and a current ratio of 1.53. The company has a market capitalization of $4.44 billion, a PE ratio of 143.66 and a beta of 0.79.

Hagerty (NYSE:HGTY) last posted its quarterly earnings data on Wednesday, August 5th. The company reported ($0.02) EPS for the quarter, topping the consensus estimate of ($0.09) by $0.07. Hagerty had a return on equity of 5.15% and a net margin of 1.81%.The firm had revenue of $354.82 million for the quarter, compared to the consensus estimate of $316.21 million. Sell-side analysts predict that Hagerty will post -0.07 earnings per share for the current year.

Insider Buying and Selling at Hagerty

In related news, CAO Kevin M. Delaney sold 9,440 shares of the business’s stock in a transaction on Wednesday, July 1st. The shares were sold at an average price of $12.10, for a total value of $114,224.00. Following the sale, the chief accounting officer owned 89,610 shares in the company, valued at approximately $1,084,281. The trade was a 9.53% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 13,458 shares of company stock valued at $163,227 over the last ninety days. Company insiders own 3.70% of the company’s stock.

Hedge Funds Weigh In On Hagerty

A number of institutional investors and hedge funds have recently made changes to their positions in HGTY. Ancora Advisors LLC bought a new stake in shares of Hagerty in the 2nd quarter worth about $28,000. EverSource Wealth Advisors LLC lifted its holdings in shares of Hagerty by 107.4% in the 1st quarter. EverSource Wealth Advisors LLC now owns 3,072 shares of the company’s stock valued at $32,000 after acquiring an additional 1,591 shares during the last quarter. Osaic Holdings Inc. grew its position in Hagerty by 2,374.5% in the second quarter. Osaic Holdings Inc. now owns 4,949 shares of the company’s stock worth $50,000 after acquiring an additional 4,749 shares in the last quarter. BNP Paribas Financial Markets grew its position in Hagerty by 165.3% in the third quarter. BNP Paribas Financial Markets now owns 5,131 shares of the company’s stock worth $62,000 after acquiring an additional 3,197 shares in the last quarter. Finally, Los Angeles Capital Management LLC bought a new stake in Hagerty during the fourth quarter worth approximately $98,000. 20.51% of the stock is owned by hedge funds and other institutional investors.

Hagerty Company Profile

Hagerty is a specialized automotive lifestyle and insurance company that caters primarily to collectible car enthusiasts. Its core business centers on offering classic vehicle insurance policies designed to protect antique, vintage and specialty automobiles, motorcycles and boats. These policies typically feature agreed-value coverage, flexible usage options and access to restoration services, aligning with the unique needs of collectors and hobbyists.

Beyond insurance, Hagerty operates a comprehensive suite of community and content services under its automotive lifestyle brand.