Hagerty (NYSE:HGTY) Sets New 52-Week High – Time to Buy?

Hagerty, Inc. (NYSE:HGTY) hit a new 52-week high during trading on Wednesday. The stock traded as high as $15.24 and last traded at $14.9870, with a volume of 572,624 shares traded. The stock had previously closed at $14.56.

Analyst Upgrades and Downgrades

HGTY has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. upped their price target 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. Keefe, Bruyette & Woods increased their price target on shares of Hagerty from $15.00 to $16.00 and gave the company an “outperform” rating in a report on Tuesday, August 11th. Truist Financial raised their price objective on shares of Hagerty from $11.00 to $13.00 and gave the company a “hold” rating in a research note on Friday, August 7th. Wells Fargo & Company boosted their price objective on shares of Hagerty from $11.00 to $13.00 and gave the stock an “equal weight” rating in a report on Thursday, July 9th. Finally, Weiss Ratings raised shares of Hagerty from a “hold (c-)” rating to a “hold (c)” rating in a report on Tuesday, August 11th. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $13.80.

Hagerty Price Performance

The firm has a market cap of $5.15 billion, a PE ratio of 166.52 and a beta of 0.83. The company has a current ratio of 1.53, a quick ratio of 1.53 and a debt-to-equity ratio of 0.33. The company has a 50 day moving average price of $13.50 and a 200 day moving average price of $11.90.

Hagerty (NYSE:HGTY) last released its quarterly earnings data on Wednesday, August 5th. The company reported ($0.02) earnings per share for the quarter, beating 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 during the quarter, compared to the consensus estimate of $316.21 million. On average, sell-side analysts expect that Hagerty, Inc. will post 0.01 EPS for the current year.

Insider Buying and Selling

In other Hagerty news, major shareholder Holding Corp. Hagerty sold 1,387,500 shares of the company’s stock in a transaction on Friday, September 11th. The stock was sold at an average price of $11.47, for a total value of $15,914,625.00. Following the sale, the insider owned 9,250,000 shares of the company’s stock, valued at approximately $106,097,500. This represents a 13.04% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 3.70% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in HGTY. Lincoln Capital LLC raised its stake in shares of Hagerty by 38.7% during the 3rd quarter. Lincoln Capital LLC now owns 1,350,809 shares of the company’s stock worth $18,209,000 after buying an additional 377,158 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Hagerty by 49.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 271,346 shares of the company’s stock worth $2,857,000 after buying an additional 89,898 shares in the last quarter. Renaissance Technologies LLC grew its stake in Hagerty by 79.2% in the 1st quarter. Renaissance Technologies LLC now owns 157,668 shares of the company’s stock valued at $1,660,000 after acquiring an additional 69,700 shares during the last quarter. E. Ohman J or Asset Management AB acquired a new stake in Hagerty in the 1st quarter valued at about $481,000. Finally, Bank of New York Mellon Corp grew its stake in Hagerty by 3.1% in the 1st quarter. Bank of New York Mellon Corp now owns 39,730 shares of the company’s stock valued at $418,000 after acquiring an additional 1,209 shares during the last quarter. Hedge funds and other institutional investors own 20.51% of the company’s stock.

Hagerty Company Profile

Hagerty, Inc (NYSE: HGTY) is an automotive enthusiast company focused on protecting, valuing and celebrating collectible vehicles. Its primary business is specialty insurance for classic, vintage, exotic and other enthusiast vehicles, supported by coverage options and services designed for vehicles that may be driven less frequently or require specialized valuation.

The company also provides vehicle valuation tools, automotive media and content, membership programs, events, and enthusiast experiences.