Hagerty, Inc. (NYSE:HGTY) Receives Consensus Recommendation of “Moderate Buy” from Analysts

Shares of Hagerty, Inc. (NYSE:HGTY) have been given an average recommendation of “Moderate Buy” by the nine analysts that are presently covering the stock, MarketBeat Ratings reports. Five investment analysts have rated the stock with a hold recommendation, three have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month target price among brokers that have issued a report on the stock in the last year is $14.00.

HGTY has been the subject of several recent analyst reports. JPMorgan Chase & Co. raised their target price on Hagerty from $12.00 to $13.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 14th. Weiss Ratings raised Hagerty from a “hold (c-)” rating to a “hold (c)” rating in a research note on Tuesday, August 11th. Wall Street Zen raised shares of Hagerty from a “sell” rating to a “hold” rating in a research report on Saturday, July 4th. UBS Group set a $14.00 target price on shares of Hagerty in a research report on Wednesday, June 10th. Finally, Zacks Research raised shares of Hagerty from a “hold” rating to a “strong-buy” rating in a research note on Thursday, August 13th.

Hagerty Stock Up 0.3%

HGTY opened at $13.53 on Monday. Hagerty has a one year low of $9.36 and a one year 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 stock’s fifty day moving average is $12.63 and its 200-day moving average is $11.40. The company has a market capitalization of $4.65 billion, a PE ratio of 150.32 and a beta of 0.81.

Hagerty (NYSE:HGTY) last posted 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. The company had revenue of $354.82 million during the quarter, compared to analyst estimates of $316.21 million. Hagerty had a net margin of 1.81% and a return on equity of 5.15%. On average, equities analysts predict that Hagerty will post 0.01 EPS for the current fiscal year.

Insider Buying and Selling at Hagerty

In related news, CAO Kevin Delaney sold 3,113 shares of Hagerty stock in a transaction on Thursday, July 2nd. The stock was sold at an average price of $12.25, for a total transaction of $38,134.25. Following the completion of the sale, the chief accounting officer owned 83,972 shares of the company’s stock, valued at approximately $1,028,657. This trade represents a 3.57% 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. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, major shareholder Holding Corp. Hagerty sold 1,387,500 shares of the firm’s stock in a transaction dated 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 directly owned 9,250,000 shares of the company’s stock, valued at $106,097,500. This trade represents a 13.04% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 10,650,958 shares of company stock valued at $122,175,352. 3.70% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Hagerty

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Ancora Advisors LLC bought a new stake in shares of Hagerty during the 2nd quarter worth $28,000. EverSource Wealth Advisors LLC lifted its position in Hagerty by 107.4% during the 1st quarter. EverSource Wealth Advisors LLC now owns 3,072 shares of the company’s stock worth $32,000 after acquiring an additional 1,591 shares during the last quarter. Osaic Holdings Inc. lifted its position in Hagerty by 2,374.5% during the 2nd quarter. Osaic Holdings Inc. now owns 4,949 shares of the company’s stock worth $50,000 after acquiring an additional 4,749 shares during the last quarter. BNP Paribas Financial Markets boosted its holdings in Hagerty by 165.3% during the third quarter. BNP Paribas Financial Markets now owns 5,131 shares of the company’s stock valued at $62,000 after acquiring an additional 3,197 shares during the period. Finally, Integrated Wealth Concepts LLC bought a new stake in Hagerty during the second quarter valued at about $63,000. 20.51% of the stock is currently owned by institutional investors and hedge funds.

Hagerty Company Profile

Hagerty, Inc is an automotive lifestyle company focused on serving classic and enthusiast vehicle owners. Through its insurance operations, the company provides specialty insurance products and related services designed for collector cars, classic vehicles, motorsports vehicles and other vehicles that may require coverage tailored to their usage and value.

Hagerty also offers automotive valuation tools, vehicle research and pricing information, membership benefits, and digital content for enthusiasts.