Hagerty, Inc. (NYSE:HGTY) Stock Has Average Target Price of $13.80

Shares of Hagerty, Inc. (NYSE:HGTY) have earned an average recommendation of “Moderate Buy” from the six research firms that are presently covering the company, MarketBeat reports. Four research analysts have rated the stock with a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company. The average 1 year price objective among analysts that have updated their coverage on the stock in the last year is $13.80.

HGTY has been the topic of a number of recent analyst reports. Weiss Ratings upgraded shares of Hagerty from a “hold (c-)” rating to a “hold (c)” rating in a research note on Tuesday, August 11th. Wells Fargo & Company raised their target price 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. Zacks Research upgraded Hagerty from a “hold” rating to a “strong-buy” rating in a research report on Thursday, August 13th. Keefe, Bruyette & Woods lifted their price objective on shares of Hagerty from $15.00 to $16.00 and gave the stock an “outperform” rating in a research report on Tuesday, August 11th. Finally, Truist Financial increased their price target on shares of Hagerty from $11.00 to $13.00 and gave the stock a “hold” rating in a research report on Friday, August 7th.

Insider Activity at Hagerty

In other news, major shareholder Holding Corp. Hagerty sold 9,250,000 shares of Hagerty stock in a transaction that occurred on Wednesday, September 9th. The shares were sold at an average price of $11.47, for a total value of $106,097,500.00. Following the transaction, the insider owned 9,250,000 shares of the company’s stock, valued at $106,097,500. This trade represents a 50.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 3.70% of the company’s stock.

Hedge Funds Weigh In On Hagerty

A number of hedge funds have recently made changes to their positions in the business. Ancora Advisors LLC bought a new stake in shares of Hagerty during the second quarter valued at approximately $28,000. EverSource Wealth Advisors LLC boosted its position in 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 buying an additional 1,591 shares during the last quarter. Integrated Wealth Concepts LLC bought a new position in Hagerty in the 2nd quarter valued at $63,000. The Manufacturers Life Insurance Company acquired a new stake in shares of Hagerty in the 1st quarter valued at $115,000. Finally, Sequoia Financial Advisors LLC acquired a new stake in shares of Hagerty in the 2nd quarter valued at $170,000. Institutional investors and hedge funds own 20.51% of the company’s stock.

Hagerty Stock Up 0.8%

Shares of NYSE HGTY opened at $13.86 on Friday. The stock’s 50-day simple moving average is $13.22 and its 200-day simple moving average is $11.77. Hagerty has a 1 year low of $9.36 and a 1 year high of $14.17. The firm has a market cap of $4.76 billion, a price-to-earnings ratio of 153.96 and a beta of 0.83. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.53 and a current ratio of 1.53.

Hagerty (NYSE:HGTY) last issued its quarterly earnings results 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 net margin of 1.81% and a return on equity of 5.15%. The business had revenue of $354.82 million for the quarter, compared to analysts’ expectations of $316.21 million. As a group, equities analysts anticipate that Hagerty will post 0.01 earnings per share for the current fiscal year.

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.