Hagerty (NYSE:HGTY) Trading Down 7.1% – What’s Next?

Hagerty, Inc. (NYSE:HGTY)’s stock price fell 7.1% during trading on Monday . The stock traded as low as $11.04 and last traded at $10.9010. 58,497 shares changed hands during mid-day trading, a decline of 49% from the average session volume of 113,644 shares. The stock had previously closed at $11.74.

Wall Street Analyst Weigh In

HGTY has been the subject of a number of recent analyst reports. Weiss Ratings reissued a “hold (c+)” rating on shares of Hagerty in a report on Monday, December 29th. JPMorgan Chase & Co. boosted their price target on Hagerty from $12.00 to $13.00 and gave the stock a “neutral” rating in a research report on Wednesday, January 7th. Keefe, Bruyette & Woods lifted their price objective on shares of Hagerty from $14.00 to $15.00 and gave the company an “outperform” rating in a research note on Wednesday, November 12th. Finally, Wall Street Zen downgraded shares of Hagerty from a “buy” rating to a “hold” rating in a report on Saturday, February 14th. Four investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, Hagerty has a consensus rating of “Moderate Buy” and a consensus target price of $14.00.

Hagerty Stock Up 2.2%

The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.00 and a current ratio of 1.00. The stock’s fifty day simple moving average is $12.49 and its two-hundred day simple moving average is $12.30. The company has a market capitalization of $3.70 billion, a price-to-earnings ratio of 32.79 and a beta of 0.90.

Hagerty (NYSE:HGTY) last issued its earnings results on Thursday, February 26th. The company reported $0.08 earnings per share for the quarter, topping analysts’ consensus estimates of $0.04 by $0.04. The firm had revenue of $388.10 million during the quarter, compared to analysts’ expectations of $323.93 million. Hagerty had a net margin of 5.98% and a return on equity of 16.80%. On average, sell-side analysts anticipate that Hagerty, Inc. will post 0.22 EPS for the current year.

Insider Activity

In other news, insider Kenneth Ahn sold 50,000 shares of the company’s stock in a transaction on Monday, January 26th. The stock was sold at an average price of $12.41, for a total transaction of $620,500.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders sold 351,350 shares of company stock worth $4,474,572 over the last quarter. 16.70% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. Occudo Quantitative Strategies LP acquired a new position in Hagerty during the fourth quarter valued at $170,000. Millennium Management LLC acquired a new position in shares of Hagerty in the 4th quarter valued at about $353,000. Schonfeld Strategic Advisors LLC lifted its position in shares of Hagerty by 107.0% in the fourth quarter. Schonfeld Strategic Advisors LLC now owns 26,718 shares of the company’s stock worth $359,000 after purchasing an additional 13,808 shares in the last quarter. Gillson Capital LP boosted its holdings in shares of Hagerty by 15.4% during the fourth quarter. Gillson Capital LP now owns 202,012 shares of the company’s stock worth $2,715,000 after purchasing an additional 27,012 shares during the period. Finally, AQR Capital Management LLC purchased a new position in Hagerty during the fourth quarter valued at approximately $315,000. Hedge funds and other institutional investors own 20.51% of the company’s stock.

About Hagerty

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.