Hagerty, Inc. (NYSE:HGTY) Sees Large Increase in Short Interest

Hagerty, Inc. (NYSE:HGTY) was the target of a significant increase in short interest in April. As of April 15th, there was short interest totaling 789,692 shares, an increase of 62.2% from the March 31st total of 486,740 shares. Based on an average trading volume of 208,580 shares, the short-interest ratio is presently 3.8 days. Currently, 0.3% of the company’s stock are short sold.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on HGTY shares. Wells Fargo & Company lowered their price target on Hagerty from $13.00 to $11.00 and set an “equal weight” rating on the stock in a research report on Thursday, April 9th. Wall Street Zen cut shares of Hagerty from a “buy” rating to a “hold” rating in a research note on Saturday, February 14th. Finally, JPMorgan Chase & Co. lifted their target price on shares of Hagerty from $12.00 to $13.00 and gave the company a “neutral” rating in a research note on Wednesday, January 7th. Four research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $13.71.

Hagerty Stock Down 3.8%

NYSE:HGTY traded down $0.40 on Wednesday, hitting $10.27. 12,662 shares of the company’s stock were exchanged, compared to its average volume of 148,351. The firm has a 50-day moving average price of $10.80 and a 200-day moving average price of $11.95. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.63 and a quick ratio of 1.63. Hagerty has a 52 week low of $8.67 and a 52 week high of $14.00. The company has a market cap of $3.52 billion, a P/E ratio of 31.08 and a beta of 0.93.

Hagerty (NYSE:HGTY) last issued its earnings results on Thursday, February 26th. The company reported $0.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.04 by $0.04. Hagerty had a net margin of 5.98% and a return on equity of 16.24%. The company had revenue of $388.10 million for the quarter, compared to analysts’ expectations of $323.93 million. As a group, analysts expect that Hagerty will post 0.14 EPS for the current fiscal year.

Insider Buying and Selling at Hagerty

In other news, Director Anthony J. Kuczinski acquired 4,000 shares of the business’s stock in a transaction that occurred on Thursday, March 12th. The stock was acquired at an average cost of $9.50 per share, for a total transaction of $38,000.00. Following the completion of the acquisition, the director owned 47,277 shares in the company, valued at approximately $449,131.50. The trade was a 9.24% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Laurie Harris sold 5,531 shares of the stock in a transaction on Tuesday, April 7th. The stock was sold at an average price of $11.01, for a total value of $60,896.31. Following the sale, the director owned 36,689 shares of the company’s stock, valued at approximately $403,945.89. This represents a 13.10% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 16.70% of the stock is currently owned by company insiders.

Institutional Trading of Hagerty

Several large investors have recently made changes to their positions in the company. Neuberger Berman Group LLC boosted its position in shares of Hagerty by 2.8% during the 4th quarter. Neuberger Berman Group LLC now owns 8,269,620 shares of the company’s stock worth $111,144,000 after acquiring an additional 221,834 shares in the last quarter. Polar Capital Holdings Plc boosted its position in shares of Hagerty by 9.4% during the 3rd quarter. Polar Capital Holdings Plc now owns 5,817,416 shares of the company’s stock worth $70,042,000 after acquiring an additional 498,389 shares in the last quarter. Vanguard Group Inc. boosted its position in shares of Hagerty by 32.3% during the 3rd quarter. Vanguard Group Inc. now owns 3,456,174 shares of the company’s stock worth $41,612,000 after acquiring an additional 843,433 shares in the last quarter. Greenhaven Road Investment Management L.P. boosted its position in Hagerty by 47.1% in the third quarter. Greenhaven Road Investment Management L.P. now owns 2,664,784 shares of the company’s stock valued at $32,084,000 after buying an additional 853,245 shares in the last quarter. Finally, Pembroke Management LTD boosted its position in Hagerty by 127.6% in the third quarter. Pembroke Management LTD now owns 2,261,203 shares of the company’s stock valued at $27,225,000 after buying an additional 1,267,754 shares in the last quarter. Institutional investors and hedge funds 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.