Hagerty, Inc. (NYSE:HGTY) Receives Consensus Rating of “Hold” from Brokerages

Hagerty, Inc. (NYSE:HGTY) has been assigned a consensus recommendation of “Hold” from the nine brokerages that are covering the stock, Marketbeat.com reports. Five equities research analysts have rated the stock with a hold recommendation and four have given a buy recommendation to the company. The average 1-year price target among analysts that have issued a report on the stock in the last year is $13.4444.

A number of equities analysts have commented on HGTY shares. Keefe, Bruyette & Woods reissued an “outperform” rating on shares of Hagerty in a report on Wednesday, June 10th. Wall Street Zen cut Hagerty from a “hold” rating to a “sell” rating in a report on Saturday, May 9th. Truist Financial reduced their target price on Hagerty from $13.00 to $11.00 and set a “hold” rating for the company in a report on Monday, May 11th. Wells Fargo & Company reduced their target price on Hagerty from $13.00 to $11.00 and set an “equal weight” rating for the company in a report on Thursday, April 9th. Finally, Weiss Ratings upgraded Hagerty from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Wednesday, June 17th.

Hagerty Price Performance

Shares of Hagerty stock opened at $11.23 on Wednesday. The business has a 50 day simple moving average of $10.57 and a two-hundred day simple moving average of $11.47. Hagerty has a 12 month low of $8.81 and a 12 month high of $14.00. The stock has a market capitalization of $3.86 billion, a P/E ratio of 56.15 and a beta of 0.82. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.65 and a quick ratio of 1.65.

Hagerty (NYSE:HGTY) last announced its earnings results on Wednesday, May 6th. The company reported ($0.04) EPS for the quarter, missing analysts’ consensus estimates of $0.01 by ($0.05). Hagerty had a net margin of 5.11% and a return on equity of 11.94%. The firm had revenue of $311.83 million for the quarter, compared to analyst estimates of $284.88 million. As a group, analysts predict that Hagerty will post -0.1 EPS for the current fiscal year.

Insider Activity

In other news, Director Laurie Harris sold 5,531 shares of the company’s stock in a transaction that occurred 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 completion of the sale, the director directly owned 36,689 shares in the company, valued at $403,945.89. This represents a 13.10% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 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. 3.70% of the stock is owned by company insiders.

Institutional Investors Weigh In On Hagerty

A number of large investors have recently made changes to their positions in the stock. Neuberger Berman Group LLC grew its position in shares of Hagerty by 2.8% in the fourth quarter. Neuberger Berman Group LLC now owns 8,269,620 shares of the company’s stock valued at $111,144,000 after purchasing an additional 221,834 shares in the last quarter. Polar Capital Holdings Plc grew its position in shares of Hagerty by 9.4% in the third quarter. Polar Capital Holdings Plc now owns 5,817,416 shares of the company’s stock valued at $70,042,000 after purchasing an additional 498,389 shares in the last quarter. Vanguard Group Inc. grew its position in shares of Hagerty by 32.3% in the third quarter. Vanguard Group Inc. now owns 3,456,174 shares of the company’s stock valued at $41,612,000 after purchasing an additional 843,433 shares in the last quarter. Greenhaven Road Investment Management L.P. grew its position in shares of 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 purchasing an additional 853,245 shares in the last quarter. Finally, Lincoln Capital LLC grew its position in shares of Hagerty by 17.0% in the first quarter. Lincoln Capital LLC now owns 950,652 shares of the company’s stock valued at $10,008,000 after purchasing an additional 137,794 shares in the last quarter. 20.51% of the stock is currently owned by hedge funds and other institutional investors.

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.