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

Shares of Hagerty, Inc. (NYSE:HGTY) have earned a consensus recommendation of “Moderate Buy” from the nine ratings firms that are presently covering the firm, Marketbeat reports. Five research analysts have rated the stock with a hold recommendation, three have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1-year price target among brokerages that have issued a report on the stock in the last year is $14.00.

A number of research analysts recently commented on HGTY shares. Truist Financial raised their price target on Hagerty from $11.00 to $13.00 and gave the stock a “hold” rating in a research report on Friday, August 7th. Wells Fargo & Company increased their price objective on shares of Hagerty from $11.00 to $13.00 and gave the stock an “equal weight” rating in a research note on Thursday, July 9th. Zacks Research raised shares of Hagerty from a “hold” rating to a “strong-buy” rating in a report on Thursday, August 13th. Weiss Ratings upgraded shares of Hagerty from a “hold (c-)” rating to a “hold (c)” rating in a research report on Tuesday, August 11th. Finally, UBS Group set a $14.00 price target on shares of Hagerty in a report on Wednesday, June 10th.

Insider Activity at Hagerty

In other Hagerty news, major shareholder Holding Corp. Hagerty sold 9,250,000 shares of the business’s stock in a transaction that occurred on Wednesday, September 9th. The shares were sold at an average price of $11.47, for a total transaction of $106,097,500.00. Following the completion of the transaction, the insider directly owned 9,250,000 shares in the company, valued at $106,097,500. The trade was a 50.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Kevin Delaney sold 9,440 shares of the company’s stock in a transaction on Wednesday, July 1st. The stock was sold at an average price of $12.10, for a total value of $114,224.00. Following the sale, the chief accounting officer owned 89,610 shares of the company’s stock, valued at $1,084,281. The trade was a 9.53% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 10,650,958 shares of company stock valued at $122,175,352. Company insiders own 3.70% of the company’s stock.

Institutional Trading of Hagerty

Several large investors have recently bought and sold shares of the business. Dimensional Fund Advisors LP lifted its holdings in shares of Hagerty by 49.5% in the first quarter. Dimensional Fund Advisors LP now owns 271,346 shares of the company’s stock worth $2,857,000 after acquiring an additional 89,898 shares during the last quarter. Bristlecone Value Partners LLC bought a new stake in shares of Hagerty during the 4th quarter valued at approximately $779,000. Lincoln Capital LLC increased its position in Hagerty by 17.0% during the 1st quarter. Lincoln Capital LLC now owns 950,652 shares of the company’s stock worth $10,008,000 after purchasing an additional 137,794 shares in the last quarter. Renaissance Technologies LLC increased its position in Hagerty by 79.2% during the 1st quarter. Renaissance Technologies LLC now owns 157,668 shares of the company’s stock worth $1,660,000 after purchasing an additional 69,700 shares in the last quarter. Finally, E. Ohman J or Asset Management AB bought a new position in Hagerty in the 1st quarter valued at approximately $481,000. 20.51% of the stock is owned by institutional investors and hedge funds.

Hagerty Stock Down 0.2%

NYSE HGTY opened at $13.53 on Monday. The company has a current ratio of 1.53, a quick ratio of 1.53 and a debt-to-equity ratio of 0.33. Hagerty has a 1-year low of $9.36 and a 1-year high of $14.00. The company has a 50 day moving average of $12.63 and a 200-day moving average of $11.40. The company has a market cap of $4.65 billion, a price-to-earnings 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) EPS for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.07. The firm had revenue of $354.82 million for the quarter, compared to analyst estimates of $316.21 million. Hagerty had a return on equity of 5.15% and a net margin of 1.81%. On average, equities research analysts expect that Hagerty will post 0.01 earnings per share for the current fiscal year.

About Hagerty

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.