Hagerty (NYSE:HGTY) Stock Gets Downgrade from Zacks Research

Hagerty (NYSE:HGTY) was downgraded by equities research analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a report issued on Monday, Zacks reports.

A number of other research firms have also issued reports on HGTY. Keefe, Bruyette & Woods lifted their target price on Hagerty from $15.00 to $16.00 and gave the company an “outperform” rating in a report on Tuesday, August 11th. Truist Financial boosted their price target on shares of Hagerty from $11.00 to $13.00 and gave the stock a “hold” rating in a report on Friday, August 7th. 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 lifted their price target on Hagerty from $11.00 to $13.00 and gave the stock an “equal weight” rating in a report on Thursday, July 9th. Finally, JPMorgan Chase & Co. upped their target price on shares of Hagerty from $12.00 to $13.00 and gave the company a “neutral” rating in a report on Tuesday, July 14th. One equities research analyst has rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, Hagerty currently has a consensus rating of “Hold” and a consensus target price of $13.80.

Hagerty Price Performance

Shares of HGTY opened at $15.48 on Monday. Hagerty has a 1-year low of $9.36 and a 1-year high of $15.79. The stock has a market cap of $5.32 billion, a PE ratio of 172.06 and a beta of 0.83. The firm has a 50-day simple moving average of $13.70 and a two-hundred day simple moving average of $12.07. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.53 and a quick ratio of 1.53.

Hagerty (NYSE:HGTY) last announced its earnings results on Wednesday, August 5th. The company reported ($0.02) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.09) by $0.07. The company 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%. As a group, analysts forecast that Hagerty will post 0.01 EPS for the current year.

Insider Buying and Selling at Hagerty

In related news, major shareholder Holding Corp. Hagerty sold 9,250,000 shares of the firm’s stock in a transaction dated 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 completion of the sale, the insider owned 9,250,000 shares in the company, valued at $106,097,500. This trade represents 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. 3.70% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in HGTY. Bank of New York Mellon Corp grew its holdings in Hagerty by 3.1% during the 1st quarter. Bank of New York Mellon Corp now owns 39,730 shares of the company’s stock valued at $418,000 after buying an additional 1,209 shares during the last quarter. EverSource Wealth Advisors LLC lifted its holdings in shares of Hagerty by 107.4% during the 1st quarter. EverSource Wealth Advisors LLC now owns 3,072 shares of the company’s stock worth $32,000 after acquiring an additional 1,591 shares during the period. Ancora Advisors LLC purchased a new stake in shares of Hagerty during the 2nd quarter valued at $28,000. State of Alaska Department of Revenue acquired a new stake in Hagerty during the third quarter worth about $55,000. Finally, Integrated Wealth Concepts LLC purchased a new position in Hagerty in the second quarter valued at approximately $63,000. Hedge funds and other institutional investors own 20.51% of the company’s stock.

About Hagerty

Hagerty, Inc is an automotive lifestyle and insurance company focused on enthusiasts and owners of classic, collector and specialty vehicles. The company provides insurance brokerage and related services designed for collector vehicles, with coverage generally underwritten by third-party insurance carriers.

In addition to insurance, Hagerty offers vehicle valuation and pricing information, membership programs, editorial content, events and enthusiast-focused digital services. Its offerings include Hagerty Drivers Club, Hagerty Valuations and Hagerty Marketplace, which connects buyers and sellers of collectible vehicles.