Hagerty (NYSE:HGTY) Reaches New 52-Week High – Here’s Why

Hagerty, Inc. (NYSE:HGTY) shares hit a new 52-week high during trading on Tuesday. The company traded as high as $15.57 and last traded at $15.54, with a volume of 245,664 shares trading hands. The stock had previously closed at $15.30.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on HGTY shares. Truist Financial raised their price objective on Hagerty from $11.00 to $13.00 and gave the company a “hold” rating in a research note on Friday, August 7th. Wall Street Zen upgraded Hagerty from a “sell” rating to a “hold” rating in a report on Saturday, July 4th. Wells Fargo & Company upped their target price on Hagerty from $11.00 to $13.00 and gave the company an “equal weight” rating in a research report on Thursday, July 9th. Zacks Research cut Hagerty from a “strong-buy” rating to a “hold” rating in a research note on Monday. Finally, Keefe, Bruyette & Woods increased their target price on Hagerty from $15.00 to $16.00 and gave the company an “outperform” rating in a research note on Tuesday, August 11th. One analyst has rated the stock with a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $13.80.

Hagerty Trading Up 0.3%

The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.53 and a current ratio of 1.53. The business has a fifty day simple moving average of $13.76 and a 200 day simple moving average of $12.10. The company has a market cap of $5.33 billion, a P/E ratio of 172.37 and a beta of 0.83.

Hagerty (NYSE:HGTY) last issued its earnings results on Wednesday, August 5th. The company reported ($0.02) EPS for the quarter, topping the consensus estimate of ($0.09) by $0.07. Hagerty had a return on equity of 5.15% and a net margin of 1.81%. The company had revenue of $354.82 million during the quarter, compared to analyst estimates of $316.21 million. Analysts anticipate that Hagerty, Inc. will post 0.01 earnings per share for the current fiscal year.

Insider Transactions at Hagerty

In other Hagerty news, major shareholder Holding Corp. Hagerty sold 9,250,000 shares of Hagerty stock in a transaction on 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 transaction, the insider owned 9,250,000 shares of the company’s stock, valued at $106,097,500. The trade was a 50.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. 3.70% of the stock is owned by company insiders.

Institutional Trading of Hagerty

Several institutional investors have recently added to or reduced their stakes in HGTY. Dimensional Fund Advisors LP lifted its position in shares of Hagerty by 49.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 271,346 shares of the company’s stock worth $2,857,000 after buying an additional 89,898 shares during the last quarter. Lincoln Capital LLC boosted its holdings in shares of Hagerty by 17.0% in the 1st quarter. Lincoln Capital LLC now owns 950,652 shares of the company’s stock valued at $10,008,000 after buying an additional 137,794 shares during the period. Renaissance Technologies LLC boosted its holdings in shares of Hagerty by 79.2% in the 1st quarter. Renaissance Technologies LLC now owns 157,668 shares of the company’s stock valued at $1,660,000 after buying an additional 69,700 shares during the period. State of Alaska Department of Revenue acquired a new position in shares of Hagerty in the 3rd quarter valued at about $55,000. Finally, Sequoia Financial Advisors LLC acquired a new position in shares of Hagerty in the 2nd quarter valued at about $170,000. 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.