Hagerty (NYSE:HGTY) Shares Gap Up – What’s Next?

Hagerty, Inc. (NYSE:HGTY) shares gapped up before the market opened on Wednesday . The stock had previously closed at $10.23, but opened at $10.63. Hagerty shares last traded at $10.9480, with a volume of 7,843 shares trading hands.

Analyst Upgrades and Downgrades

Several analysts have commented on HGTY shares. Weiss Ratings downgraded Hagerty from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Wednesday, June 3rd. Wells Fargo & Company cut their target price on Hagerty from $13.00 to $11.00 and set an “equal weight” rating on the stock in a research note on Thursday, April 9th. UBS Group set a $14.00 target price on Hagerty in a research note on Wednesday. Keefe, Bruyette & Woods reiterated an “outperform” rating on shares of Hagerty in a research note on Wednesday. Finally, Truist Financial cut their target price on Hagerty from $13.00 to $11.00 and set a “hold” rating on the stock in a research note on Monday, May 11th. Four analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $13.44.

Hagerty Price Performance

The firm has a fifty day moving average price of $10.58 and a two-hundred day moving average price of $11.64. The stock has a market capitalization of $3.79 billion, a P/E ratio of 55.13 and a beta of 0.82. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.65 and a current ratio of 1.65.

Hagerty (NYSE:HGTY) last released its quarterly earnings results on Wednesday, May 6th. The company reported ($0.04) earnings per share for the quarter, missing the consensus estimate of $0.01 by ($0.05). The firm had revenue of $311.83 million for the quarter, compared to the consensus estimate of $284.88 million. Hagerty had a net margin of 5.11% and a return on equity of 11.94%. As a group, analysts expect that Hagerty, Inc. will post -0.11 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Anthony J. Kuczinski bought 4,000 shares of the firm’s stock in a transaction that occurred on Thursday, March 12th. The shares were bought at an average cost of $9.50 per share, with a total value of $38,000.00. Following the acquisition, the director owned 47,277 shares in the company, valued at $449,131.50. This trade represents a 9.24% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Laurie Harris sold 5,531 shares of the firm’s 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 completion of the transaction, the director directly owned 36,689 shares in the company, valued at approximately $403,945.89. This represents a 13.10% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 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.

Hedge Funds Weigh In On Hagerty

A number of institutional investors have recently bought and sold shares of HGTY. EverSource Wealth Advisors LLC raised its holdings in Hagerty by 107.4% during the first quarter. EverSource Wealth Advisors LLC now owns 3,072 shares of the company’s stock valued at $32,000 after acquiring an additional 1,591 shares during the period. The Manufacturers Life Insurance Company bought a new stake in Hagerty during the first quarter valued at about $115,000. Renaissance Technologies LLC raised its holdings in Hagerty by 79.2% during the first quarter. Renaissance Technologies LLC now owns 157,668 shares of the company’s stock valued at $1,660,000 after acquiring an additional 69,700 shares during the period. Dimensional Fund Advisors LP raised its holdings in Hagerty by 49.5% during the first quarter. Dimensional Fund Advisors LP now owns 271,346 shares of the company’s stock valued at $2,857,000 after acquiring an additional 89,898 shares during the period. Finally, Bank of New York Mellon Corp raised its holdings in Hagerty by 3.1% during the first quarter. Bank of New York Mellon Corp now owns 39,730 shares of the company’s stock valued at $418,000 after acquiring an additional 1,209 shares during the period. 20.51% of the stock is owned by institutional investors.

Hagerty Company Profile

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.