Hagerty (NYSE:HGTY) Raised to Strong-Buy at Zacks Research

Hagerty (NYSE:HGTY) was upgraded by research analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a report released on Thursday,Zacks.com reports.

Several other brokerages have also recently weighed in on HGTY. Weiss Ratings raised shares of Hagerty from a “hold (c-)” rating to a “hold (c)” rating in a report on Tuesday. Wall Street Zen raised shares of Hagerty from a “sell” rating to a “hold” rating in a report on Saturday, July 4th. UBS Group set a $14.00 price target on shares of Hagerty in a research report on Wednesday, June 10th. Wells Fargo & Company lifted their price target 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. Finally, Truist Financial boosted their price objective on shares of Hagerty from $11.00 to $13.00 and gave the company a “hold” rating in a research report on Friday, August 7th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $14.00.

Hagerty Stock Down 0.2%

HGTY stock opened at $12.93 on Thursday. Hagerty has a fifty-two week low of $9.36 and a fifty-two week high of $14.00. The business’s 50-day moving average is $11.83 and its two-hundred day moving average is $11.26. 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 company has a market cap of $4.44 billion, a price-to-earnings ratio of 143.66 and a beta of 0.79.

Hagerty (NYSE:HGTY) last announced its earnings results on Wednesday, August 5th. The company reported ($0.02) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.09) by $0.07. The business had revenue of $354.82 million for the quarter, compared to analysts’ expectations 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 -0.07 earnings per share for the current year.

Insider Activity

In related news, CAO Kevin M. Delaney sold 9,440 shares of the business’s stock in a transaction that occurred on Wednesday, July 1st. The stock was sold at an average price of $12.10, for a total transaction of $114,224.00. Following the completion of the transaction, the chief accounting officer directly owned 89,610 shares in the company, valued at approximately $1,084,281. The trade was a 9.53% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 13,458 shares of company stock worth $163,227. Insiders own 3.70% of the company’s stock.

Hedge Funds Weigh In On Hagerty

Several large investors have recently added to or reduced their stakes in HGTY. Ancora Advisors LLC bought a new position in shares of Hagerty in the second quarter worth approximately $28,000. EverSource Wealth Advisors LLC raised its position 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 valued at $32,000 after purchasing an additional 1,591 shares during the period. Osaic Holdings Inc. raised its position in shares of Hagerty by 2,374.5% during the 2nd quarter. Osaic Holdings Inc. now owns 4,949 shares of the company’s stock valued at $50,000 after purchasing an additional 4,749 shares during the period. BNP Paribas Financial Markets lifted its stake in shares of Hagerty by 165.3% during the 3rd quarter. BNP Paribas Financial Markets now owns 5,131 shares of the company’s stock valued at $62,000 after buying an additional 3,197 shares in the last quarter. Finally, Bank of America Corp DE boosted its holdings in Hagerty by 46.6% in the 2nd quarter. Bank of America Corp DE now owns 8,571 shares of the company’s stock worth $87,000 after buying an additional 2,726 shares during the period. Hedge funds and other institutional investors own 20.51% of the company’s stock.

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.