Hagerty (NYSE:HGTY) Hits New 1-Year High – Should You Buy?

Shares of Hagerty, Inc. (NYSE:HGTY) hit a new 52-week high during trading on Tuesday . The company traded as high as $14.08 and last traded at $14.09, with a volume of 25968 shares trading hands. The stock had previously closed at $13.93.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on HGTY. Truist Financial increased their price target 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. Keefe, Bruyette & Woods boosted their price objective on shares of Hagerty from $15.00 to $16.00 and gave the company an “outperform” rating in a report on Tuesday, August 11th. Weiss Ratings raised shares of Hagerty from a “hold (c-)” rating to a “hold (c)” rating in a research note on Tuesday, August 11th. JPMorgan Chase & Co. increased their target price on shares of Hagerty from $12.00 to $13.00 and gave the stock a “neutral” rating in a report on Tuesday, July 14th. Finally, Wall Street Zen raised shares of Hagerty from a “sell” rating to a “hold” rating in a research report on Saturday, July 4th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and five have given a Hold rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $14.00.

Hagerty Price Performance

The company has a current ratio of 1.53, a quick ratio of 1.53 and a debt-to-equity ratio of 0.33. The company has a fifty day moving average price of $12.67 and a two-hundred day moving average price of $11.42. The firm has a market cap of $4.80 billion, a P/E ratio of 155.39 and a beta of 0.81.

Hagerty (NYSE:HGTY) last posted its earnings results on Wednesday, August 5th. The company reported ($0.02) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.07. The business had revenue of $354.82 million during 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%. Equities analysts anticipate that Hagerty, Inc. will post 0.01 earnings per share for the current year.

Insider Activity at Hagerty

In related news, CAO Kevin M. Delaney sold 9,440 shares of the firm’s stock in a transaction on Wednesday, July 1st. The shares were sold at an average price of $12.10, for a total transaction of $114,224.00. Following the sale, the chief accounting officer directly owned 89,610 shares in the company, valued at $1,084,281. This trade represents a 9.53% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, major shareholder Holding Corp. Hagerty sold 9,250,000 shares of the business’s stock in a transaction 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 sale, the insider directly owned 9,250,000 shares in the company, valued at $106,097,500. This represents a 50.00% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 10,650,958 shares of company stock valued at $122,175,352 in the last quarter. Corporate insiders own 3.70% of the company’s stock.

Hedge Funds Weigh In On Hagerty

A number of large investors have recently added to or reduced their stakes in the company. Ancora Advisors LLC acquired a new stake in shares of Hagerty in the 2nd quarter valued at about $28,000. EverSource Wealth Advisors LLC lifted its holdings in shares of Hagerty by 107.4% in the first 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 in the last quarter. Integrated Wealth Concepts LLC acquired a new position in shares of Hagerty during the second quarter worth about $63,000. The Manufacturers Life Insurance Company acquired a new position in shares of Hagerty during the first quarter worth about $115,000. Finally, Sequoia Financial Advisors LLC acquired a new position in shares of Hagerty during the second quarter worth about $170,000. Institutional investors own 20.51% of the company’s stock.

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.