Hagerty (NYSE:HGTY) Price Target Raised to $16.00

Hagerty (NYSE:HGTY) had its price target upped by Truist Financial from $13.00 to $16.00 in a research note released on Wednesday,Benzinga reports. Truist Financial currently has a hold rating on the stock.

Several other research firms also recently weighed in on HGTY. Wells Fargo & Company boosted their target price on shares of Hagerty from $14.00 to $17.00 and gave the stock an “equal weight” rating in a research report on Wednesday. JPMorgan Chase & Co. raised their price target on shares of Hagerty from $12.00 to $13.00 and gave the stock a “neutral” rating in a report on Tuesday, July 14th. Citizens Jmp lifted their price objective on shares of Hagerty from $15.00 to $19.00 and gave the stock a “market outperform” rating in a research note on Wednesday. Zacks Research lowered shares of Hagerty from a “strong-buy” rating to a “hold” rating in a report on Monday, October 19th. Finally, 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. Three research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, Hagerty currently has a consensus rating of “Hold” and an average price target of $16.43.

Hagerty Stock Down 2.0%

NYSE HGTY traded down $0.37 during trading on Wednesday, hitting $17.99. The company’s stock had a trading volume of 377,965 shares, compared to its average volume of 335,459. Hagerty has a fifty-two week low of $9.36 and a fifty-two week high of $19.41. The company has a market cap of $6.18 billion, a PE ratio of 299.85 and a beta of 0.83. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.53 and a quick ratio of 1.53. The business’s 50 day simple moving average is $14.56 and its 200-day simple moving average is $12.18.

Hagerty (NYSE:HGTY) last posted its quarterly earnings data on Tuesday, November 3rd. The company reported $0.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.01 by $0.09. The firm had revenue of $354.24 million for the quarter, compared to the consensus estimate of $338.99 million. Hagerty had a net margin of 1.81% and a return on equity of 5.15%. On average, equities analysts anticipate that Hagerty will post 0.06 EPS for the current fiscal year.

Insider Buying and Selling

In related news, major shareholder Holding Corp. Hagerty sold 1,387,500 shares of the company’s stock in a transaction that occurred on Friday, September 11th. The stock was sold at an average price of $11.47, for a total value of $15,914,625.00. Following the sale, the insider owned 9,250,000 shares in the company, valued at $106,097,500. This represents a 13.04% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 3.70% of the stock is currently owned by corporate insiders.

Institutional Trading of Hagerty

Several institutional investors and hedge funds have recently bought and sold shares of HGTY. Ancora Advisors LLC purchased a new stake in shares of Hagerty in the 2nd quarter valued at $28,000. EverSource Wealth Advisors LLC increased its stake 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 worth $32,000 after acquiring an additional 1,591 shares during the period. State of Alaska Department of Revenue purchased a new position in shares of Hagerty during the third quarter worth $55,000. Integrated Wealth Concepts LLC purchased a new position in shares of Hagerty during the second quarter worth $63,000. Finally, The Manufacturers Life Insurance Company purchased a new position in shares of Hagerty during the first quarter worth $115,000. 20.51% of the stock is currently owned by institutional investors and hedge funds.

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.