Hagerty, Inc. (NYSE:HGTY) Receives Average Rating of “Moderate Buy” from Brokerages

Shares of Hagerty, Inc. (NYSE:HGTY) have earned an average recommendation of “Moderate Buy” from the ten brokerages that are covering the stock, MarketBeat.com reports. Five analysts have rated the stock with a hold recommendation, four have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month price objective among brokerages that have issued a report on the stock in the last year is $14.00.

A number of equities research analysts have recently issued reports on the company. Wall Street Zen upgraded Hagerty from a “sell” rating to a “hold” rating in a research note on Saturday, July 4th. Weiss Ratings raised Hagerty from a “hold (c-)” rating to a “hold (c)” rating in a research report on Tuesday, August 11th. Truist Financial upped their price target on Hagerty from $11.00 to $13.00 and gave the stock a “hold” rating in a report on Friday, August 7th. Wells Fargo & Company increased their price objective on shares of Hagerty from $11.00 to $13.00 and gave the company an “equal weight” rating in a research report on Thursday, July 9th. Finally, UBS Group set a $14.00 price objective on shares of Hagerty in a research note on Wednesday, June 10th.

Hagerty Stock Up 0.9%

Shares of Hagerty stock opened at $12.93 on Thursday. The company has a fifty day moving average price of $11.96 and a 200 day moving average price of $11.26. The company has a current ratio of 1.53, a quick ratio of 1.53 and a debt-to-equity ratio of 0.33. Hagerty has a twelve month low of $9.36 and a twelve month high of $14.00. The stock has a market cap of $4.44 billion, a price-to-earnings ratio of 143.63 and a beta of 0.79.

Hagerty (NYSE:HGTY) last announced its quarterly earnings results on Wednesday, August 5th. The company reported ($0.02) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.09) by $0.07. The firm had revenue of $354.82 million during the quarter, compared to the consensus estimate of $316.21 million. Hagerty had a return on equity of 5.15% and a net margin of 1.81%. Equities research analysts forecast that Hagerty will post -0.02 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Hagerty news, CAO Kevin M. Delaney sold 3,113 shares of the company’s stock in a transaction dated Thursday, July 2nd. The shares were sold at an average price of $12.25, for a total value of $38,134.25. Following the completion of the transaction, the chief accounting officer directly owned 83,972 shares of the company’s stock, valued at $1,028,657. This represents a 3.57% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 13,458 shares of company stock worth $163,227. 3.70% of the stock is currently owned by company insiders.

Institutional Trading of Hagerty

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Ancora Advisors LLC acquired a new position in shares of Hagerty in the second quarter worth about $28,000. EverSource Wealth Advisors LLC grew its stake in 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 in the last quarter. Osaic Holdings Inc. grew its stake in 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 in the last quarter. BNP Paribas Financial Markets increased its holdings in Hagerty by 165.3% during the 3rd quarter. BNP Paribas Financial Markets now owns 5,131 shares of the company’s stock worth $62,000 after purchasing an additional 3,197 shares during the last quarter. Finally, Los Angeles Capital Management LLC purchased a new stake in Hagerty during the 4th quarter worth approximately $98,000. 20.51% of the stock is owned by hedge funds and other 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.