Hagerty (NYSE:HGTY) Downgraded by Wall Street Zen to Hold

Wall Street Zen downgraded shares of Hagerty (NYSE:HGTY) from a buy rating to a hold rating in a research report released on Saturday morning.

Several other equities analysts have also weighed in on HGTY. Keefe, Bruyette & Woods started coverage on Hagerty in a research note on Wednesday, August 27th. They issued an “outperform” rating and a $14.00 price target for the company. Wells Fargo & Company started coverage on Hagerty in a research note on Friday, October 3rd. They issued an “equal weight” rating and a $13.00 price target for the company. Evercore ISI started coverage on Hagerty in a research note on Wednesday, August 27th. They issued an “outperform” rating and a $14.00 price target for the company. Weiss Ratings restated a “hold (c)” rating on shares of Hagerty in a research note on Wednesday, October 8th. Finally, BMO Capital Markets began coverage on Hagerty in a research note on Monday, September 22nd. They set a “market perform” rating and a $13.00 price objective for the company. Four analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Hagerty currently has an average rating of “Hold” and a consensus price target of $13.88.

Hagerty Price Performance

Shares of Hagerty stock opened at $11.30 on Friday. The company has a quick ratio of 1.06, a current ratio of 1.06 and a debt-to-equity ratio of 0.27. Hagerty has a twelve month low of $8.03 and a twelve month high of $13.32. The business has a 50-day moving average price of $11.77 and a 200 day moving average price of $10.35. The firm has a market cap of $3.86 billion, a PE ratio of 56.48 and a beta of 0.92.

Hagerty (NYSE:HGTY) last announced its quarterly earnings results on Monday, August 4th. The company reported $0.13 earnings per share for the quarter, beating the consensus estimate of $0.11 by $0.02. Hagerty had a return on equity of 13.76% and a net margin of 4.88%.The firm had revenue of $368.70 million during the quarter, compared to analyst estimates of $347.15 million. Hagerty has set its FY 2025 guidance at EPS. Sell-side analysts predict that Hagerty will post 0.22 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, major shareholder Holding Corp. Hagerty sold 8,245,000 shares of the business’s stock in a transaction that occurred on Thursday, August 7th. The stock was sold at an average price of $8.92, for a total transaction of $73,545,400.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Robert I. Kauffman sold 1,455,000 shares of Hagerty stock in a transaction that occurred on Monday, August 11th. The stock was sold at an average price of $8.92, for a total value of $12,978,600.00. Following the transaction, the director owned 1,721,662 shares in the company, valued at approximately $15,357,225.04. The trade was a 45.80% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 11,772,663 shares of company stock valued at $106,491,413 in the last three months. Insiders own 16.70% of the company’s stock.

Hedge Funds Weigh In On Hagerty

A number of institutional investors have recently added to or reduced their stakes in the stock. Bank of America Corp DE lifted its position in Hagerty by 46.6% during the second 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 in the last quarter. IFP Advisors Inc purchased a new position in Hagerty during the second quarter worth approximately $30,000. Osaic Holdings Inc. lifted its position in Hagerty by 2,374.5% during the second quarter. Osaic Holdings Inc. now owns 4,949 shares of the company’s stock worth $50,000 after buying an additional 4,749 shares in the last quarter. Geode Capital Management LLC lifted its position in Hagerty by 2.0% during the second quarter. Geode Capital Management LLC now owns 254,634 shares of the company’s stock worth $2,576,000 after buying an additional 5,077 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its holdings in Hagerty by 4.1% in the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 142,768 shares of the company’s stock valued at $1,291,000 after acquiring an additional 5,667 shares during the last quarter. Hedge funds and other institutional investors own 20.51% of the company’s stock.

About Hagerty

Hagerty, Inc provides insurance agency services worldwide. It offers motor vehicle and boat insurance products; and reinsurance products. The company provides Hagerty Media, which publishes contents through the Hagerty Drivers Club Magazine (HDC), video content, and social media channels; HDC that offers subscription based products and services, including HDC Magazine, automotive enthusiast events, proprietary vehicle valuation tools, emergency roadside services, and special vehicle-related discounts.