Hagerty (NYSE:HGTY) Upgraded to “Strong-Buy” at Zacks Research

Zacks Research upgraded shares of Hagerty (NYSE:HGTY) from a hold rating to a strong-buy rating in a research note published on Thursday,Zacks.com reports.

Other equities research analysts also recently issued research reports about the stock. Weiss Ratings raised shares of Hagerty from a “hold (c-)” rating to a “hold (c)” rating in a research report on Tuesday. UBS Group set a $14.00 price objective on shares of Hagerty in a research report on Wednesday, June 10th. Wall Street Zen raised shares of Hagerty from a “sell” rating to a “hold” rating in a research note on Saturday, July 4th. Wells Fargo & Company increased their target price on Hagerty from $11.00 to $13.00 and gave the stock an “equal weight” rating in a report on Thursday, July 9th. Finally, Truist Financial boosted their price target on Hagerty from $11.00 to $13.00 and gave the company a “hold” rating in a report on Friday, August 7th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, Hagerty has a consensus rating of “Moderate Buy” and a consensus target price of $14.00.

Hagerty Price Performance

Shares of HGTY opened at $12.93 on Thursday. The stock has a 50 day simple moving average of $11.83 and a 200 day simple moving average of $11.26. Hagerty has a 52-week low of $9.36 and a 52-week high of $14.00. 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 firm has a market capitalization of $4.44 billion, a PE 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) EPS for the quarter, topping the consensus estimate of ($0.09) by $0.07. Hagerty had a net margin of 1.81% and a return on equity of 5.15%. The firm had revenue of $354.82 million for the quarter, compared to the consensus estimate of $316.21 million. Sell-side analysts predict that Hagerty will post -0.07 EPS for the current fiscal year.

Insiders Place Their Bets

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 value of $114,224.00. Following the completion of the transaction, the chief accounting officer owned 89,610 shares of the company’s stock, valued at approximately $1,084,281. This trade represents a 9.53% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 13,458 shares of company stock valued at $163,227 over the last ninety days. 3.70% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Hagerty

A number of large investors have recently modified their holdings of the business. Ancora Advisors LLC acquired a new stake in shares of Hagerty in the second quarter valued at about $28,000. EverSource Wealth Advisors LLC grew its stake in 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. Osaic Holdings Inc. increased 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 worth $50,000 after purchasing an additional 4,749 shares during the last quarter. BNP Paribas Financial Markets increased its position 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 worth $62,000 after purchasing an additional 3,197 shares during the last quarter. Finally, Bank of America Corp DE increased its position in shares of Hagerty by 46.6% during the 2nd quarter. Bank of America Corp DE now owns 8,571 shares of the company’s stock worth $87,000 after purchasing an additional 2,726 shares during the last quarter. 20.51% of the stock is currently owned by institutional investors and hedge funds.

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.