Hagerty (NYSE:HGTY) Stock Price Up 4.9% on Insider Buying Activity

Hagerty, Inc. (NYSE:HGTY)’s stock price shot up 4.9% during mid-day trading on Friday following insider buying activity. The company traded as high as $10.33 and last traded at $10.2650. 70,658 shares changed hands during trading, a decline of 48% from the average session volume of 135,832 shares. The stock had previously closed at $9.79.

Specifically, Director Anthony J. Kuczinski bought 4,000 shares of the stock in a transaction dated Thursday, March 12th. The stock was bought at an average cost of $9.50 per share, with a total value of $38,000.00. Following the completion of the acquisition, the director owned 47,277 shares of the company’s stock, valued at $449,131.50. This trade represents a 9.24% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink.

Analysts Set New Price Targets

HGTY has been the topic of several recent research reports. Weiss Ratings reissued a “hold (c+)” rating on shares of Hagerty in a report on Monday, December 29th. Wall Street Zen downgraded Hagerty from a “buy” rating to a “hold” rating in a research note on Saturday, February 14th. Finally, JPMorgan Chase & Co. increased their target price on Hagerty from $12.00 to $13.00 and gave the stock a “neutral” rating in a research report on Wednesday, January 7th. Four investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $14.00.

Hagerty Price Performance

The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.63 and a current ratio of 1.63. The firm has a market capitalization of $3.50 billion, a P/E ratio of 31.03 and a beta of 0.90. The business has a fifty day moving average of $11.96 and a 200-day moving average of $12.25.

Hagerty (NYSE:HGTY) last announced its earnings results on Thursday, February 26th. The company reported $0.08 earnings per share for the quarter, beating the consensus estimate of $0.04 by $0.04. Hagerty had a return on equity of 16.24% and a net margin of 5.98%.The firm had revenue of $388.10 million for the quarter, compared to the consensus estimate of $323.93 million. On average, sell-side analysts forecast that Hagerty, Inc. will post 0.22 EPS for the current fiscal year.

Institutional Investors Weigh In On Hagerty

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Osaic Holdings Inc. lifted its holdings in Hagerty by 2,374.5% in the second 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 period. BNP Paribas Financial Markets raised 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 buying an additional 3,197 shares in the last quarter. Los Angeles Capital Management LLC acquired a new stake in shares of Hagerty in the 4th quarter worth approximately $98,000. Bank of America Corp DE increased its stake in shares of Hagerty by 46.6% during the second quarter. Bank of America Corp DE now owns 8,571 shares of the company’s stock valued at $87,000 after acquiring an additional 2,726 shares during the period. Finally, Arizona State Retirement System bought a new stake in Hagerty during the third quarter worth approximately $141,000. 20.51% of the stock is currently owned by institutional investors.

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.