Hagerty (NYSE:HGTY) Price Target Raised to $15.00

Hagerty (NYSE:HGTY) had its price objective lifted by Keefe, Bruyette & Woods from $14.00 to $15.00 in a report released on Wednesday,Benzinga reports. They currently have an outperform rating on the stock.

Other equities research analysts have also recently issued research reports about the stock. Wall Street Zen raised shares of Hagerty from a “sell” rating to a “hold” rating in a research report on Saturday, July 4th. Truist Financial dropped their target price on shares of Hagerty from $13.00 to $11.00 and set a “hold” rating for the company in a report on Monday, May 11th. Wells Fargo & Company cut their target price on Hagerty from $13.00 to $11.00 and set an “equal weight” rating on the stock in a research note on Thursday, April 9th. UBS Group set a $14.00 price target on Hagerty in a report on Wednesday, June 10th. Finally, Weiss Ratings upgraded Hagerty from a “sell (d+)” rating to a “hold (c-)” rating in a report on Wednesday, June 17th. Four equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $13.67.

Hagerty Price Performance

Hagerty stock opened at $12.23 on Wednesday. The company has a current ratio of 1.65, a quick ratio of 1.65 and a debt-to-equity ratio of 0.35. The stock has a 50-day moving average price of $10.90 and a two-hundred day moving average price of $11.41. The company has a market capitalization of $4.20 billion, a PE ratio of 61.16 and a beta of 0.79. Hagerty has a 12 month low of $8.81 and a 12 month high of $14.00.

Hagerty (NYSE:HGTY) last announced its quarterly earnings data on Wednesday, May 6th. The company reported ($0.04) earnings per share for the quarter, missing the consensus estimate of $0.01 by ($0.05). The company had revenue of $311.83 million during the quarter, compared to the consensus estimate of $284.88 million. Hagerty had a net margin of 5.11% and a return on equity of 11.94%. Analysts expect that Hagerty will post -0.1 EPS for the current year.

Insider Activity at Hagerty

In other news, CAO Kevin M. Delaney sold 3,113 shares of the firm’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 sale, the chief accounting officer directly owned 83,972 shares of the company’s stock, valued at approximately $1,028,657. This trade represents a 3.57% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 13,458 shares of company stock valued at $163,227. Company insiders own 3.70% of the company’s stock.

Hedge Funds Weigh In On Hagerty

Institutional investors have recently bought and sold shares of the stock. Greenhaven Road Investment Management L.P. boosted its position in Hagerty by 47.1% during the 3rd quarter. Greenhaven Road Investment Management L.P. now owns 2,664,784 shares of the company’s stock valued at $32,084,000 after acquiring an additional 853,245 shares in the last quarter. Bristlecone Value Partners LLC bought a new position in shares of Hagerty in the 4th quarter worth approximately $779,000. Marshall Wace LLP lifted its stake in shares of Hagerty by 37.2% in the 2nd quarter. Marshall Wace LLP now owns 22,405 shares of the company’s stock valued at $227,000 after purchasing an additional 6,072 shares during the period. Occudo Quantitative Strategies LP purchased a new position in shares of Hagerty in the 4th quarter valued at approximately $170,000. Finally, Los Angeles Capital Management LLC bought a new stake in shares of Hagerty during the fourth quarter valued at approximately $98,000. 20.51% of the stock is 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.