Hagerty (NYSE:HGTY) Hits New 52-Week High – What’s Next?

Hagerty, Inc. (NYSE:HGTY)’s stock price hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $14.08 and last traded at $14.09, with a volume of 25968 shares. The stock had previously closed at $13.93.

Analyst Ratings Changes

A number of research analysts have recently commented on HGTY shares. UBS Group set a $14.00 price target on Hagerty in a research note on Wednesday, June 10th. Wells Fargo & Company upped 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. Keefe, Bruyette & Woods increased their target price on Hagerty from $15.00 to $16.00 and gave the company an “outperform” rating in a research report on Tuesday, August 11th. Truist Financial lifted their price target on Hagerty from $11.00 to $13.00 and gave the company a “hold” rating in a research note on Friday, August 7th. Finally, Zacks Research upgraded Hagerty from a “hold” rating to a “strong-buy” rating in a report on Thursday, August 13th. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Hagerty presently has an average rating of “Moderate Buy” and an average target price of $13.86.

Hagerty Trading Down 0.2%

The company has a debt-to-equity ratio of 0.33, a current ratio of 1.53 and a quick ratio of 1.53. The company has a market cap of $4.81 billion, a price-to-earnings ratio of 155.39 and a beta of 0.81. The business’s fifty day moving average price is $12.74 and its 200 day moving average price is $11.45.

Hagerty (NYSE:HGTY) last announced its earnings results on Wednesday, August 5th. The company reported ($0.02) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.09) by $0.07. The business had revenue of $354.82 million during the quarter, compared to analyst estimates of $316.21 million. Hagerty had a return on equity of 5.15% and a net margin of 1.81%. Research analysts anticipate that Hagerty, Inc. will post 0.01 earnings per share for the current fiscal year.

Insider Transactions at Hagerty

In related news, CAO Kevin M. Delaney sold 9,440 shares of the company’s stock in a transaction that occurred on Wednesday, July 1st. The stock was sold at an average price of $12.10, for a total value of $114,224.00. Following the sale, the chief accounting officer directly owned 89,610 shares in the company, valued at $1,084,281. This represents a 9.53% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, major shareholder Holding Corp. Hagerty sold 9,250,000 shares of the stock in a transaction that occurred on Wednesday, September 9th. The shares were sold at an average price of $11.47, for a total transaction of $106,097,500.00. Following the sale, the insider directly owned 9,250,000 shares of the company’s stock, valued at $106,097,500. This represents a 50.00% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 10,650,958 shares of company stock valued at $122,175,352 over the last 90 days. 3.70% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Hagerty

Institutional investors have recently modified their holdings of the company. Lincoln Capital LLC increased its position in shares of Hagerty by 2.4% during the second quarter. Lincoln Capital LLC now owns 973,651 shares of the company’s stock worth $11,606,000 after buying an additional 22,999 shares during the period. Dimensional Fund Advisors LP lifted its holdings in Hagerty by 49.5% in the first quarter. Dimensional Fund Advisors LP now owns 271,346 shares of the company’s stock valued at $2,857,000 after buying an additional 89,898 shares during the period. Renaissance Technologies LLC boosted its position in Hagerty by 79.2% during the first quarter. Renaissance Technologies LLC now owns 157,668 shares of the company’s stock valued at $1,660,000 after acquiring an additional 69,700 shares during the last quarter. Bristlecone Value Partners LLC bought a new stake in Hagerty during the fourth quarter valued at $779,000. Finally, E. Ohman J or Asset Management AB acquired a new stake in Hagerty during the 1st quarter worth about $481,000. 20.51% of the stock is owned by institutional investors.

About Hagerty

Hagerty, Inc is an automotive lifestyle company focused on serving classic and enthusiast vehicle owners. Through its insurance operations, the company provides specialty insurance products and related services designed for collector cars, classic vehicles, motorsports vehicles and other vehicles that may require coverage tailored to their usage and value.

Hagerty also offers automotive valuation tools, vehicle research and pricing information, membership benefits, and digital content for enthusiasts.