Hagerty (NYSE:HGTY) Cut to Hold at Zacks Research

Hagerty (NYSE:HGTY) was downgraded by investment analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a report released on Monday, Zacks reports.

HGTY has been the topic of a number of other research reports. Truist Financial raised their price objective on Hagerty from $11.00 to $13.00 and gave the stock a “hold” rating in a research note on Friday, August 7th. Keefe, Bruyette & Woods upped 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. Wall Street Zen upgraded Hagerty from a “sell” rating to a “hold” rating in a research report on Saturday, July 4th. JPMorgan Chase & Co. increased their target price on Hagerty from $12.00 to $13.00 and gave the stock a “neutral” rating in a report on Tuesday, July 14th. Finally, 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. One investment analyst has rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, Hagerty has an average rating of “Hold” and an average target price of $13.80.

Hagerty Stock Down 0.5%

NYSE HGTY opened at $15.48 on Monday. The company has a current ratio of 1.53, a quick ratio of 1.53 and a debt-to-equity ratio of 0.33. Hagerty has a 1-year low of $9.36 and a 1-year high of $15.79. The company has a 50 day moving average of $13.70 and a 200-day moving average of $12.07. The company has a market cap of $5.32 billion, a price-to-earnings ratio of 172.06 and a beta of 0.83.

Hagerty (NYSE:HGTY) last issued its quarterly earnings results on Wednesday, August 5th. The company reported ($0.02) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.09) by $0.07. The business had revenue of $354.82 million during the quarter, compared to analysts’ expectations of $316.21 million. Hagerty had a return on equity of 5.15% and a net margin of 1.81%. On average, equities research analysts expect that Hagerty will post 0.01 earnings per share for the current fiscal year.

Insider Activity at Hagerty

In other news, major shareholder Holding Corp. Hagerty sold 9,250,000 shares of the business’s stock in a transaction that occurred on Wednesday, September 9th. The shares were sold at an average price of $11.47, for a total value of $106,097,500.00. Following the completion of the transaction, the insider directly owned 9,250,000 shares in the company, valued at approximately $106,097,500. The trade was a 50.00% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 3.70% of the company’s stock.

Institutional Trading of Hagerty

A number of institutional investors and hedge funds have recently made changes to their positions in HGTY. Ancora Advisors LLC acquired a new stake in shares of Hagerty during the 2nd quarter worth approximately $28,000. EverSource Wealth Advisors LLC increased 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 acquiring an additional 1,591 shares during the last quarter. State of Alaska Department of Revenue bought a new position in Hagerty in the third quarter valued at approximately $55,000. Integrated Wealth Concepts LLC bought a new position in Hagerty in the second quarter valued at approximately $63,000. Finally, The Manufacturers Life Insurance Company acquired a new position in Hagerty during the first quarter valued at approximately $115,000. Institutional investors own 20.51% of the company’s stock.

Hagerty Company Profile

Hagerty, Inc is an automotive lifestyle and insurance company focused on enthusiasts and owners of classic, collector and specialty vehicles. The company provides insurance brokerage and related services designed for collector vehicles, with coverage generally underwritten by third-party insurance carriers.

In addition to insurance, Hagerty offers vehicle valuation and pricing information, membership programs, editorial content, events and enthusiast-focused digital services. Its offerings include Hagerty Drivers Club, Hagerty Valuations and Hagerty Marketplace, which connects buyers and sellers of collectible vehicles.