Hagerty (NYSE:HGTY) Hits New 52-Week High – Time to Buy?

Hagerty, Inc. (NYSE:HGTY)’s share price reached a new 52-week high during trading on Tuesday. The company traded as high as $16.00 and last traded at $15.7410, with a volume of 76,325 shares changing hands. The stock had previously closed at $15.95.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the company. JPMorgan Chase & Co. lifted their price objective on Hagerty from $12.00 to $13.00 and gave the company a “neutral” rating in a research report on Tuesday, July 14th. Wall Street Zen raised shares of Hagerty from a “sell” rating to a “hold” rating in a report on Saturday, July 4th. Wells Fargo & Company raised their target price on shares of Hagerty from $11.00 to $13.00 and gave the stock an “equal weight” rating in a research note on Thursday, July 9th. Keefe, Bruyette & Woods raised their target price on shares of Hagerty from $15.00 to $16.00 and gave the stock an “outperform” rating in a research note on Tuesday, August 11th. Finally, Zacks Research downgraded shares of Hagerty from a “strong-buy” rating to a “hold” rating in a report on Monday, October 19th. One equities research analyst has rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $13.80.

Hagerty Price Performance

The stock’s 50-day simple moving average is $13.92 and its two-hundred day simple moving average is $12.01. The firm has a market cap of $5.40 billion, a P/E ratio of 174.78 and a beta of 0.83. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.53 and a quick ratio of 1.53.

Hagerty (NYSE:HGTY) last released its earnings results on Wednesday, August 5th. The company reported ($0.02) EPS for the quarter, beating analysts’ consensus estimates of ($0.09) by $0.07. The firm had revenue of $354.82 million for 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%. Equities research analysts forecast that Hagerty, Inc. will post 0.01 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Hagerty news, major shareholder Holding Corp. Hagerty sold 1,387,500 shares of the firm’s stock in a transaction that occurred on Friday, September 11th. The shares were sold at an average price of $11.47, for a total value of $15,914,625.00. Following the completion of the sale, the insider directly owned 9,250,000 shares in the company, valued at $106,097,500. This trade represents a 13.04% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 3.70% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. Dimensional Fund Advisors LP raised its position in Hagerty by 49.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 271,346 shares of the company’s stock worth $2,857,000 after buying an additional 89,898 shares during the last quarter. Lincoln Capital LLC lifted its position in shares of Hagerty by 17.0% in the first quarter. Lincoln Capital LLC now owns 950,652 shares of the company’s stock valued at $10,008,000 after acquiring an additional 137,794 shares in the last quarter. Renaissance Technologies LLC boosted its holdings in shares of Hagerty by 79.2% during the 1st quarter. Renaissance Technologies LLC now owns 157,668 shares of the company’s stock worth $1,660,000 after purchasing an additional 69,700 shares during the last quarter. E. Ohman J or Asset Management AB raised its holdings in shares of Hagerty by 4.2% during the 3rd quarter. E. Ohman J or Asset Management AB now owns 48,047 shares of the company’s stock worth $647,000 after acquiring an additional 1,941 shares during the period. Finally, Integrated Wealth Concepts LLC acquired a new stake in Hagerty during the second quarter worth $63,000. 20.51% of the stock is owned by institutional investors and hedge funds.

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.