Hagerty (NYSE:HGTY) Price Target Cut to $11.00 by Analysts at Truist Financial

Hagerty (NYSE:HGTY) had its price target dropped by research analysts at Truist Financial from $13.00 to $11.00 in a research note issued on Monday,Benzinga reports. The firm currently has a “hold” rating on the stock. Truist Financial’s price target points to a potential upside of 9.41% from the company’s previous close.

Several other research firms have also commented on HGTY. Wells Fargo & Company lowered their price target on shares of Hagerty from $13.00 to $11.00 and set an “equal weight” rating for the company in a research report on Thursday, April 9th. Wall Street Zen lowered shares of Hagerty from a “hold” rating to a “sell” rating in a research report on Saturday. Four investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $13.38.

Hagerty Stock Performance

HGTY stock traded down $0.01 during trading on Monday, hitting $10.05. 58,993 shares of the company’s stock traded hands, compared to its average volume of 147,995. The company has a quick ratio of 1.65, a current ratio of 1.65 and a debt-to-equity ratio of 0.35. Hagerty has a 52 week low of $8.81 and a 52 week high of $14.00. The stock has a fifty day moving average price of $10.65 and a two-hundred day moving average price of $11.89. The stock has a market capitalization of $3.44 billion, a price-to-earnings ratio of 50.35 and a beta of 0.83.

Hagerty (NYSE:HGTY) last released its earnings results 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 business had revenue of $311.83 million for 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%. As a group, equities analysts anticipate that Hagerty will post 0.27 EPS for the current fiscal year.

Insider Transactions at Hagerty

In related news, Director Laurie Harris sold 5,531 shares of the stock in a transaction dated Tuesday, April 7th. The shares were sold at an average price of $11.01, for a total value of $60,896.31. Following the completion of the transaction, the director owned 36,689 shares in the company, valued at $403,945.89. This represents a 13.10% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Anthony J. Kuczinski bought 4,000 shares of the firm’s stock in a transaction that occurred on Thursday, March 12th. The stock was bought at an average price of $9.50 per share, with a total value of $38,000.00. Following the transaction, the director directly owned 47,277 shares in the company, valued at $449,131.50. This represents a 9.24% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Corporate insiders own 16.70% of the company’s stock.

Hedge Funds Weigh In On Hagerty

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Neuberger Berman Group LLC grew its position in Hagerty by 2.8% in the 4th quarter. Neuberger Berman Group LLC now owns 8,269,620 shares of the company’s stock valued at $111,144,000 after buying an additional 221,834 shares in the last quarter. Polar Capital Holdings Plc grew its position in Hagerty by 9.4% in the 3rd quarter. Polar Capital Holdings Plc now owns 5,817,416 shares of the company’s stock valued at $70,042,000 after buying an additional 498,389 shares in the last quarter. Vanguard Group Inc. grew its position in Hagerty by 32.3% in the 3rd quarter. Vanguard Group Inc. now owns 3,456,174 shares of the company’s stock valued at $41,612,000 after buying an additional 843,433 shares in the last quarter. Greenhaven Road Investment Management L.P. lifted its holdings in Hagerty by 47.1% in 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 during the last quarter. Finally, Pembroke Management LTD lifted its holdings in Hagerty by 127.6% in the 3rd quarter. Pembroke Management LTD now owns 2,261,203 shares of the company’s stock valued at $27,225,000 after acquiring an additional 1,267,754 shares during the last quarter. Institutional investors own 20.51% of the company’s stock.

Hagerty Company Profile

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.