Hagerty, Inc. (NYSE:HGTY) Receives Average Rating of “Moderate Buy” from Analysts

Hagerty, Inc. (NYSE:HGTY) has been assigned a consensus recommendation of “Moderate Buy” from the nine research firms that are covering the firm, Marketbeat Ratings reports. Five research analysts have rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating on the company. The average 1-year target price among analysts that have covered the stock in the last year is $14.00.

A number of equities research analysts have issued reports on HGTY shares. Wall Street Zen upgraded Hagerty from a “sell” rating to a “hold” rating in a research note on Saturday, July 4th. Truist Financial upped their price target on shares of Hagerty from $11.00 to $13.00 and gave the stock a “hold” rating in a research report on Friday, August 7th. Wells Fargo & Company increased their price objective on shares of Hagerty from $11.00 to $13.00 and gave the stock an “equal weight” rating in a report on Thursday, July 9th. Zacks Research raised shares of Hagerty from a “hold” rating to a “strong-buy” rating in a research note on Thursday, August 13th. Finally, JPMorgan Chase & Co. upped their target price on shares of Hagerty from $12.00 to $13.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 14th.

Insider Activity

In related news, CAO Kevin Delaney sold 9,440 shares of the 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 completion of the transaction, the chief accounting officer directly owned 89,610 shares of the company’s stock, valued at $1,084,281. This represents a 9.53% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 13,458 shares of company stock worth $163,227 in the last three months. Insiders own 3.70% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its stake in shares of Hagerty by 32.3% in the 3rd quarter. Vanguard Group Inc. now owns 3,456,174 shares of the company’s stock worth $41,612,000 after acquiring an additional 843,433 shares during the period. California State Teachers Retirement System increased its stake in shares of Hagerty by 1,850.5% during the second quarter. California State Teachers Retirement System now owns 651,571 shares of the company’s stock valued at $7,767,000 after acquiring an additional 618,165 shares during the period. Polar Capital Holdings Plc raised its holdings in Hagerty by 9.4% during the third quarter. Polar Capital Holdings Plc now owns 5,817,416 shares of the company’s stock worth $70,042,000 after purchasing an additional 498,389 shares in the last quarter. Woodline Partners LP acquired a new stake in Hagerty in the third quarter worth approximately $3,339,000. Finally, Neuberger Berman Group LLC lifted its position in Hagerty by 2.8% in the fourth quarter. Neuberger Berman Group LLC now owns 8,269,620 shares of the company’s stock worth $111,144,000 after purchasing an additional 221,834 shares during the period. Institutional investors and hedge funds own 20.51% of the company’s stock.

Hagerty Stock Up 0.1%

Shares of Hagerty stock opened at $13.57 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. The business’s 50 day simple moving average is $12.50 and its 200-day simple moving average is $11.34. The stock has a market capitalization of $4.66 billion, a price-to-earnings ratio of 150.78 and a beta of 0.81. Hagerty has a twelve month low of $9.36 and a twelve month high of $14.00.

Hagerty (NYSE:HGTY) last released its quarterly earnings data on Wednesday, August 5th. The company reported ($0.02) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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%. Equities research analysts forecast that Hagerty will post 0.01 earnings per share for the current year.

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.