Hagerty, Inc. (NYSE:HGTY) Sees Significant Growth in Short Interest

Hagerty, Inc. (NYSE:HGTY) saw a significant growth in short interest in April. As of April 15th, there was short interest totaling 789,692 shares, a growth of 62.2% from the March 31st total of 486,740 shares. Approximately 0.3% of the shares of the stock are sold short. Based on an average daily trading volume, of 208,580 shares, the short-interest ratio is presently 3.8 days.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on HGTY. JPMorgan Chase & Co. boosted their price objective on shares of Hagerty from $12.00 to $13.00 and gave the stock a “neutral” rating in a research note on Wednesday, January 7th. Wells Fargo & Company reduced their price target on Hagerty from $13.00 to $11.00 and set an “equal weight” rating for the company in a report on Thursday, April 9th. Finally, Wall Street Zen lowered Hagerty from a “buy” rating to a “hold” rating in a research note on Saturday, February 14th. Four investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, Hagerty presently has an average rating of “Moderate Buy” and an average price target of $13.71.

Insider Transactions at Hagerty

In other Hagerty news, Director Anthony J. Kuczinski bought 4,000 shares of Hagerty stock in a transaction on Thursday, March 12th. The stock was purchased at an average cost of $9.50 per share, for a total transaction of $38,000.00. Following the completion of the purchase, the director directly owned 47,277 shares of the company’s stock, valued at $449,131.50. The trade was a 9.24% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Laurie Harris sold 5,531 shares of the stock in a transaction dated Tuesday, April 7th. The stock was sold at an average price of $11.01, for a total transaction of $60,896.31. Following the sale, the director owned 36,689 shares of the company’s stock, valued at $403,945.89. This trade represents a 13.10% decrease in their position. The SEC filing for this sale provides additional information. 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. 16.70% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Hagerty

Several institutional investors and hedge funds have recently bought and sold shares of the business. Osaic Holdings Inc. grew its stake in Hagerty by 2,374.5% during the second quarter. Osaic Holdings Inc. now owns 4,949 shares of the company’s stock worth $50,000 after buying an additional 4,749 shares during the last quarter. BNP Paribas Financial Markets increased its holdings in Hagerty by 165.3% during the 3rd quarter. BNP Paribas Financial Markets now owns 5,131 shares of the company’s stock valued at $62,000 after purchasing an additional 3,197 shares in the last quarter. Bank of America Corp DE raised its position in Hagerty by 46.6% in the 2nd quarter. Bank of America Corp DE now owns 8,571 shares of the company’s stock valued at $87,000 after purchasing an additional 2,726 shares during the last quarter. Los Angeles Capital Management LLC acquired a new position in Hagerty in the fourth quarter worth $98,000. Finally, Arizona State Retirement System bought a new stake in shares of Hagerty during the third quarter worth $141,000. Institutional investors own 20.51% of the company’s stock.

Hagerty Price Performance

Shares of HGTY stock traded down $0.50 during midday trading on Wednesday, reaching $10.18. 42,579 shares of the company traded hands, compared to its average volume of 148,529. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.63 and a quick ratio of 1.63. The firm has a market cap of $3.49 billion, a PE ratio of 30.82 and a beta of 0.93. Hagerty has a 1-year low of $8.67 and a 1-year high of $14.00. The firm’s 50 day simple moving average is $10.80 and its two-hundred day simple moving average is $11.95.

Hagerty (NYSE:HGTY) last posted its quarterly earnings results on Thursday, February 26th. The company reported $0.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.04 by $0.04. Hagerty had a return on equity of 16.24% and a net margin of 5.98%.The business had revenue of $388.10 million for the quarter, compared to analyst estimates of $323.93 million. On average, equities research analysts expect that Hagerty will post 0.14 EPS for the current fiscal 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.