Hagerty (NYSE:HGTY) Shares Gap Up – What’s Next?

Hagerty, Inc. (NYSE:HGTY)’s stock price gapped up prior to trading on Wednesday . The stock had previously closed at $10.23, but opened at $10.63. Hagerty shares last traded at $10.9480, with a volume of 7,843 shares.

Wall Street Analysts Forecast Growth

HGTY has been the topic of several recent analyst reports. Keefe, Bruyette & Woods restated an “outperform” rating on shares of Hagerty in a research note on Wednesday. Wells Fargo & Company dropped their price target on Hagerty from $13.00 to $11.00 and set an “equal weight” rating on the stock in a report on Thursday, April 9th. Truist Financial lowered their target price on Hagerty from $13.00 to $11.00 and set a “hold” rating on the stock in a research note on Monday, May 11th. UBS Group set a $14.00 target price on Hagerty in a research note on Wednesday. Finally, Wall Street Zen lowered Hagerty from a “hold” rating to a “sell” rating in a research note on Saturday, May 9th. Four investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Hagerty presently has an average rating of “Hold” and an average target price of $13.44.

Hagerty Stock Performance

The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.65 and a current ratio of 1.65. The business has a 50 day moving average price of $10.58 and a two-hundred day moving average price of $11.64. The company has a market cap of $3.79 billion, a P/E ratio of 55.13 and a beta of 0.82.

Hagerty (NYSE:HGTY) last released its earnings results on Wednesday, May 6th. The company reported ($0.04) earnings per share for the quarter, missing analysts’ consensus estimates of $0.01 by ($0.05). The company had revenue of $311.83 million during 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%. On average, sell-side analysts anticipate that Hagerty, Inc. will post -0.11 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Laurie Harris sold 5,531 shares of the stock in a transaction that occurred on Tuesday, April 7th. The stock was 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 of the company’s stock, valued at approximately $403,945.89. This represents a 13.10% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 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 purchased 4,000 shares of the business’s stock in a transaction that occurred on Thursday, March 12th. The stock was bought at an average price of $9.50 per share, for a total transaction of $38,000.00. Following the purchase, the director directly owned 47,277 shares in the company, valued at $449,131.50. The trade was 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.

Institutional Trading of Hagerty

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Bank of New York Mellon Corp grew its stake in shares of Hagerty by 3.1% in the 1st quarter. Bank of New York Mellon Corp now owns 39,730 shares of the company’s stock worth $418,000 after buying an additional 1,209 shares during the last quarter. EverSource Wealth Advisors LLC grew its stake in shares of Hagerty by 107.4% in the 1st quarter. EverSource Wealth Advisors LLC now owns 3,072 shares of the company’s stock worth $32,000 after buying an additional 1,591 shares during the last quarter. Swiss National Bank grew its stake in shares of Hagerty by 3.4% in the 4th quarter. Swiss National Bank now owns 79,260 shares of the company’s stock worth $1,065,000 after buying an additional 2,600 shares during the last quarter. Bank of America Corp DE grew its stake in shares of Hagerty by 46.6% in the 2nd quarter. Bank of America Corp DE now owns 8,571 shares of the company’s stock worth $87,000 after buying an additional 2,726 shares during the last quarter. Finally, Trexquant Investment LP grew its stake in shares of Hagerty by 2.6% in the 4th quarter. Trexquant Investment LP now owns 115,277 shares of the company’s stock worth $1,549,000 after buying an additional 2,872 shares during the last quarter. Hedge funds and other 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.