Hagerty (NYSE:HGTY) Sets New 1-Year High – What’s Next?

Hagerty, Inc. (NYSE:HGTY) reached a new 52-week high during mid-day trading on Thursday. The stock traded as high as $14.23 and last traded at $14.19, with a volume of 182836 shares. The stock had previously closed at $13.93.

Analysts Set New Price Targets

Several equities research analysts have weighed in on HGTY shares. Wall Street Zen upgraded Hagerty from a “sell” rating to a “hold” rating in a report on Saturday, July 4th. Keefe, Bruyette & Woods raised their price target on Hagerty from $15.00 to $16.00 and gave the stock an “outperform” rating in a research note on Tuesday, August 11th. UBS Group set a $14.00 price target on shares of Hagerty in a report on Wednesday, June 10th. Truist Financial upped their price objective on shares of Hagerty from $11.00 to $13.00 and gave the stock a “hold” rating in a report on Friday, August 7th. Finally, Weiss Ratings raised shares of Hagerty from a “hold (c-)” rating to a “hold (c)” rating in a research report on Tuesday, August 11th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $13.80.

Hagerty Trading Up 2.0%

The company has a market cap of $4.88 billion, a PE ratio of 157.94 and a beta of 0.83. 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 stock has a 50 day moving average price of $13.27 and a 200 day moving average price of $11.79.

Hagerty (NYSE:HGTY) last issued its quarterly earnings results on Wednesday, August 5th. The company reported ($0.02) earnings per share for the quarter, topping the consensus estimate of ($0.09) by $0.07. The company 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%. Sell-side analysts predict that Hagerty, Inc. will post 0.01 EPS for the current fiscal year.

Insider Buying and Selling at Hagerty

In related news, major shareholder Holding Corp. Hagerty sold 1,387,500 shares of the stock in a transaction dated 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 transaction, 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 position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 3.70% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Hagerty

Several hedge funds have recently bought and sold shares of HGTY. Lincoln Capital LLC boosted its position in shares of Hagerty by 2.4% in the 2nd quarter. Lincoln Capital LLC now owns 973,651 shares of the company’s stock worth $11,606,000 after purchasing an additional 22,999 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in Hagerty by 49.5% during the first quarter. Dimensional Fund Advisors LP now owns 271,346 shares of the company’s stock valued at $2,857,000 after buying an additional 89,898 shares during the last quarter. Renaissance Technologies LLC boosted its holdings in Hagerty by 79.2% in the first quarter. Renaissance Technologies LLC now owns 157,668 shares of the company’s stock worth $1,660,000 after acquiring an additional 69,700 shares in the last quarter. Bristlecone Value Partners LLC bought a new stake in Hagerty in the fourth quarter worth $779,000. Finally, E. Ohman J or Asset Management AB purchased a new stake in shares of Hagerty in the first quarter worth $481,000. Institutional investors own 20.51% of the company’s stock.

Hagerty Company Profile

Hagerty, Inc (NYSE: HGTY) is an automotive enthusiast company focused on protecting, valuing and celebrating collectible vehicles. Its primary business is specialty insurance for classic, vintage, exotic and other enthusiast vehicles, supported by coverage options and services designed for vehicles that may be driven less frequently or require specialized valuation.

The company also provides vehicle valuation tools, automotive media and content, membership programs, events, and enthusiast experiences.