Hagerty (NYSE:HGTY) Sets New 52-Week High – Time to Buy?

Shares of Hagerty, Inc. (NYSE:HGTY) hit a new 52-week high on Tuesday. The stock traded as high as $15.57 and last traded at $15.54, with a volume of 245,664 shares. The stock had previously closed at $15.30.

Analyst Ratings Changes

A number of research firms have recently weighed in on HGTY. Wells Fargo & Company raised their price target on Hagerty from $11.00 to $13.00 and gave the stock an “equal weight” rating in a research note on Thursday, July 9th. Wall Street Zen raised Hagerty from a “sell” rating to a “hold” rating in a research note on Saturday, July 4th. Truist Financial boosted their price target on Hagerty from $11.00 to $13.00 and gave the company a “hold” rating in a research note on Friday, August 7th. Weiss Ratings upgraded Hagerty from a “hold (c-)” rating to a “hold (c)” rating in a report on Tuesday, August 11th. Finally, Zacks Research raised shares of Hagerty from a “hold” rating to a “strong-buy” rating in a research report on Thursday, August 13th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat, Hagerty has a consensus rating of “Moderate Buy” and an average price target of $13.80.

Hagerty Trading Up 1.6%

The company has a fifty day simple moving average of $13.65 and a two-hundred day simple moving average of $12.04. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.53 and a quick ratio of 1.53. The company has a market capitalization of $5.34 billion, a P/E ratio of 172.67 and a beta of 0.83.

Hagerty (NYSE:HGTY) last announced its quarterly earnings results on Wednesday, August 5th. The company reported ($0.02) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.07. Hagerty had a return on equity of 5.15% and a net margin of 1.81%. The company had revenue of $354.82 million during the quarter, compared to analysts’ expectations of $316.21 million. On average, analysts forecast that Hagerty, Inc. will post 0.01 earnings per share for the current fiscal year.

Insider Activity

In related news, major shareholder Holding Corp. Hagerty sold 1,387,500 shares of the firm’s stock in a transaction on 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 transaction, the insider directly owned 9,250,000 shares in the company, valued at approximately $106,097,500. This trade represents a 13.04% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 3.70% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. State of Alaska Department of Revenue acquired a new position in Hagerty during the 3rd quarter worth $55,000. Lincoln Capital LLC grew its holdings in shares of Hagerty by 38.7% during the 3rd quarter. Lincoln Capital LLC now owns 1,350,809 shares of the company’s stock worth $18,209,000 after purchasing an additional 377,158 shares in the last quarter. Sequoia Financial Advisors LLC acquired a new stake in Hagerty during the second quarter worth $170,000. Integrated Wealth Concepts LLC bought a new stake in Hagerty in the second quarter valued at about $63,000. Finally, Waverly Advisors LLC bought a new stake in shares of Hagerty in the 2nd quarter valued at approximately $179,000. Institutional investors own 20.51% of the company’s stock.

About Hagerty

Hagerty, Inc is an automotive lifestyle and insurance company focused on enthusiasts and owners of classic, collector and specialty vehicles. The company provides insurance brokerage and related services designed for collector vehicles, with coverage generally underwritten by third-party insurance carriers.

In addition to insurance, Hagerty offers vehicle valuation and pricing information, membership programs, editorial content, events and enthusiast-focused digital services. Its offerings include Hagerty Drivers Club, Hagerty Valuations and Hagerty Marketplace, which connects buyers and sellers of collectible vehicles.