Hagerty (NYSE:HGTY) Reaches New 12-Month High on Strong Earnings

Hagerty, Inc. (NYSE:HGTY)’s stock price reached a new 52-week high during mid-day trading on Tuesday after the company announced better than expected quarterly earnings. The stock traded as high as $16.70 and last traded at $16.6480, with a volume of 20,213 shares traded. The stock had previously closed at $15.89.

The company reported $0.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.01 by $0.09. Hagerty had a return on equity of 5.15% and a net margin of 1.81%. The firm had revenue of $354.24 million during the quarter, compared to analyst estimates of $338.99 million.

Analyst Ratings Changes

A number of analysts recently weighed in on the company. JPMorgan Chase & Co. boosted their target price on Hagerty from $12.00 to $13.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 14th. Weiss Ratings raised Hagerty from a “hold (c-)” rating to a “hold (c)” rating in a research note on Tuesday, August 11th. Keefe, Bruyette & Woods increased their price target on shares of Hagerty from $15.00 to $16.00 and gave the company an “outperform” rating in a research report on Tuesday, August 11th. Zacks Research cut shares of Hagerty from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 19th. Finally, Truist Financial lifted their price target on shares of Hagerty from $11.00 to $13.00 and gave the stock a “hold” rating in a research note on Friday, August 7th. One analyst has rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat.com, Hagerty currently has a consensus rating of “Hold” and an average target price of $13.80.

Insiders Place Their Bets

In other Hagerty news, major shareholder Holding Corp. Hagerty sold 1,387,500 shares of the company’s stock in a transaction dated Friday, September 11th. The shares were sold at an average price of $11.47, for a total transaction of $15,914,625.00. Following the completion of the sale, the insider directly owned 9,250,000 shares in the company, valued at $106,097,500. This represents a 13.04% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 3.70% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Ancora Advisors LLC purchased a new position in shares of Hagerty in the second quarter worth about $28,000. EverSource Wealth Advisors LLC lifted 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 valued at $32,000 after acquiring an additional 1,591 shares during the last quarter. State of Alaska Department of Revenue purchased a new stake in Hagerty during the 3rd quarter valued at about $55,000. Integrated Wealth Concepts LLC purchased a new stake in Hagerty during the 2nd quarter valued at about $63,000. Finally, Vise Technologies Inc. purchased a new stake in Hagerty during the 3rd quarter valued at about $139,000. 20.51% of the stock is owned by institutional investors.

Hagerty Trading Up 5.6%

The firm has a 50-day moving average of $14.18 and a 200-day moving average of $12.08. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.53 and a current ratio of 1.53. The firm has a market capitalization of $5.77 billion, a P/E ratio of 186.50 and a beta of 0.83.

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.