Hagerty, Inc. (NYSE:HGTY) Receives $13.44 Consensus Target Price from Brokerages

Shares of Hagerty, Inc. (NYSE:HGTY) have been assigned an average rating of “Hold” from the nine analysts that are presently covering the company, MarketBeat reports. Five research analysts have rated the stock with a hold rating and four have given a buy rating to the company. The average 12-month price target among brokers that have issued ratings on the stock in the last year is $13.4444.

A number of equities research analysts have recently weighed in on the stock. Wells Fargo & Company dropped their price objective on shares of Hagerty from $13.00 to $11.00 and set an “equal weight” rating on the stock in a report on Thursday, April 9th. UBS Group set a $14.00 price objective on shares of Hagerty in a report on Wednesday, June 10th. Truist Financial lowered their price target on shares of Hagerty from $13.00 to $11.00 and set a “hold” rating on the stock in a report on Monday, May 11th. Keefe, Bruyette & Woods reaffirmed an “outperform” rating on shares of Hagerty in a report on Wednesday, June 10th. Finally, Weiss Ratings raised shares of Hagerty from a “sell (d+)” rating to a “hold (c-)” rating in a report on Wednesday, June 17th.

Hagerty Price Performance

Shares of HGTY opened at $11.92 on Wednesday. The firm has a market capitalization of $4.09 billion, a PE ratio of 59.60 and a beta of 0.82. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.65 and a quick ratio of 1.65. Hagerty has a 1-year low of $8.81 and a 1-year high of $14.00. The company’s fifty day moving average price is $10.65 and its 200-day moving average price is $11.44.

Hagerty (NYSE:HGTY) last announced its quarterly earnings data 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 for the quarter, compared to analysts’ expectations of $284.88 million. Hagerty had a net margin of 5.11% and a return on equity of 11.94%. On average, equities research analysts predict that Hagerty will post -0.1 EPS for the current year.

Insider Buying and Selling

In other Hagerty news, Director Laurie Harris sold 5,531 shares of the company’s stock in a transaction on Tuesday, April 7th. The shares were sold at an average price of $11.01, for a total value of $60,896.31. Following the sale, the director directly owned 36,689 shares of the company’s stock, valued at approximately $403,945.89. This represents a 13.10% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 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. Insiders own 3.70% of the company’s stock.

Institutional Investors Weigh In On Hagerty

Several hedge funds have recently added to or reduced their stakes in the business. Bank of New York Mellon Corp boosted its holdings in Hagerty by 3.1% in the first quarter. Bank of New York Mellon Corp now owns 39,730 shares of the company’s stock valued at $418,000 after purchasing an additional 1,209 shares during the last quarter. EverSource Wealth Advisors LLC boosted its holdings in Hagerty by 107.4% in the first quarter. EverSource Wealth Advisors LLC now owns 3,072 shares of the company’s stock valued at $32,000 after purchasing an additional 1,591 shares during the last quarter. Swiss National Bank boosted its holdings in Hagerty by 3.4% in the fourth quarter. Swiss National Bank now owns 79,260 shares of the company’s stock valued at $1,065,000 after purchasing an additional 2,600 shares during the last quarter. Bank of America Corp DE raised its position in shares of Hagerty by 46.6% in the second quarter. Bank of America Corp DE now owns 8,571 shares of the company’s stock worth $87,000 after acquiring an additional 2,726 shares during the period. Finally, Trexquant Investment LP raised its position in shares of Hagerty by 2.6% in the fourth quarter. Trexquant Investment LP now owns 115,277 shares of the company’s stock worth $1,549,000 after acquiring an additional 2,872 shares during the period. 20.51% of the stock is owned by hedge funds and other institutional investors.

About Hagerty

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.