Hagerty (NYSE:HGTY) Hits New 1-Year High – Time to Buy?

Shares of Hagerty, Inc. (NYSE:HGTY) reached a new 52-week high during trading on Monday . The stock traded as high as $13.86 and last traded at $13.7150, with a volume of 19774 shares trading hands. The stock had previously closed at $13.69.

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. JPMorgan Chase & Co. lifted their price objective on shares of Hagerty from $11.00 to $12.00 and gave the stock a “neutral” rating in a research note on Thursday, October 9th. BMO Capital Markets initiated coverage on Hagerty in a research report on Monday, September 22nd. They issued a “market perform” rating and a $13.00 price target for the company. Evercore ISI assumed coverage on Hagerty in a research note on Wednesday, August 27th. They set an “outperform” rating and a $14.00 price objective on the stock. Citizens Jmp initiated coverage on Hagerty in a research note on Wednesday, October 1st. They issued a “mkt outperform” rating and a $15.00 price objective for the company. Finally, Wall Street Zen upgraded Hagerty from a “hold” rating to a “buy” rating in a report on Saturday, November 1st. Five research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $14.00.

Hagerty Price Performance

The stock has a 50 day moving average of $12.03 and a 200-day moving average of $10.82. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.17. The stock has a market capitalization of $4.65 billion, a P/E ratio of 48.52 and a beta of 0.91.

Hagerty (NYSE:HGTY) last announced its quarterly earnings data on Tuesday, November 4th. The company reported $0.13 EPS for the quarter, beating the consensus estimate of $0.09 by $0.04. Hagerty had a return on equity of 16.85% and a net margin of 5.85%.The company had revenue of $359.01 million for the quarter, compared to the consensus estimate of $354.36 million. Hagerty has set its FY 2025 guidance at EPS. On average, equities research analysts anticipate that Hagerty, Inc. will post 0.22 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Robert I. Kauffman sold 55,524 shares of Hagerty stock in a transaction dated Tuesday, October 14th. The shares were sold at an average price of $12.16, for a total transaction of $675,171.84. Following the completion of the sale, the director owned 1,023,525 shares in the company, valued at $12,446,064. This trade represents a 5.15% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Over the last quarter, insiders have sold 478,821 shares of company stock valued at $5,617,474. Company insiders own 16.70% of the company’s stock.

Hedge Funds Weigh In On Hagerty

A number of hedge funds have recently added to or reduced their stakes in the stock. Corton Capital Inc. bought a new stake in shares of Hagerty during the second quarter valued at approximately $273,000. Neuberger Berman Group LLC grew its stake in Hagerty by 15.7% in the first quarter. Neuberger Berman Group LLC now owns 5,468,793 shares of the company’s stock worth $49,438,000 after purchasing an additional 743,597 shares in the last quarter. IFP Advisors Inc purchased a new position in Hagerty during the 2nd quarter worth $30,000. Lincoln Capital LLC increased its holdings in Hagerty by 9.4% during the 2nd quarter. Lincoln Capital LLC now owns 607,309 shares of the company’s stock worth $6,140,000 after purchasing an additional 52,023 shares during the period. Finally, Greenhaven Road Investment Management L.P. raised its position in Hagerty by 10.1% during the 1st quarter. Greenhaven Road Investment Management L.P. now owns 1,360,506 shares of the company’s stock valued at $12,299,000 after purchasing an additional 124,336 shares in the last quarter. 20.51% of the stock is currently owned by institutional investors.

Hagerty Company Profile

Hagerty, Inc provides insurance agency services worldwide. It offers motor vehicle and boat insurance products; and reinsurance products. The company provides Hagerty Media, which publishes contents through the Hagerty Drivers Club Magazine (HDC), video content, and social media channels; HDC that offers subscription based products and services, including HDC Magazine, automotive enthusiast events, proprietary vehicle valuation tools, emergency roadside services, and special vehicle-related discounts.