Hagerty (NYSE:HGTY) Shares Gap Up – Should You Buy?

Hagerty, Inc. (NYSE:HGTY)’s share price gapped up prior to trading on Thursday . The stock had previously closed at $10.82, but opened at $11.21. Hagerty shares last traded at $10.87, with a volume of 21,340 shares trading hands.

Analyst Ratings Changes

A number of brokerages have issued reports on HGTY. Keefe, Bruyette & Woods increased their price target on Hagerty from $14.00 to $15.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 12th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Hagerty in a research note on Monday, December 29th. Wall Street Zen lowered Hagerty from a “buy” rating to a “hold” rating in a research report on Saturday, February 14th. Finally, JPMorgan Chase & Co. lifted their price target on shares of Hagerty from $12.00 to $13.00 and gave the company a “neutral” rating in a research note on Wednesday, January 7th. Four investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $14.00.

Hagerty Stock Performance

The stock has a market cap of $3.50 billion, a price-to-earnings ratio of 31.03 and a beta of 0.90. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.63 and a quick ratio of 1.00. The firm has a fifty day moving average of $12.31 and a 200 day moving average of $12.27.

Hagerty (NYSE:HGTY) last released its quarterly earnings data on Thursday, February 26th. The company reported $0.08 earnings per share for the quarter, topping analysts’ consensus estimates of $0.04 by $0.04. Hagerty had a return on equity of 16.24% and a net margin of 5.98%.The company had revenue of $388.10 million for the quarter, compared to analyst estimates of $323.93 million. As a group, sell-side analysts forecast that Hagerty, Inc. will post 0.22 EPS for the current year.

Insider Activity

In related news, insider Kenneth Ahn sold 50,000 shares of the company’s stock in a transaction dated Monday, January 26th. The shares were sold at an average price of $12.41, for a total value of $620,500.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders have sold a total of 351,350 shares of company stock valued at $4,474,572 over the last ninety days. Corporate insiders own 16.70% of the company’s stock.

Institutional Trading of Hagerty

Hedge funds have recently made changes to their positions in the company. Garner Asset Management Corp purchased a new stake in shares of Hagerty during the 3rd quarter valued at approximately $3,393,000. Pembroke Management LTD grew its position in Hagerty by 127.6% in the third quarter. Pembroke Management LTD now owns 2,261,203 shares of the company’s stock worth $27,225,000 after acquiring an additional 1,267,754 shares during the period. Lincoln Capital LLC increased its stake in Hagerty by 29.7% during the third quarter. Lincoln Capital LLC now owns 787,387 shares of the company’s stock worth $9,441,000 after acquiring an additional 180,078 shares during the last quarter. Neuberger Berman Group LLC raised its position in Hagerty by 1.6% in the second quarter. Neuberger Berman Group LLC now owns 5,557,427 shares of the company’s stock valued at $56,186,000 after purchasing an additional 88,634 shares during the period. Finally, Greenhaven Road Investment Management L.P. raised its position in Hagerty by 33.2% in the second quarter. Greenhaven Road Investment Management L.P. now owns 1,811,539 shares of the company’s stock valued at $18,315,000 after purchasing an additional 451,033 shares during the period. Hedge funds and other institutional investors own 20.51% of the company’s stock.

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.