Hagerty, Inc. (NYSE:HGTY) Stock Has Consensus Price Target of $13.80

Key Points

• Analysts maintain a “Hold” consensus on Hagerty, with five hold ratings and one buy; the average 12-month price target is $13.80.
• Hagerty shares opened at $15.94, near their 52-week high of $15.98 and above the consensus target. The stock has a market capitalization of $5.48 billion and a price-to-earnings ratio of 177.11.
• The company exceeded quarterly expectations, reporting a loss of $0.02 per share versus the projected $0.09 loss and revenue of $354.82 million versus the $316.21 million estimate. A major shareholder separately sold 1.39 million shares for approximately $15.9 million.

Hagerty, Inc. (NYSE:HGTY - Get Free Report) has been assigned a consensus rating of "Hold" from the six brokerages that are covering the firm, Marketbeat.com reports. Five investment analysts have rated the stock with a hold recommendation and one has given a buy recommendation to the company. The average 1 year price target among analysts that have covered the stock in the last year is $13.80.

Several research analysts have weighed in on HGTY shares. Wall Street Zen raised shares of Hagerty from a "sell" rating to a "hold" rating in a research note on Saturday, July 4th. Wells Fargo & Company boosted their price target on shares of Hagerty from $11.00 to $13.00 and gave the company an "equal weight" rating in a research note on Thursday, July 9th. JPMorgan Chase & Co. boosted 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 Tuesday, July 14th. Zacks Research lowered shares of Hagerty from a "strong-buy" rating to a "hold" rating in a report on Monday, October 19th. Finally, Truist Financial increased their price objective on shares of Hagerty from $11.00 to $13.00 and gave the stock a "hold" rating in a research report on Friday, August 7th.

Insider Buying and Selling at Hagerty

In related news, major shareholder Holding Corp. Hagerty sold 1,387,500 shares of the firm's stock in a transaction dated Friday, September 11th. The stock was sold at an average price of $11.47, for a total transaction of $15,914,625.00. Following the completion of the transaction, the insider directly owned 9,250,000 shares in the company, valued at $106,097,500. This trade represents a 13.04% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 3.70% of the company's stock.

Institutional Trading of Hagerty

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Lincoln Capital LLC lifted its position in shares of Hagerty by 38.7% during the third 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. Dimensional Fund Advisors LP boosted its stake in shares of Hagerty by 49.5% in the first quarter. Dimensional Fund Advisors LP now owns 271,346 shares of the company's stock valued at $2,857,000 after purchasing an additional 89,898 shares during the period. Renaissance Technologies LLC grew its holdings in shares of Hagerty by 79.2% in the first quarter. Renaissance Technologies LLC now owns 157,668 shares of the company's stock valued at $1,660,000 after purchasing an additional 69,700 shares in the last quarter. Waverly Advisors LLC acquired a new position in shares of Hagerty in the second quarter valued at approximately $179,000. Finally, Sequoia Financial Advisors LLC acquired a new position in shares of Hagerty in the second quarter valued at approximately $170,000. 20.51% of the stock is currently owned by hedge funds and other institutional investors.

Hagerty Trading Up 2.3%

HGTY opened at $15.94 on Tuesday. The stock has a market capitalization of $5.48 billion, a PE ratio of 177.11 and a beta of 0.83. Hagerty has a one year low of $9.36 and a one year high of $15.98. 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 business's 50 day moving average price is $13.92 and its 200 day moving average price is $12.01.

Hagerty (NYSE:HGTY - Get Free Report) last posted its earnings results on Wednesday, August 5th. The company reported ($0.02) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.09) by $0.07. The company had revenue of $354.82 million during the quarter, compared to analysts' expectations of $316.21 million. Hagerty had a return on equity of 5.15% and a net margin of 1.81%. As a group, equities research analysts expect that Hagerty will post 0.01 EPS for the current year.

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.

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