Hagerty, Inc. (NYSE:HGTY) Stock Rated "Moderate Buy" by Wall Street Brokerages

Key Points

• Wall Street rates Hagerty “Moderate Buy”: Four analysts recommend holding the stock, while one rates it a buy and another a strong buy. The average 12-month price target is $13.80, compared with a reported share price of $13.46.
• Quarterly results exceeded expectations: Hagerty reported an adjusted loss of $0.02 per share versus the expected loss of $0.09, while revenue reached $354.82 million, ahead of the $316.21 million consensus estimate.
• Insider ownership declined following a major sale: Major shareholder Hagerty Holding Corp. sold 1.39 million shares for approximately $15.9 million, reducing its stake by 13.04%. Institutional investors and hedge funds own 20.51% of the company.

Shares of Hagerty, Inc. (NYSE:HGTY - Get Free Report) have earned a consensus recommendation of "Moderate Buy" from the six research firms that are covering the stock, MarketBeat.com reports. Four research analysts have rated the stock with a hold recommendation, one has issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month target price among brokers that have issued a report on the stock in the last year is $13.80.

A number of brokerages have commented on HGTY. Wells Fargo & Company lifted their target price on shares of Hagerty from $11.00 to $13.00 and gave the stock an "equal weight" rating in a research note on Thursday, July 9th. Wall Street Zen raised shares of Hagerty from a "sell" rating to a "hold" rating in a research note on Saturday, July 4th. Keefe, Bruyette & Woods raised their price target on shares of Hagerty from $15.00 to $16.00 and gave the stock an "outperform" rating in a report on Tuesday, August 11th. Weiss Ratings upgraded Hagerty from a "hold (c-)" rating to a "hold (c)" rating in a report on Tuesday, August 11th. Finally, Truist Financial increased their price objective on Hagerty from $11.00 to $13.00 and gave the stock a "hold" rating in a research report on Friday, August 7th.

Insider Transactions at Hagerty

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 value of $15,914,625.00. Following the transaction, the insider owned 9,250,000 shares of the company's stock, 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 through this link. Company insiders own 3.70% of the company's stock.

Hedge Funds Weigh In On Hagerty

Large investors have recently made changes to their positions in the stock. Sequoia Financial Advisors LLC acquired a new stake in Hagerty in the 2nd quarter valued at approximately $170,000. Integrated Wealth Concepts LLC acquired a new position in Hagerty during the second quarter worth $63,000. Waverly Advisors LLC purchased a new position in shares of Hagerty during the second quarter worth $179,000. Ancora Advisors LLC purchased a new position in shares of Hagerty during the second quarter worth $28,000. Finally, Lincoln Capital LLC grew its stake in shares of Hagerty by 2.4% in the second quarter. Lincoln Capital LLC now owns 973,651 shares of the company's stock valued at $11,606,000 after buying an additional 22,999 shares in the last quarter. 20.51% of the stock is currently owned by institutional investors and hedge funds.

Hagerty Stock Up 0.0%

Shares of HGTY opened at $13.46 on Friday. Hagerty has a 52-week low of $9.36 and a 52-week high of $14.17. The company has a market capitalization of $4.63 billion, a PE ratio of 149.60 and a beta of 0.83. The stock has a fifty day simple moving average of $13.11 and a two-hundred day simple moving average of $11.70. The company has a quick ratio of 1.53, a current ratio of 1.53 and a debt-to-equity ratio of 0.33.

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

About Hagerty

Hagerty, Inc NYSE: HGTY is an automotive enthusiast company focused on protecting, valuing and celebrating collectible vehicles. Its primary business is specialty insurance for classic, vintage, exotic and other enthusiast vehicles, supported by coverage options and services designed for vehicles that may be driven less frequently or require specialized valuation.

The company also provides vehicle valuation tools, automotive media and content, membership programs, events, and enthusiast experiences.

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