Hagerty (NYSE:HGTY) Releases Earnings Results

Key Points

• Hagerty exceeded quarterly expectations: The company reported earnings of $0.10 per share versus the $0.01 consensus estimate, while revenue reached $354.24 million compared with expectations of $338.99 million.
• Shares rose to $17.04 following the results, above their 52-week high of $16.94. Hagerty’s stock trades at a high price-to-earnings ratio of 189.28, while its average analyst rating remains “Hold” with a $13.80 target price.
• A major shareholder sold 1.39 million shares for approximately $15.9 million, reducing its ownership by 13.04%; corporate insiders collectively own 3.70% of the company.

Hagerty (NYSE:HGTY - Get Free Report) posted its quarterly earnings results on Tuesday. The company reported $0.10 earnings per share for the quarter, topping analysts' consensus estimates of $0.01 by $0.09, Zacks reports. Hagerty had a net margin of 1.81% and a return on equity of 5.15%. The business had revenue of $354.24 million during the quarter, compared to analyst estimates of $338.99 million.

Hagerty Price Performance

Shares of Hagerty stock traded up $1.15 during trading on Tuesday, reaching $17.04. 59,642 shares of the stock traded hands, compared to its average volume of 226,663. The company has a market capitalization of $5.85 billion, a price-to-earnings ratio of 189.28 and a beta of 0.83. The business has a fifty day simple moving average of $14.18 and a two-hundred day simple moving average of $12.08. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.53 and a quick ratio of 1.53. Hagerty has a 52-week low of $9.36 and a 52-week high of $16.94.

Analysts Set New Price Targets

Several equities analysts have recently commented on the company. JPMorgan Chase & Co. boosted their price objective on Hagerty from $12.00 to $13.00 and gave the company a "neutral" rating in a research report on Tuesday, July 14th. Wells Fargo & Company increased their target price on Hagerty from $11.00 to $13.00 and gave the stock an "equal weight" rating in a research report on Thursday, July 9th. Truist Financial lifted their target price on Hagerty from $11.00 to $13.00 and gave the company a "hold" rating in a research note on Friday, August 7th. Weiss Ratings raised Hagerty from a "hold (c-)" rating to a "hold (c)" rating in a report on Tuesday, August 11th. Finally, Keefe, Bruyette & Woods increased their price objective on shares of Hagerty from $15.00 to $16.00 and gave the company an "outperform" rating in a report on Tuesday, August 11th. One research analyst has rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, the stock has an average rating of "Hold" and an average target price of $13.80.

Insider Activity at Hagerty

In related news, major shareholder Holding Corp. Hagerty sold 1,387,500 shares of the business's stock in a transaction dated Friday, September 11th. The stock was sold at an average price of $11.47, for a total value of $15,914,625.00. Following the sale, the insider directly owned 9,250,000 shares in the company, valued at approximately $106,097,500. The trade was a 13.04% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 3.70% of the company's stock.

Hagerty Company Profile

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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