Hagerty, Inc. (NYSE:HGTY) Given Consensus Rating of "Hold" by Analysts

Key Points

• Hagerty, Inc. (NYSE:HGTY) received a consensus rating of "Hold" from analysts, with a target price averaging $13.20 among brokerages.
• Major shareholder Holding Corp. Hagerty sold over 8 million shares recently, raising concerns about insider selling dynamics, as insiders have sold a total of nearly 12 million shares worth over $107 million in the last ninety days.
• The company's recent financial performance exceeded expectations, reporting earnings per share of $0.13 against an estimate of $0.11, highlighting a revenue of $368.7 million for the quarter.

Hagerty, Inc. (NYSE:HGTY - Get Free Report) has been given an average rating of "Hold" by the five brokerages that are presently covering the company, MarketBeat reports. One research analyst has rated the stock with a sell rating, two have given a hold rating and two have issued a buy rating on the company. The average 1-year target price among brokers that have covered the stock in the last year is $13.20.

HGTY has been the subject of a number of research reports. Oppenheimer initiated coverage on Hagerty in a research note on Wednesday, September 17th. They set an "outperform" rating and a $15.00 target price on the stock. Keefe, Bruyette & Woods initiated coverage on Hagerty in a research report on Wednesday, August 27th. They issued an "outperform" rating and a $14.00 target price on the stock. Evercore ISI assumed coverage on Hagerty in a report on Wednesday, August 27th. They issued an "outperform" rating and a $14.00 target price for the company. Finally, BMO Capital Markets began coverage on Hagerty in a report on Monday. They set a "market perform" rating and a $13.00 target price on the stock.

Insider Buying and Selling

In other news, major shareholder Holding Corp. Hagerty sold 8,245,000 shares of the business's stock in a transaction dated Thursday, August 7th. The shares were sold at an average price of $8.92, for a total transaction of $73,545,400.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Robert I. Kauffman sold 1,455,000 shares of the firm's stock in a transaction on Monday, August 11th. The shares were sold at an average price of $8.92, for a total value of $12,978,600.00. Following the transaction, the director owned 1,721,662 shares in the company, valued at approximately $15,357,225.04. This trade represents a 45.80% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 11,943,677 shares of company stock worth $107,753,040. 16.70% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Neuberger Berman Group LLC raised its holdings in Hagerty by 15.7% during the 1st quarter. Neuberger Berman Group LLC now owns 5,468,793 shares of the company's stock valued at $49,438,000 after acquiring an additional 743,597 shares during the period. Greenhaven Road Investment Management L.P. boosted its stake 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 worth $18,315,000 after buying an additional 451,033 shares in the last quarter. Garner Asset Management Corp purchased a new position in Hagerty in the 1st quarter worth $2,909,000. Scholtz & Company LLC bought a new stake in shares of Hagerty in the 2nd quarter valued at about $2,429,000. Finally, Lincoln Capital LLC grew its holdings in shares of Hagerty by 12.3% in the first quarter. Lincoln Capital LLC now owns 555,286 shares of the company's stock worth $4,753,000 after purchasing an additional 60,791 shares during the last quarter. Hedge funds and other institutional investors own 20.51% of the company's stock.

Hagerty Trading Down 1.7%

Shares of NYSE HGTY opened at $12.76 on Monday. Hagerty has a twelve month low of $8.03 and a twelve month high of $13.32. The company's fifty day moving average is $11.10 and its 200-day moving average is $9.97. The stock has a market cap of $4.36 billion, a price-to-earnings ratio of 63.80 and a beta of 0.91. The company has a quick ratio of 1.06, a current ratio of 1.06 and a debt-to-equity ratio of 0.27.

Hagerty (NYSE:HGTY - Get Free Report) last posted its quarterly earnings data on Monday, August 4th. The company reported $0.13 earnings per share for the quarter, topping the consensus estimate of $0.11 by $0.02. The company had revenue of $368.70 million during the quarter, compared to analysts' expectations of $347.15 million. Hagerty had a return on equity of 13.76% and a net margin of 4.88%. Hagerty has set its FY 2025 guidance at EPS. Equities research analysts predict that Hagerty will post 0.22 EPS for the current year.

About Hagerty

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.

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