Hagerty, Inc. (NYSE:HGTY) Receives $13.20 Average Target Price from 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 assigned an average recommendation of "Hold" from the five brokerages that are covering the firm, Marketbeat Ratings reports. One analyst has rated the stock with a sell recommendation, two have given a hold recommendation and two have given a buy recommendation to the company. The average 12 month price objective among brokerages that have updated their coverage on the stock in the last year is $13.20.

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

Insider Activity at Hagerty

In other news, major shareholder Holding Corp. Hagerty sold 8,245,000 shares of Hagerty stock in a transaction that occurred on Thursday, August 7th. The shares were sold at an average price of $8.92, for a total value of $73,545,400.00. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Robert I. Kauffman sold 1,455,000 shares of the company's stock in a transaction dated Monday, August 11th. The shares were sold at an average price of $8.92, for a total transaction of $12,978,600.00. Following the completion of the transaction, the director owned 1,721,662 shares in the company, valued at $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. Insiders have sold a total of 11,943,677 shares of company stock worth $107,753,040 in the last three months. 16.70% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. IFP Advisors Inc bought a new position in shares of Hagerty during the 2nd quarter valued at approximately $30,000. Osaic Holdings Inc. grew its holdings in Hagerty by 2,374.5% during the second quarter. Osaic Holdings Inc. now owns 4,949 shares of the company's stock worth $50,000 after acquiring an additional 4,749 shares during the period. Bank of America Corp DE grew its holdings in Hagerty by 46.6% in the second quarter. Bank of America Corp DE now owns 8,571 shares of the company's stock valued at $87,000 after purchasing an additional 2,726 shares during the period. BNP Paribas Financial Markets purchased a new position in shares of Hagerty in the fourth quarter valued at approximately $84,000. Finally, Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in Hagerty during the first quarter worth approximately $93,000. 20.51% of the stock is owned by hedge funds and other institutional investors.

Hagerty Stock Performance

HGTY stock traded down $0.47 during midday trading on Monday, reaching $12.25. The stock had a trading volume of 197,915 shares, compared to its average volume of 223,393. The firm has a fifty day simple moving average of $11.14 and a two-hundred day simple moving average of $9.99. The stock has a market cap of $4.19 billion, a PE ratio of 61.25 and a beta of 0.91. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.06 and a current ratio of 1.06. Hagerty has a 52-week low of $8.03 and a 52-week high of $13.32.

Hagerty (NYSE:HGTY - Get Free Report) last issued its earnings results 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 business had revenue of $368.70 million for 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. As a group, equities research analysts anticipate 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.