Hagerty, Inc. (NYSE:HGTY) Receives Average Recommendation of "Hold" from Brokerages

Key Points

• Hagerty has a consensus analyst rating of “Hold” from nine brokerages, with five hold ratings and four buy ratings. The average 12-month price target is about $13.67.
• Recent analyst moves were mixed: Wells Fargo raised its target to $13, Keefe, Bruyette & Woods lifted its target to $15 and kept an outperform rating, while Truist cut its target to $11.
• The company reported Q1 earnings of -$0.04 per share, missing expectations, though revenue came in above forecasts at $311.83 million. Insiders have also been selling shares, including CAO Kevin M. Delaney’s recent sale.

Shares of Hagerty, Inc. (NYSE:HGTY - Get Free Report) have earned a consensus recommendation of "Hold" from the nine ratings firms that are currently covering the company, MarketBeat.com reports. Five analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The average 12-month price objective among brokerages that have covered the stock in the last year is $13.6667.

Several brokerages have recently issued reports on HGTY. Wells Fargo & Company upped their price objective on Hagerty from $11.00 to $13.00 and gave the company an "equal weight" rating in a research report on Thursday, July 9th. Truist Financial dropped their price objective on Hagerty from $13.00 to $11.00 and set a "hold" rating for the company in a research report on Monday, May 11th. Keefe, Bruyette & Woods boosted their target price on shares of Hagerty from $14.00 to $15.00 and gave the company an "outperform" rating in a research note on Wednesday, July 8th. UBS Group set a $14.00 target price on shares of Hagerty in a report on Wednesday, June 10th. Finally, Wall Street Zen raised shares of Hagerty from a "sell" rating to a "hold" rating in a research note on Saturday, July 4th.

Insider Buying and Selling at Hagerty

In related news, CAO Kevin M. Delaney sold 9,440 shares of the company's stock in a transaction that occurred on Wednesday, July 1st. The shares were sold at an average price of $12.10, for a total transaction of $114,224.00. Following the transaction, the chief accounting officer owned 89,610 shares of the company's stock, valued at approximately $1,084,281. This represents a 9.53% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 13,458 shares of company stock valued at $163,227 over the last ninety days. Insiders own 3.70% of the company's stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. raised its stake in Hagerty by 32.3% during the third quarter. Vanguard Group Inc. now owns 3,456,174 shares of the company's stock worth $41,612,000 after purchasing an additional 843,433 shares during the period. Polar Capital Holdings Plc grew its stake in shares of Hagerty by 9.4% during the 3rd quarter. Polar Capital Holdings Plc now owns 5,817,416 shares of the company's stock valued at $70,042,000 after buying an additional 498,389 shares during the period. Woodline Partners LP acquired a new stake in shares of Hagerty during the 3rd quarter worth $3,339,000. Neuberger Berman Group LLC increased its holdings in shares of Hagerty by 2.8% during the 4th quarter. Neuberger Berman Group LLC now owns 8,269,620 shares of the company's stock worth $111,144,000 after buying an additional 221,834 shares during the last quarter. Finally, Lincoln Capital LLC raised its position in shares of Hagerty by 17.0% in the 1st quarter. Lincoln Capital LLC now owns 950,652 shares of the company's stock worth $10,008,000 after buying an additional 137,794 shares during the period. 20.51% of the stock is currently owned by institutional investors and hedge funds.

Hagerty Trading Up 0.4%

Shares of HGTY opened at $11.99 on Friday. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.65 and a quick ratio of 1.65. Hagerty has a 1-year low of $8.81 and a 1-year high of $14.00. The stock has a market cap of $4.12 billion, a price-to-earnings ratio of 59.96 and a beta of 0.79. The firm has a 50 day simple moving average of $11.10 and a 200-day simple moving average of $11.35.

Hagerty (NYSE:HGTY - Get Free Report) last posted its earnings results on Wednesday, May 6th. The company reported ($0.04) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.01 by ($0.05). The company had revenue of $311.83 million during the quarter, compared to analysts' expectations of $284.88 million. Hagerty had a net margin of 5.11% and a return on equity of 11.94%. Equities analysts forecast that Hagerty will post -0.1 EPS for the current fiscal year.

Hagerty Company Profile

Hagerty is a specialized automotive lifestyle and insurance company that caters primarily to collectible car enthusiasts. Its core business centers on offering classic vehicle insurance policies designed to protect antique, vintage and specialty automobiles, motorcycles and boats. These policies typically feature agreed-value coverage, flexible usage options and access to restoration services, aligning with the unique needs of collectors and hobbyists.

Beyond insurance, Hagerty operates a comprehensive suite of community and content services under its automotive lifestyle brand.

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