Hagerty, Inc. (NYSE:HGTY) Short Interest Up 62.2% in April

Key Points

• Short interest jumped 62.2% — as of April 15 short interest rose to 789,692 shares (up from 486,740 on March 31), about 0.3% of the stock and a days-to-cover of 3.8.
• Analyst picture is mixed but consensus is "Moderate Buy" — four Buy and four Hold ratings yield a consensus price target of $13.71, amid recent downgrades and target changes from firms including Wells Fargo and JPMorgan.
• Insiders and institutions active — a director bought 4,000 shares while another sold 5,531 under a 10b5‑1 plan, and institutions (notably Neuberger Berman) have materially increased holdings; institutional ownership is ~20.5% and insiders ~16.7%.

Hagerty, Inc. (NYSE:HGTY - Get Free Report) was the recipient of a large growth in short interest during the month of April. As of April 15th, there was short interest totaling 789,692 shares, a growth of 62.2% from the March 31st total of 486,740 shares. Approximately 0.3% of the company's stock are short sold. Based on an average daily volume of 208,580 shares, the days-to-cover ratio is currently 3.8 days.

Wall Street Analysts Forecast Growth

HGTY has been the subject of several recent analyst reports. Wall Street Zen downgraded shares of Hagerty from a "buy" rating to a "hold" rating in a research note on Saturday, February 14th. JPMorgan Chase & Co. raised their target price on shares of Hagerty from $12.00 to $13.00 and gave the company a "neutral" rating in a research note on Wednesday, January 7th. Weiss Ratings restated a "hold (c+)" rating on shares of Hagerty in a research note on Monday, December 29th. Finally, Wells Fargo & Company lowered their target price on shares of Hagerty from $13.00 to $11.00 and set an "equal weight" rating for the company in a research note on Thursday, April 9th. Four research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, Hagerty has a consensus rating of "Moderate Buy" and a consensus price target of $13.71.

Hagerty Stock Performance

Shares of Hagerty stock traded up $0.05 during trading on Monday, hitting $10.75. 95,817 shares of the company's stock were exchanged, compared to its average volume of 154,125. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.63 and a current ratio of 1.63. The business has a 50-day simple moving average of $10.83 and a 200-day simple moving average of $11.96. Hagerty has a 52-week low of $8.57 and a 52-week high of $14.00. The stock has a market capitalization of $3.68 billion, a price-to-earnings ratio of 32.57 and a beta of 0.93.

Hagerty (NYSE:HGTY - Get Free Report) last issued its earnings results on Thursday, February 26th. The company reported $0.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.04 by $0.04. Hagerty had a net margin of 5.98% and a return on equity of 16.24%. The firm had revenue of $388.10 million during the quarter, compared to analysts' expectations of $323.93 million. On average, research analysts forecast that Hagerty will post 0.14 EPS for the current year.

Insider Transactions at Hagerty

In other news, Director Anthony J. Kuczinski bought 4,000 shares of Hagerty stock in a transaction on Thursday, March 12th. The stock was acquired at an average cost of $9.50 per share, for a total transaction of $38,000.00. Following the completion of the acquisition, the director owned 47,277 shares of the company's stock, valued at $449,131.50. This trade represents a 9.24% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Laurie Harris sold 5,531 shares of the business's stock in a transaction dated Tuesday, April 7th. The stock was sold at an average price of $11.01, for a total transaction of $60,896.31. Following the completion of the transaction, the director owned 36,689 shares of the company's stock, valued at $403,945.89. This represents a 13.10% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 16.70% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Neuberger Berman Group LLC increased its holdings in Hagerty by 44.8% in the third quarter. Neuberger Berman Group LLC now owns 8,047,786 shares of the company's stock valued at $96,895,000 after buying an additional 2,490,359 shares in the last quarter. Garner Asset Management Corp purchased a new position in Hagerty in the third quarter valued at $3,393,000. Pembroke Management LTD increased its holdings in Hagerty by 127.6% in the third quarter. Pembroke Management LTD now owns 2,261,203 shares of the company's stock valued at $27,225,000 after buying an additional 1,267,754 shares in the last quarter. Lincoln Capital LLC increased its holdings in Hagerty by 29.7% in the third quarter. Lincoln Capital LLC now owns 787,387 shares of the company's stock valued at $9,441,000 after buying an additional 180,078 shares in the last quarter. Finally, Greenhaven Road Investment Management L.P. increased its holdings in Hagerty by 47.1% in the third quarter. Greenhaven Road Investment Management L.P. now owns 2,664,784 shares of the company's stock valued at $32,084,000 after buying an additional 853,245 shares in the last quarter. Hedge funds and other institutional investors own 20.51% of the company's stock.

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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