Hagerty (NYSE:HGTY) Price Target Cut to $11.00 by Analysts at Truist Financial

Key Points

• Truist Financial cut Hagerty’s price target from $13.00 to $11.00 and kept a hold rating, implying about 9.4% upside from the current share price.
• Other analysts have also turned more cautious: Wall Street Zen downgraded the stock to sell, while Wells Fargo lowered its target to $11.00 and maintained an equal weight view. The broader consensus remains Hold with an average target of $13.38.
• Hagerty’s latest quarter showed a miss on earnings with EPS of -$0.04 versus expectations of $0.01, though revenue came in above estimates at $311.83 million. The company also saw mixed insider activity, with one director buying shares and another selling under a pre-arranged trading plan.

Hagerty (NYSE:HGTY - Get Free Report) had its price objective decreased by investment analysts at Truist Financial from $13.00 to $11.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm presently has a "hold" rating on the stock. Truist Financial's price objective would indicate a potential upside of 9.41% from the company's current price.

A number of other equities analysts have also recently issued reports on HGTY. Wall Street Zen cut shares of Hagerty from a "hold" rating to a "sell" rating in a research report on Saturday. Wells Fargo & Company lowered their price target on shares of Hagerty from $13.00 to $11.00 and set an "equal weight" rating for the company in a report on Thursday, April 9th. Four research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. Based on data from MarketBeat.com, Hagerty presently has a consensus rating of "Hold" and an average target price of $13.38.

Hagerty Price Performance

Shares of NYSE HGTY traded down $0.01 during midday trading on Monday, hitting $10.05. The company had a trading volume of 58,993 shares, compared to its average volume of 147,995. The company has a quick ratio of 1.65, a current ratio of 1.65 and a debt-to-equity ratio of 0.35. Hagerty has a twelve month low of $8.81 and a twelve month high of $14.00. The business has a 50-day simple moving average of $10.65 and a two-hundred day simple moving average of $11.89. The firm has a market capitalization of $3.44 billion, a price-to-earnings ratio of 50.35 and a beta of 0.83.

Hagerty (NYSE:HGTY - Get Free Report) last announced its quarterly earnings data on Wednesday, May 6th. The company reported ($0.04) EPS for the quarter, missing the consensus estimate of $0.01 by ($0.05). Hagerty had a net margin of 5.11% and a return on equity of 11.94%. The company had revenue of $311.83 million during the quarter, compared to analyst estimates of $284.88 million. Equities research analysts anticipate that Hagerty will post 0.27 earnings per share for the current year.

Insider Buying and Selling

In other Hagerty news, Director Anthony J. Kuczinski acquired 4,000 shares of the firm's stock in a transaction on Thursday, March 12th. The stock was bought at an average cost of $9.50 per share, for a total transaction of $38,000.00. Following the completion of the purchase, the director directly owned 47,277 shares in the company, valued at $449,131.50. This represents a 9.24% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Laurie Harris sold 5,531 shares of the business's stock in a transaction that occurred on Tuesday, April 7th. The stock was sold at an average price of $11.01, for a total transaction of $60,896.31. Following the sale, the director owned 36,689 shares of the company's stock, valued at approximately $403,945.89. This represents a 13.10% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 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 currently owned by insiders.

Institutional Investors Weigh In On Hagerty

Several institutional investors have recently bought and sold shares of HGTY. Neuberger Berman Group LLC grew its stake in Hagerty by 44.8% during the third quarter. Neuberger Berman Group LLC now owns 8,047,786 shares of the company's stock worth $96,895,000 after buying an additional 2,490,359 shares during the period. Pembroke Management LTD grew its stake in Hagerty by 127.6% during the third quarter. Pembroke Management LTD now owns 2,261,203 shares of the company's stock worth $27,225,000 after buying an additional 1,267,754 shares during the period. Greenhaven Road Investment Management L.P. lifted its position in shares of Hagerty by 47.1% during the third quarter. Greenhaven Road Investment Management L.P. now owns 2,664,784 shares of the company's stock worth $32,084,000 after purchasing an additional 853,245 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of 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 in the last quarter. Finally, Polar Capital Holdings Plc lifted its position in shares of Hagerty by 9.4% during the third quarter. Polar Capital Holdings Plc now owns 5,817,416 shares of the company's stock worth $70,042,000 after purchasing an additional 498,389 shares in the last quarter. 20.51% of the stock is currently owned by hedge funds and other institutional investors.

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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