Hagerty (NYSE:HGTY) Reaches New 1-Year High - Here's What Happened

Key Points

• Hagerty, Inc. (NYSE:HGTY) reached a new 52-week high of $12.93 during trading, marking a significant rise from its previous close of $12.52.
• Analysts have mixed ratings on Hagerty with a consensus rating of "Hold" and a target price of $12.67, although some analysts, like Keefe, Bruyette & Woods, have an "outperform" rating with a price target of $14.00.
• In recent insider trading activity, Director Robert I. Kauffman sold over 38,000 shares at approximately $12.01 each, indicating a 2.96% decrease in his holdings.

Hagerty, Inc. (NYSE:HGTY - Get Free Report) hit a new 52-week high during mid-day trading on Monday . The company traded as high as $12.88 and last traded at $12.93, with a volume of 29127 shares trading hands. The stock had previously closed at $12.52.

Analyst Ratings Changes

A number of analysts have recently issued reports on HGTY shares. Keefe, Bruyette & Woods assumed coverage on shares of Hagerty in a report on Wednesday, August 27th. They set an "outperform" rating and a $14.00 price target on the stock. Evercore ISI assumed coverage on shares of Hagerty in a report on Wednesday, August 27th. They issued an "outperform" rating and a $14.00 price objective on the stock. One investment analyst has rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $12.67.

Hagerty Stock Performance

The company has a market cap of $4.34 billion, a P/E ratio of 63.53 and a beta of 0.91. The business's 50 day simple moving average is $10.83 and its 200 day simple moving average is $9.87. The company has a current ratio of 1.06, a quick ratio of 1.06 and a debt-to-equity ratio of 0.27.

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

Insider Buying and Selling

In other Hagerty news, Director Robert I. Kauffman sold 38,085 shares of the firm's stock in a transaction that occurred on Monday, September 8th. The shares were sold at an average price of $12.01, for a total transaction of $457,400.85. Following the sale, the director owned 1,250,444 shares in the company, valued at approximately $15,017,832.44. This trade represents a 2.96% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Holding Corp. Hagerty sold 1,236,750 shares of the firm's stock in a transaction that occurred on Wednesday, August 13th. The stock was sold at an average price of $8.92, for a total transaction of $11,031,810.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 11,949,069 shares of company stock worth $107,724,948. 16.70% of the stock is owned by company insiders.

Institutional Investors Weigh In On Hagerty

Several institutional investors and hedge funds have recently modified their holdings of HGTY. Neuberger Berman Group LLC raised its position in shares of Hagerty by 15.7% during the first quarter. Neuberger Berman Group LLC now owns 5,468,793 shares of the company's stock valued at $49,438,000 after buying an additional 743,597 shares during the last quarter. Greenhaven Road Investment Management L.P. raised its position in shares of Hagerty by 33.2% during the second quarter. Greenhaven Road Investment Management L.P. now owns 1,811,539 shares of the company's stock valued at $18,315,000 after buying an additional 451,033 shares during the last quarter. Garner Asset Management Corp bought a new stake in shares of Hagerty during the first quarter valued at approximately $2,909,000. Scholtz & Company LLC purchased a new position in shares of Hagerty in the second quarter valued at $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 valued at $4,753,000 after purchasing an additional 60,791 shares in the last quarter. Institutional investors own 20.51% of the company's stock.

Hagerty Company Profile

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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