Hagerty (NYSE:HGTY) Reaches New 52-Week High - Here's Why

Key Points

• Hagerty, Inc. shares reached a new 52-week high of $12.06, closing the day at $11.95 with a trading volume of 30,926 shares.
• Wall Street analysts have issued an "outperform" rating with a target price of $14.00, while the consensus rating stands at "Hold" with a price target of $12.67.
• Hagerty reported earnings of $0.13 per share for the last quarter, exceeding expectations, and achieved a revenue of $368.70 million, above the forecasted $347.15 million.

Shares of Hagerty, Inc. (NYSE:HGTY - Get Free Report) reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $12.06 and last traded at $11.95, with a volume of 30926 shares trading hands. The stock had previously closed at $11.78.

Wall Street Analysts Forecast Growth

HGTY has been the topic of a number of research reports. Evercore ISI assumed coverage on Hagerty in a research note on Wednesday, August 27th. They issued an "outperform" rating and a $14.00 price target on the stock. Keefe, Bruyette & Woods initiated coverage on Hagerty in a report on Wednesday, August 27th. They issued an "outperform" rating and a $14.00 target price on the stock. One equities research analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, Hagerty presently has a consensus rating of "Hold" and a consensus target price of $12.67.

Hagerty Stock Up 1.8%

The company has a quick ratio of 1.06, a current ratio of 1.06 and a debt-to-equity ratio of 0.27. The company has a fifty day moving average price of $10.61 and a 200-day moving average price of $9.79. The stock has a market capitalization of $4.10 billion, a P/E ratio of 59.98 and a beta of 0.91.

Hagerty (NYSE:HGTY - Get Free Report) last issued its earnings results on Monday, August 4th. The company reported $0.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.11 by $0.02. Hagerty had a return on equity of 13.76% and a net margin of 4.88%.The firm 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. As a group, research analysts forecast that Hagerty, Inc. will post 0.22 EPS for the current fiscal year.

Insider Activity at Hagerty

In other Hagerty news, major shareholder Holding Corp. Hagerty sold 1,236,750 shares of the business'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 sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Robert I. Kauffman sold 28,736 shares of the business's stock in a transaction that occurred on Thursday, August 28th. The stock was sold at an average price of $11.21, for a total value of $322,130.56. Following the sale, the director directly owned 1,415,023 shares in the company, valued at $15,862,407.83. The trade was a 1.99% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 11,918,921 shares of company stock worth $107,343,502 over the last three months. 16.70% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of HGTY. IFP Advisors Inc purchased a new position in shares of Hagerty during the second quarter valued at approximately $30,000. Osaic Holdings Inc. boosted its holdings in shares of Hagerty by 2,374.5% in the second quarter. Osaic Holdings Inc. now owns 4,949 shares of the company's stock valued at $50,000 after purchasing an additional 4,749 shares during the period. BNP Paribas Financial Markets purchased a new stake in shares of Hagerty in the fourth quarter valued at approximately $84,000. Bank of America Corp DE boosted its holdings in shares of 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. Finally, Universal Beteiligungs und Servicegesellschaft mbH bought a new position in Hagerty in the first quarter worth approximately $93,000. Hedge funds and other institutional investors own 20.51% of the company's stock.

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.

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