Hagerty (NYSE:HGTY) Reaches New 12-Month 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.

Hagerty, Inc. (NYSE:HGTY - Get Free Report)'s stock price hit a new 52-week high on Monday . The company traded as high as $12.06 and last traded at $11.95, with a volume of 30926 shares. The stock had previously closed at $11.78.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on HGTY shares. Evercore ISI started coverage on Hagerty in a research report on Wednesday, August 27th. They issued an "outperform" rating and a $14.00 price target for the company. Keefe, Bruyette & Woods started coverage on Hagerty in a research report on Wednesday, August 27th. They issued an "outperform" rating and a $14.00 price target for the company. One 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. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $12.67.

Hagerty Stock Up 0.2%

The company has a debt-to-equity ratio of 0.27, a current ratio of 1.06 and a quick ratio of 1.06. The stock has a market capitalization of $4.28 billion, a P/E ratio of 62.63 and a beta of 0.91. The firm has a 50 day moving average of $10.83 and a 200-day moving average of $9.88.

Hagerty (NYSE:HGTY - Get Free Report) last issued its quarterly earnings results on Monday, August 4th. The company reported $0.13 earnings per share (EPS) for the quarter, beating 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 analyst estimates of $347.15 million. Hagerty has set its FY 2025 guidance at EPS. On average, equities research analysts expect that Hagerty, Inc. will post 0.22 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Robert I. Kauffman sold 1,455,000 shares of the business's stock in a transaction dated Monday, August 11th. The stock was sold at an average price of $8.92, for a total transaction of $12,978,600.00. Following the transaction, the director directly owned 1,721,662 shares in the company, valued at $15,357,225.04. The trade was a 45.80% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, major shareholder Holding Corp. Hagerty sold 8,245,000 shares of the business's stock in a transaction dated Thursday, August 7th. The shares were sold at an average price of $8.92, for a total value of $73,545,400.00. The disclosure for this sale can be found here. Insiders have sold 11,953,079 shares of company stock worth $107,763,203 over the last 90 days. Corporate insiders own 16.70% of the company's stock.

Institutional Investors Weigh In On Hagerty

Large investors have recently modified their holdings of the stock. IFP Advisors Inc bought a new stake in shares of Hagerty in the 2nd quarter valued at approximately $30,000. Osaic Holdings Inc. grew its stake in shares of Hagerty by 2,374.5% in the 2nd 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. Bank of America Corp DE grew its stake in shares of Hagerty by 46.6% in the 2nd 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. BNP Paribas Financial Markets bought a new stake in shares of Hagerty in the 4th quarter valued at approximately $84,000. Finally, Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in shares of Hagerty in the 1st quarter valued at approximately $93,000. 20.51% of the stock is currently owned by institutional investors.

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.