Hagerty (NYSE:HGTY) Receives "Hold (C)" Rating from Weiss Ratings

Key Points

• Hagerty (NYSE:HGTY) has been assigned a "hold (C)" rating by Weiss Ratings, implying a neutral outlook for the stock.
• The stock has a consensus price target of $13.63, with four analysts rating it as a Buy, four as Hold, and one as Sell.
• Insider selling has been notable, with major transactions reducing the ownership of insiders by over 45% in recent months.

Hagerty (NYSE:HGTY - Get Free Report)'s stock had its "hold (c)" rating restated by analysts at Weiss Ratings in a report issued on Wednesday,Weiss Ratings reports.

A number of other equities research analysts also recently weighed in on the company. Evercore ISI assumed coverage on Hagerty in a report on Wednesday, August 27th. They issued an "outperform" rating and a $14.00 target price for the company. BMO Capital Markets assumed coverage on Hagerty in a report on Monday, September 22nd. They issued a "market perform" rating and a $13.00 target price for the company. Wells Fargo & Company assumed coverage on Hagerty in a report on Friday, October 3rd. They issued an "equal weight" rating and a $13.00 target price for the company. Oppenheimer assumed coverage on Hagerty in a report on Wednesday, September 17th. They issued an "outperform" rating and a $15.00 target price for the company. Finally, Citizens Jmp assumed coverage on Hagerty in a report on Wednesday, October 1st. They issued a "mkt outperform" rating and a $15.00 target price for the company. Four analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $13.63.

Hagerty Price Performance

Shares of HGTY opened at $12.11 on Wednesday. Hagerty has a 1 year low of $8.03 and a 1 year high of $13.32. 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 company has a market capitalization of $4.14 billion, a price-to-earnings ratio of 60.55 and a beta of 0.92. The business has a 50-day moving average of $11.58 and a 200-day moving average of $10.21.

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

Insider Buying and Selling at Hagerty

In other Hagerty news, Director Robert I. Kauffman sold 1,455,000 shares of the business's stock in a transaction on Monday, August 11th. The stock was sold at an average price of $8.92, for a total value of $12,978,600.00. Following the transaction, the director owned 1,721,662 shares of the company's stock, valued at approximately $15,357,225.04. The trade was a 45.80% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Holding Corp. Hagerty sold 8,245,000 shares of the business's stock in a transaction on Thursday, August 7th. The stock was 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. In the last three months, insiders sold 11,796,164 shares of company stock worth $106,488,789. Insiders own 16.70% of the company's stock.

Institutional Trading of Hagerty

Several hedge funds have recently made changes to their positions in HGTY. Neuberger Berman Group LLC raised its stake in shares of Hagerty by 15.7% in 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 period. Greenhaven Road Investment Management L.P. raised its stake in shares of Hagerty by 33.2% in 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 period. Garner Asset Management Corp bought a new stake in shares of Hagerty in the first quarter valued at $2,909,000. Scholtz & Company LLC bought a new stake in shares of Hagerty in the second quarter valued at $2,429,000. Finally, Lincoln Capital LLC raised its stake 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 buying an additional 60,791 shares during the period. 20.51% of the stock is currently owned by institutional investors.

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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