Hagerty, Inc. (NYSE:HGTY - Get Free Report) gapped up before the market opened on Wednesday after the company announced better than expected quarterly earnings. The stock had previously closed at $11.72, but opened at $12.66. Hagerty shares last traded at $13.23, with a volume of 105,954 shares traded.
The company reported ($0.02) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.09) by $0.07. The company had revenue of $354.82 million during the quarter, compared to the consensus estimate of $316.21 million. Hagerty had a return on equity of 11.94% and a net margin of 5.11%.
Analyst Ratings Changes
HGTY has been the topic of several analyst reports. Keefe, Bruyette & Woods upped their price target on shares of Hagerty from $14.00 to $15.00 and gave the company an "outperform" rating in a report on Wednesday, July 8th. Truist Financial reduced their price target on Hagerty from $13.00 to $11.00 and set a "hold" rating on the stock in a report on Monday, May 11th. UBS Group set a $14.00 price objective on Hagerty in a report on Wednesday, June 10th. Weiss Ratings upgraded Hagerty from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Wednesday, June 17th. Finally, Wall Street Zen upgraded Hagerty from a "sell" rating to a "hold" rating in a research report on Saturday, July 4th. Four research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $13.67.
Check Out Our Latest Stock Report on Hagerty
Insider Buying and Selling
In other Hagerty news, CAO Kevin M. Delaney sold 9,440 shares of the company's stock in a transaction on Wednesday, July 1st. The stock was sold at an average price of $12.10, for a total transaction of $114,224.00. Following the completion of the sale, the chief accounting officer owned 89,610 shares in the company, valued at $1,084,281. This represents a 9.53% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 13,458 shares of company stock valued at $163,227 over the last ninety days. Insiders own 3.70% of the company's stock.
Institutional Inflows and Outflows
Large investors have recently made changes to their positions in the stock. Bank of New York Mellon Corp lifted its stake in shares of Hagerty by 3.1% during the 1st quarter. Bank of New York Mellon Corp now owns 39,730 shares of the company's stock worth $418,000 after purchasing an additional 1,209 shares during the last quarter. EverSource Wealth Advisors LLC grew its stake in Hagerty by 107.4% in the first quarter. EverSource Wealth Advisors LLC now owns 3,072 shares of the company's stock valued at $32,000 after purchasing an additional 1,591 shares during the last quarter. Swiss National Bank raised its holdings in Hagerty by 3.4% in the fourth quarter. Swiss National Bank now owns 79,260 shares of the company's stock worth $1,065,000 after purchasing an additional 2,600 shares in the last quarter. Bank of America Corp DE raised its holdings in Hagerty by 46.6% in the second quarter. Bank of America Corp DE now owns 8,571 shares of the company's stock worth $87,000 after purchasing an additional 2,726 shares in the last quarter. Finally, Trexquant Investment LP lifted its position in shares of Hagerty by 2.6% during the fourth quarter. Trexquant Investment LP now owns 115,277 shares of the company's stock valued at $1,549,000 after buying an additional 2,872 shares during the last quarter. 20.51% of the stock is owned by institutional investors.
Hagerty Trading Up 12.9%
The firm has a market capitalization of $4.54 billion, a PE ratio of 66.15 and a beta of 0.79. The company has a quick ratio of 1.65, a current ratio of 1.65 and a debt-to-equity ratio of 0.35. The company's 50-day simple moving average is $11.37 and its 200 day simple moving average is $11.23.
About Hagerty
(
Get Free Report)
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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