Hagerty (NYSE:HGTY) Stock Price Expected to Rise, Truist Financial Analyst Says

Key Points

• Truist Financial raised Hagerty’s price target from $11 to $13 while maintaining a “hold” rating, implying 3.14% downside from the prior close.
• Analyst sentiment remains mixed but generally cautious: Hagerty has a consensus “hold” rating from nine analysts and an average price target of $13.89.
• Hagerty reported quarterly EPS of $(0.02), beating expectations of $(0.09), while revenue reached $354.82 million versus the $316.21 million consensus estimate.

Hagerty (NYSE:HGTY - Get Free Report) had its price target lifted by Truist Financial from $11.00 to $13.00 in a note issued to investors on Friday,Benzinga reports. The brokerage currently has a "hold" rating on the stock. Truist Financial's price objective suggests a potential downside of 3.14% from the stock's previous close.

HGTY has been the subject of a number of other reports. Keefe, Bruyette & Woods boosted their price target on shares of Hagerty from $14.00 to $15.00 and gave the company an "outperform" rating in a research report on Wednesday, July 8th. Wells Fargo & Company boosted their target price on Hagerty from $11.00 to $13.00 and gave the stock an "equal weight" rating in a research report on Thursday, July 9th. Weiss Ratings raised Hagerty from a "sell (d+)" rating to a "hold (c-)" rating in a report on Wednesday, June 17th. JPMorgan Chase & Co. boosted their price objective on Hagerty from $12.00 to $13.00 and gave the stock a "neutral" rating in a report on Tuesday, July 14th. Finally, Wall Street Zen upgraded shares of Hagerty from a "sell" rating to a "hold" rating in a research report on Saturday, July 4th. Four equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $13.89.

Hagerty Trading Down 0.5%

Shares of HGTY opened at $13.42 on Friday. Hagerty has a twelve month low of $9.36 and a twelve month high of $14.00. The stock has a market cap of $4.61 billion, a PE ratio of 148.78 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 business's 50-day moving average price is $11.50 and its 200-day moving average price is $11.24.

Hagerty (NYSE:HGTY - Get Free Report) last issued its quarterly earnings data on Wednesday, August 5th. The company reported ($0.02) EPS for the quarter, beating the consensus estimate of ($0.09) by $0.07. The company had revenue of $354.82 million during the quarter, compared to analysts' expectations of $316.21 million. Hagerty had a net margin of 1.81% and a return on equity of 5.16%. On average, equities analysts forecast that Hagerty will post -0.1 EPS for the current fiscal year.

Insider Buying and Selling at Hagerty

In other Hagerty news, CAO Kevin M. Delaney sold 9,440 shares of the company's stock in a transaction that occurred on Wednesday, July 1st. The stock was sold at an average price of $12.10, for a total value of $114,224.00. Following the completion of the sale, the chief accounting officer owned 89,610 shares of the company's stock, valued at $1,084,281. This represents a 9.53% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 13,458 shares of company stock worth $163,227. Company insiders own 3.70% of the company's stock.

Hedge Funds Weigh In On Hagerty

Several institutional investors and hedge funds have recently made changes to their positions in HGTY. EverSource Wealth Advisors LLC lifted its position 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. Osaic Holdings Inc. grew 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 worth $50,000 after purchasing an additional 4,749 shares during the last quarter. BNP Paribas Financial Markets grew its holdings in shares of Hagerty by 165.3% in the third quarter. BNP Paribas Financial Markets now owns 5,131 shares of the company's stock worth $62,000 after purchasing an additional 3,197 shares during the last quarter. Los Angeles Capital Management LLC purchased a new position in shares of Hagerty in the fourth quarter worth $98,000. Finally, Bank of America Corp DE raised its holdings in Hagerty by 46.6% during the 2nd quarter. Bank of America Corp DE now owns 8,571 shares of the company's stock valued at $87,000 after buying an additional 2,726 shares during the last quarter. Institutional investors own 20.51% of the company's stock.

Hagerty Company Profile

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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