Hagerty (NYSE:HGTY) Trading 6.2% Higher - Still a Buy?

Key Points

• Hagerty's stock (NYSE:HGTY) increased by 6.2% to $13.18 after trading as high as $13.08, though the trading volume was down by 33% from the average.
• Wall Street analysts have given mixed ratings, with two analysts recommending a "Buy" and an average target price of $13.25, while one analyst set a higher target price of $15.00.
• Hagerty reported better-than-expected quarterly earnings, with an EPS of $0.13 against a consensus estimate of $0.11, alongside revenue of $368.70 million.

Hagerty, Inc. (NYSE:HGTY - Get Free Report) shares shot up 6.2% on Wednesday . The company traded as high as $13.08 and last traded at $13.18. 68,458 shares were traded during mid-day trading, a decline of 33% from the average session volume of 102,578 shares. The stock had previously closed at $12.41.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the company. Evercore ISI assumed coverage on Hagerty in a research report on Wednesday, August 27th. They set an "outperform" rating and a $14.00 price target on the stock. Keefe, Bruyette & Woods assumed coverage on Hagerty in a report on Wednesday, August 27th. They issued an "outperform" rating and a $14.00 target price on the stock. Finally, Oppenheimer initiated coverage on shares of Hagerty in a research note on Wednesday. They set an "outperform" rating and a $15.00 price objective for the company. Two research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $13.25.

Hagerty Stock Performance

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 stock has a market capitalization of $4.36 billion, a price-to-earnings ratio of 63.80 and a beta of 0.91. The stock's 50-day simple moving average is $11.10 and its 200 day simple moving average is $9.97.

Hagerty (NYSE:HGTY - Get Free Report) last announced its earnings results on Monday, August 4th. The company reported $0.13 EPS for the quarter, topping the consensus estimate of $0.11 by $0.02. The business had revenue of $368.70 million for 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. Analysts expect that Hagerty, Inc. will post 0.22 earnings per share for the current fiscal year.

Insider Buying and Selling at Hagerty

In other Hagerty news, Director Robert I. Kauffman sold 17,622 shares of the company's stock in a transaction on Tuesday, September 16th. The stock was sold at an average price of $12.46, for a total transaction of $219,570.12. Following the transaction, the director owned 1,221,389 shares of the company's stock, valued at approximately $15,218,506.94. This represents a 1.42% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders have sold a total of 11,955,387 shares of company stock valued at $107,870,374 over the last three months. Company insiders own 16.70% of the company's stock.

Institutional Trading of Hagerty

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. IFP Advisors Inc bought a new stake in shares of Hagerty during the second quarter worth approximately $30,000. Osaic Holdings Inc. boosted its holdings in Hagerty by 2,374.5% during the second quarter. Osaic Holdings Inc. now owns 4,949 shares of the company's stock worth $50,000 after buying an additional 4,749 shares during the last quarter. BNP Paribas Financial Markets bought a new position in Hagerty during the fourth quarter worth about $84,000. Bank of America Corp DE grew its position in shares of Hagerty by 46.6% during the 2nd quarter. Bank of America Corp DE now owns 8,571 shares of the company's stock worth $87,000 after buying an additional 2,726 shares during the period. Finally, Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in shares of Hagerty in the 1st quarter valued at about $93,000. 20.51% of the stock is 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.