Hagerty (NYSE:HGTY) Trading Up 8.3% on Earnings Beat

Key Points

• Hagerty, Inc. saw its stock price rise by 8.3% after reporting quarterly earnings of $0.13 per share, exceeding analysts' expectations of $0.11.
• The company's revenue for the quarter was $368.70 million, significantly higher than the forecast of $347.15 million.
• JPMorgan Chase & Co. lowered their price target on Hagerty from $11.00 to $10.00, maintaining a "neutral" rating.

Hagerty, Inc. (NYSE:HGTY - Get Free Report) was up 8.3% on Tuesday after the company announced better than expected quarterly earnings. The stock traded as high as $11.00 and last traded at $10.86. Approximately 66,881 shares changed hands during mid-day trading, a decline of 24% from the average daily volume of 87,660 shares. The stock had previously closed at $10.02.

The company reported $0.13 earnings per share for the quarter, beating analysts' consensus estimates of $0.11 by $0.02. Hagerty had a return on equity of 13.55% and a net margin of 4.73%. The firm had revenue of $368.70 million during the quarter, compared to analysts' expectations of $347.15 million.

Wall Street Analyst Weigh In

Separately, JPMorgan Chase & Co. decreased their price objective on Hagerty from $11.00 to $10.00 and set a "neutral" rating on the stock in a research report on Tuesday, April 8th.

Insider Buying and Selling

In other Hagerty news, Director Robert I. Kauffman sold 110,600 shares of the stock in a transaction on Thursday, July 24th. The stock was sold at an average price of $10.46, for a total value of $1,156,876.00. Following the transaction, the director directly owned 3,205,390 shares in the company, valued at approximately $33,528,379.40. This trade represents a 3.34% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In the last 90 days, insiders sold 842,087 shares of company stock valued at $8,491,663. 17.90% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. IFP Advisors Inc bought a new position in shares of Hagerty in the 2nd quarter worth $30,000. KLP Kapitalforvaltning AS bought a new position in shares of Hagerty in the 4th quarter worth $31,000. Ancora Advisors LLC bought a new position in shares of Hagerty in the 4th quarter worth $46,000. BNP Paribas Financial Markets bought a new position in shares of Hagerty in the 4th quarter worth $84,000. Finally, Universal Beteiligungs und Servicegesellschaft mbH bought a new position in shares of Hagerty in the 1st quarter worth $93,000. 20.51% of the stock is currently owned by institutional investors.

Hagerty Price Performance

The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.01 and a current ratio of 1.01. The firm has a market capitalization of $3.71 billion, a P/E ratio of 54.30 and a beta of 0.90. The company has a 50-day moving average price of $10.01 and a 200-day moving average price of $9.61.

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.

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