Hagerty (NYSE:HGTY) Shares Up 8.3% Following 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.

Shares of Hagerty, Inc. (NYSE:HGTY - Get Free Report) traded up 8.3% on Tuesday following a better than expected earnings announcement. The stock traded as high as $11.00 and last traded at $10.86. 66,881 shares were traded during trading, a decline of 24% from the average session volume of 87,660 shares. The stock had previously closed at $10.02.

The company reported $0.13 EPS for the quarter, beating the consensus estimate of $0.11 by $0.02. Hagerty had a net margin of 4.88% and a return on equity of 13.76%. The company had revenue of $368.70 million for the quarter, compared to analyst estimates of $347.15 million.

Insider Buying and Selling at Hagerty

In related news, Director Robert I. Kauffman sold 4,000 shares of the stock in a transaction that occurred on Monday, July 28th. The shares were sold at an average price of $10.85, for a total transaction of $43,400.00. Following the completion of the transaction, the director owned 3,176,662 shares of the company's stock, valued at approximately $34,466,782.70. This trade represents a 0.13% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Over the last three months, insiders have sold 804,139 shares of company stock valued at $8,124,538. Corporate insiders own 17.90% of the company's stock.

Institutional Investors Weigh In On Hagerty

Hedge funds and other institutional investors have recently bought and sold shares of the stock. IFP Advisors Inc purchased a new position in Hagerty during the 2nd quarter worth $30,000. KLP Kapitalforvaltning AS purchased a new stake in shares of Hagerty in the fourth quarter valued at about $31,000. Ancora Advisors LLC purchased a new stake in shares of Hagerty in the fourth quarter valued at about $46,000. BNP Paribas Financial Markets purchased a new stake in shares of Hagerty in the fourth quarter valued at about $84,000. Finally, Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in shares of Hagerty in the first quarter valued at about $93,000. 20.51% of the stock is currently owned by institutional investors and hedge funds.

Hagerty Trading Up 13.3%

The firm has a market cap of $3.62 billion, a PE ratio of 52.90 and a beta of 0.90. The company's fifty day moving average price is $10.08 and its two-hundred day moving average price is $9.63. The company has a quick ratio of 1.01, a current ratio of 1.06 and a debt-to-equity ratio of 0.27.

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.