Hagerty (NYSE:HGTY) Upgraded at Zacks Research

Key Points

• Zacks Research upgraded Hagerty from “hold” to “strong buy,” while the broader analyst consensus remains “moderate buy” with an average price target of $14.00.
• Hagerty shares opened at $12.93, near their 52-week high of $14.00; the company reported quarterly EPS of $(0.02), beating estimates by $0.07, and revenue of $354.82 million, above expectations.
• Insiders sold 13,458 shares worth approximately $163,227 during the last quarter, while hedge funds and institutional investors own 20.51% of the company.

Hagerty (NYSE:HGTY - Get Free Report) was upgraded by research analysts at Zacks Research from a "hold" rating to a "strong-buy" rating in a research report issued on Thursday,Zacks.com reports.

Several other research firms have also recently weighed in on HGTY. JPMorgan Chase & Co. boosted their price target on Hagerty from $12.00 to $13.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 14th. Wells Fargo & Company increased their price objective on Hagerty from $11.00 to $13.00 and gave the company an "equal weight" rating in a research report on Thursday, July 9th. Keefe, Bruyette & Woods lifted their price objective on Hagerty from $15.00 to $16.00 and gave the stock an "outperform" rating in a report on Tuesday. UBS Group set a $14.00 target price on shares of Hagerty in a research note on Wednesday, June 10th. Finally, Weiss Ratings raised shares of Hagerty from a "hold (c-)" rating to a "hold (c)" rating in a report on Tuesday. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and five have issued a Hold rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $14.00.

Hagerty Price Performance

Shares of HGTY opened at $12.93 on Thursday. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.53 and a current ratio of 1.53. The firm's 50-day simple moving average is $11.83 and its two-hundred day simple moving average is $11.26. Hagerty has a fifty-two week low of $9.36 and a fifty-two week high of $14.00. The stock has a market cap of $4.44 billion, a PE ratio of 143.66 and a beta of 0.79.

Hagerty (NYSE:HGTY - Get Free Report) last issued its quarterly earnings results on Wednesday, August 5th. The company reported ($0.02) earnings per share for the quarter, beating the consensus estimate of ($0.09) by $0.07. The firm 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 5.15% and a net margin of 1.81%. Analysts anticipate that Hagerty will post -0.07 earnings per share for the current fiscal year.

Insider Activity

In related news, CAO Kevin M. Delaney sold 9,440 shares of Hagerty stock in a transaction 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. The trade was a 9.53% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 13,458 shares of company stock valued at $163,227. Company insiders own 3.70% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of HGTY. Ancora Advisors LLC bought a new stake in shares of Hagerty during the 2nd quarter valued at about $28,000. EverSource Wealth Advisors LLC lifted its stake in shares of Hagerty by 107.4% in the 1st quarter. EverSource Wealth Advisors LLC now owns 3,072 shares of the company's stock worth $32,000 after purchasing an additional 1,591 shares during the period. Osaic Holdings Inc. lifted its stake in shares of Hagerty by 2,374.5% in the 2nd 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 period. BNP Paribas Financial Markets boosted 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 buying an additional 3,197 shares during the last quarter. Finally, Bank of America Corp DE boosted its holdings in shares of 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 buying an additional 2,726 shares during the last quarter. 20.51% of the stock is owned by hedge funds and other institutional investors.

About Hagerty

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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