Hagerty (NYSE:HGTY) Upgraded by Wall Street Zen to Hold Rating

Key Points

• Wall Street Zen upgraded Hagerty from “sell” to “hold”, adding to a mixed but generally cautious analyst outlook. The stock’s consensus rating remains Hold with a consensus price target of $13.44.
• Hagerty shares were down 0.4% and opened at $12.34, near the high end of its 52-week range of $8.81 to $14.00. The company currently has a market cap of about $4.24 billion.
• The company’s most recent quarterly results missed earnings expectations, posting EPS of -$0.04 versus a forecast of $0.01, though revenue came in above estimates at $311.83 million. Insiders also sold shares recently, including CAO Kevin M. Delaney, while institutional ownership remains significant.

Hagerty (NYSE:HGTY - Get Free Report) was upgraded by research analysts at Wall Street Zen from a "sell" rating to a "hold" rating in a report released on Saturday.

A number of other research firms have also weighed in on HGTY. UBS Group set a $14.00 price objective on shares of Hagerty in a research note on Wednesday, June 10th. Keefe, Bruyette & Woods restated an "outperform" rating on shares of Hagerty in a research report on Wednesday, June 10th. Truist Financial lowered their price target on shares of Hagerty from $13.00 to $11.00 and set a "hold" rating on the stock in a report on Monday, May 11th. Wells Fargo & Company cut their price target on Hagerty from $13.00 to $11.00 and set an "equal weight" rating on the stock in a research report on Thursday, April 9th. Finally, Weiss Ratings upgraded Hagerty from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Wednesday, June 17th. Four analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $13.44.

Hagerty Trading Down 0.4%

Hagerty stock opened at $12.34 on Friday. The stock has a 50-day moving average price of $10.74 and a 200 day moving average price of $11.43. The company has a market capitalization of $4.24 billion, a price-to-earnings ratio of 61.68 and a beta of 0.79. Hagerty has a 52 week low of $8.81 and a 52 week high of $14.00. The company has a quick ratio of 1.65, a current ratio of 1.65 and a debt-to-equity ratio of 0.35.

Hagerty (NYSE:HGTY - Get Free Report) last issued its quarterly earnings results on Wednesday, May 6th. The company reported ($0.04) earnings per share for the quarter, missing the consensus estimate of $0.01 by ($0.05). Hagerty had a return on equity of 11.94% and a net margin of 5.11%.The business had revenue of $311.83 million during the quarter, compared to analyst estimates of $284.88 million. Sell-side analysts anticipate that Hagerty will post -0.1 EPS for the current year.

Insiders Place Their Bets

In related news, CAO Kevin M. Delaney sold 9,440 shares of the firm's stock in a transaction on Wednesday, July 1st. The shares were sold at an average price of $12.10, for a total transaction of $114,224.00. Following the sale, the chief accounting officer owned 89,610 shares in the company, valued at approximately $1,084,281. This trade represents a 9.53% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Laurie Harris sold 5,531 shares of the firm's stock in a transaction dated Tuesday, April 7th. The shares were sold at an average price of $11.01, for a total value of $60,896.31. Following the sale, the director owned 36,689 shares in the company, valued at $403,945.89. This trade represents a 13.10% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 15,876 shares of company stock worth $185,989 over the last three months. 3.70% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Hagerty

A number of large investors have recently added to or reduced their stakes in HGTY. EverSource Wealth Advisors LLC lifted its holdings in Hagerty by 107.4% during 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 in the last quarter. The Manufacturers Life Insurance Company acquired a new stake in shares of Hagerty in the first quarter valued at about $115,000. Renaissance Technologies LLC increased its stake in shares of Hagerty by 79.2% during the first quarter. Renaissance Technologies LLC now owns 157,668 shares of the company's stock worth $1,660,000 after purchasing an additional 69,700 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of Hagerty by 49.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 271,346 shares of the company's stock worth $2,857,000 after purchasing an additional 89,898 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its position in shares of Hagerty by 3.1% during the 1st quarter. Bank of New York Mellon Corp now owns 39,730 shares of the company's stock worth $418,000 after purchasing an additional 1,209 shares during the last quarter. 20.51% of the stock is currently owned by institutional investors and hedge funds.

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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