Oppenheimer Begins Coverage on Hagerty (NYSE:HGTY)

Key Points

• Oppenheimer has initiated coverage on Hagerty (NYSE:HGTY) with an "outperform" rating and a price target of $15.00, indicating a potential upside of 20.87% from its current price.
• Hagerty's recent earnings report showed an EPS of $0.13, exceeding analyst expectations, with revenue reaching $368.70 million.
• A significant insider sale occurred, where major shareholders sold over 11.9 million shares, valued at approximately $107.6 million, representing a notable decrease in their holdings.

Research analysts at Oppenheimer initiated coverage on shares of Hagerty (NYSE:HGTY - Get Free Report) in a research note issued to investors on Wednesday, Marketbeat.com reports. The firm set an "outperform" rating and a $15.00 price target on the stock. Oppenheimer's price objective would indicate a potential upside of 17.55% from the company's previous close.

A number of other analysts also recently issued reports on the company. Keefe, Bruyette & Woods began coverage on Hagerty in a research report on Wednesday, August 27th. They issued an "outperform" rating and a $14.00 target price for the company. Evercore ISI initiated coverage on Hagerty in a research report on Wednesday, August 27th. They issued an "outperform" rating and a $14.00 target price for the company. Two equities 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 stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $13.25.

Hagerty Stock Performance

NYSE:HGTY traded down $0.22 during trading hours on Wednesday, reaching $12.76. The stock had a trading volume of 1,021,266 shares, compared to its average volume of 175,047. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.06 and a current ratio of 1.06. The stock has a 50 day simple moving average of $11.10 and a 200 day simple moving average of $9.97. Hagerty has a 12-month low of $8.03 and a 12-month high of $13.32. The stock has a market cap of $4.36 billion, a P/E ratio of 63.80 and a beta of 0.91.

Hagerty (NYSE:HGTY - Get Free Report) last released its earnings results on Monday, August 4th. The company reported $0.13 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.11 by $0.02. Hagerty had a return on equity of 13.76% and a net margin of 4.88%.The business had revenue of $368.70 million during the quarter, compared to the consensus estimate of $347.15 million. Hagerty has set its FY 2025 guidance at EPS. On average, research analysts forecast that Hagerty will post 0.22 EPS for the current fiscal year.

Insider Transactions at Hagerty

In other Hagerty news, Director Robert I. Kauffman sold 17,622 shares of Hagerty stock in a transaction dated Tuesday, September 16th. The stock was sold at an average price of $12.46, for a total transaction of $219,570.12. Following the completion of the sale, the director owned 1,221,389 shares of the company's stock, valued at $15,218,506.94. The trade was a 1.42% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders sold a total of 11,955,387 shares of company stock worth $107,870,374 over the last three months. Insiders own 16.70% of the company's stock.

Institutional Investors Weigh In On Hagerty

Hedge funds have recently added to or reduced their stakes in the company. Neuberger Berman Group LLC lifted its stake in shares of Hagerty by 15.7% in the 1st quarter. Neuberger Berman Group LLC now owns 5,468,793 shares of the company's stock valued at $49,438,000 after acquiring an additional 743,597 shares during the last quarter. Greenhaven Road Investment Management L.P. lifted its stake in shares of Hagerty by 33.2% in the 2nd quarter. Greenhaven Road Investment Management L.P. now owns 1,811,539 shares of the company's stock valued at $18,315,000 after acquiring an additional 451,033 shares during the last quarter. Garner Asset Management Corp bought a new stake in shares of Hagerty in the 1st quarter valued at about $2,909,000. Scholtz & Company LLC bought a new stake in shares of Hagerty in the 2nd quarter valued at about $2,429,000. Finally, Lincoln Capital LLC lifted its stake in shares of Hagerty by 12.3% in the 1st quarter. Lincoln Capital LLC now owns 555,286 shares of the company's stock valued at $4,753,000 after acquiring an additional 60,791 shares during the last quarter. Institutional investors own 20.51% of the company's stock.

About Hagerty

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.