Hagerty (NYSE:HGTY) Coverage Initiated by Analysts at Oppenheimer

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.

Stock analysts at Oppenheimer initiated coverage on shares of Hagerty (NYSE:HGTY - Get Free Report) in a report issued on Wednesday, MarketBeat reports. The brokerage set an "outperform" rating and a $15.00 price target on the stock. Oppenheimer's target price indicates a potential upside of 17.55% from the company's previous close.

HGTY has been the subject of a number of other reports. Keefe, Bruyette & Woods began coverage on shares of Hagerty in a research report on Wednesday, August 27th. They set an "outperform" rating and a $14.00 price target for the company. Evercore ISI began coverage on shares of Hagerty in a research report on Wednesday, August 27th. They issued an "outperform" rating and a $14.00 price objective for the company. Two equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $13.25.

Hagerty Stock Down 1.7%

Hagerty stock traded down $0.22 during trading on Wednesday, reaching $12.76. 1,021,266 shares of the company's stock were exchanged, compared to its average volume of 175,047. The company's 50-day moving average is $11.10 and its two-hundred day moving average is $9.97. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.06 and a current ratio of 1.06. Hagerty has a 52-week low of $8.03 and a 52-week high of $13.32. The firm has a market cap of $4.36 billion, a price-to-earnings ratio of 63.80 and a beta of 0.91.

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

Insiders Place Their Bets

In related news, Director Robert I. Kauffman sold 17,622 shares of the stock in a transaction dated Tuesday, September 16th. The shares were sold at an average price of $12.46, for a total transaction of $219,570.12. Following the sale, the director owned 1,221,389 shares in the company, valued at $15,218,506.94. This represents a 1.42% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders have sold a total of 11,955,387 shares of company stock worth $107,870,374 in the last quarter. 16.70% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Hagerty

Several large investors have recently made changes to their positions in HGTY. Neuberger Berman Group LLC increased its stake in shares of Hagerty by 15.7% during the first 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 period. Greenhaven Road Investment Management L.P. grew its position in Hagerty by 33.2% in the second quarter. Greenhaven Road Investment Management L.P. now owns 1,811,539 shares of the company's stock worth $18,315,000 after buying an additional 451,033 shares during the last quarter. Garner Asset Management Corp acquired a new position in Hagerty in the first quarter worth approximately $2,909,000. Scholtz & Company LLC acquired a new position in Hagerty in the second quarter worth approximately $2,429,000. Finally, Lincoln Capital LLC grew its position in Hagerty by 12.3% in the first quarter. Lincoln Capital LLC now owns 555,286 shares of the company's stock worth $4,753,000 after buying an additional 60,791 shares during the last quarter. Institutional investors and hedge funds own 20.51% of the company's stock.

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.