Hagerty (NYSE:HGTY) Hits New 1-Year High - Should You Buy?

Key Points

• Hagerty shares reached a new 52-week high of $14.08 and recently traded around $14.09, above their 50-day and 200-day moving averages.
• Analysts have a broadly positive outlook, with an average “Moderate Buy” rating and a $14.00 price target; one firm raised its target to $16.00. The company also exceeded quarterly expectations, reporting revenue of $354.8 million and an EPS loss of $0.02 versus the expected $0.09 loss.
• Insiders sold heavily in recent months, including a 9.25 million-share sale by a major shareholder, while institutional investors own 20.51% of the stock.

Hagerty, Inc. (NYSE:HGTY - Get Free Report) shares hit a new 52-week high during trading on Tuesday . The stock traded as high as $14.08 and last traded at $14.09, with a volume of 25968 shares traded. The stock had previously closed at $13.93.

Wall Street Analysts Forecast Growth

HGTY has been the subject of a number of recent analyst reports. Keefe, Bruyette & Woods raised their price target on Hagerty from $15.00 to $16.00 and gave the company an "outperform" rating in a report on Tuesday, August 11th. UBS Group set a $14.00 price objective on Hagerty in a research note on Wednesday, June 10th. Weiss Ratings upgraded Hagerty from a "hold (c-)" rating to a "hold (c)" rating in a report on Tuesday, August 11th. Truist Financial raised their target price on Hagerty from $11.00 to $13.00 and gave the company a "hold" rating in a research note on Friday, August 7th. Finally, JPMorgan Chase & Co. lifted their price target on Hagerty from $12.00 to $13.00 and gave the company a "neutral" rating in a report on Tuesday, July 14th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and five have given a Hold rating to the company's stock. Based on data from MarketBeat, Hagerty has an average rating of "Moderate Buy" and an average price target of $14.00.

Hagerty Trading Up 0.3%

The company has a quick ratio of 1.53, a current ratio of 1.53 and a debt-to-equity ratio of 0.33. The company has a market cap of $4.80 billion, a P/E ratio of 155.39 and a beta of 0.81. The business has a 50-day moving average price of $12.67 and a two-hundred day moving average price of $11.42.

Hagerty (NYSE:HGTY - Get Free Report) last posted its quarterly earnings results on Wednesday, August 5th. The company reported ($0.02) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.09) by $0.07. The business had revenue of $354.82 million for the quarter, compared to analysts' expectations of $316.21 million. Hagerty had a return on equity of 5.15% and a net margin of 1.81%. On average, analysts predict that Hagerty, Inc. will post 0.01 EPS for the current year.

Insider Activity

In related news, major shareholder Holding Corp. Hagerty sold 9,250,000 shares of the business's stock in a transaction that occurred on Wednesday, September 9th. The shares were sold at an average price of $11.47, for a total transaction of $106,097,500.00. Following the completion of the sale, the insider directly owned 9,250,000 shares of the company's stock, valued at $106,097,500. The trade was a 50.00% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CAO Kevin M. Delaney sold 9,440 shares of the business's stock in a transaction that occurred on Wednesday, July 1st. The stock was sold at an average price of $12.10, for a total transaction of $114,224.00. Following the sale, the chief accounting officer directly owned 89,610 shares of the company's stock, valued at approximately $1,084,281. This trade represents a 9.53% 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. Insiders sold a total of 10,650,958 shares of company stock worth $122,175,352 in the last ninety days. Insiders own 3.70% of the company's stock.

Institutional Trading of Hagerty

Institutional investors have recently bought and sold shares of the business. Dimensional Fund Advisors LP grew its stake in shares of Hagerty by 49.5% during the first 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 period. Bristlecone Value Partners LLC acquired a new position in Hagerty in the fourth quarter valued at about $779,000. Lincoln Capital LLC lifted its stake in Hagerty by 17.0% in the first quarter. Lincoln Capital LLC now owns 950,652 shares of the company's stock valued at $10,008,000 after buying an additional 137,794 shares during the period. Renaissance Technologies LLC boosted its holdings in 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 buying an additional 69,700 shares during the last quarter. Finally, Waverly Advisors LLC bought a new position in Hagerty during the second quarter worth about $179,000. Institutional investors and hedge funds own 20.51% of the company's stock.

Hagerty Company Profile

Hagerty, Inc is an automotive lifestyle company focused on serving classic and enthusiast vehicle owners. Through its insurance operations, the company provides specialty insurance products and related services designed for collector cars, classic vehicles, motorsports vehicles and other vehicles that may require coverage tailored to their usage and value.

Hagerty also offers automotive valuation tools, vehicle research and pricing information, membership benefits, and digital content for enthusiasts.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.