Hagerty (NYSE:HGTY) Hits New 12-Month High - Should You Buy?

Key Points

• Hagerty shares reached a new 52-week high of $15.57 and last traded at $15.54, up from the prior close of $15.30. The stock’s average analyst rating is “Moderate Buy,” with an average price target of $13.80.
• The company exceeded quarterly expectations, reporting a loss of $0.02 per share versus the expected $0.09 loss and revenue of $354.82 million versus estimates of $316.21 million.
• Analyst sentiment remains mixed, with ratings ranging from Strong Buy to Hold, while a major shareholder sold 9.25 million shares—cutting its position by 50%. Institutional investors own 20.51% of Hagerty.

Hagerty, Inc. (NYSE:HGTY - Get Free Report)'s share price reached a new 52-week high during trading on Tuesday. The company traded as high as $15.57 and last traded at $15.54, with a volume of 245,664 shares. The stock had previously closed at $15.30.

Analyst Ratings Changes

Several equities analysts have weighed in on the stock. Weiss Ratings upgraded shares of Hagerty from a "hold (c-)" rating to a "hold (c)" rating in a research report on Tuesday, August 11th. Truist Financial increased their target price on Hagerty from $11.00 to $13.00 and gave the company a "hold" rating in a report on Friday, August 7th. Zacks Research upgraded Hagerty from a "hold" rating to a "strong-buy" rating in a report on Thursday, August 13th. Wells Fargo & Company raised their target price on Hagerty from $11.00 to $13.00 and gave the stock an "equal weight" rating in a research report on Thursday, July 9th. 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, one has assigned a Buy rating and four have issued a Hold rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $13.80.

Hagerty Stock Up 1.6%

The company has a market cap of $5.34 billion, a price-to-earnings ratio of 172.67 and a beta of 0.83. The company has a current ratio of 1.53, a quick ratio of 1.53 and a debt-to-equity ratio of 0.33. The business has a fifty day moving average price of $13.65 and a two-hundred day moving average price of $12.04.

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, topping analysts' consensus estimates of ($0.09) by $0.07. The business had revenue of $354.82 million during the quarter, compared to analyst estimates of $316.21 million. Hagerty had a net margin of 1.81% and a return on equity of 5.15%. On average, equities analysts predict that Hagerty, Inc. will post 0.01 earnings per share for the current year.

Insiders Place Their Bets

In other Hagerty news, major shareholder Holding Corp. Hagerty sold 9,250,000 shares of the stock in a transaction that occurred on Wednesday, September 9th. The shares were sold at an average price of $11.47, for a total value of $106,097,500.00. Following the completion of the sale, the insider owned 9,250,000 shares in the company, valued at $106,097,500. This represents a 50.00% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 3.70% of the company's stock.

Institutional Investors Weigh In On Hagerty

Institutional investors have recently modified their holdings of the stock. Ancora Advisors LLC purchased a new position in shares of Hagerty during the 2nd quarter valued at $28,000. EverSource Wealth Advisors LLC increased its stake in shares of Hagerty by 107.4% in the first quarter. EverSource Wealth Advisors LLC now owns 3,072 shares of the company's stock worth $32,000 after acquiring an additional 1,591 shares during the last quarter. State of Alaska Department of Revenue acquired a new position in shares of Hagerty in the third quarter worth $55,000. Integrated Wealth Concepts LLC purchased a new stake in shares of Hagerty during the second quarter worth $63,000. Finally, The Manufacturers Life Insurance Company purchased a new stake in shares of Hagerty during the first quarter worth $115,000. Institutional investors and hedge funds own 20.51% of the company's stock.

About Hagerty

Hagerty, Inc is an automotive lifestyle and insurance company focused on enthusiasts and owners of classic, collector and specialty vehicles. The company provides insurance brokerage and related services designed for collector vehicles, with coverage generally underwritten by third-party insurance carriers.

In addition to insurance, Hagerty offers vehicle valuation and pricing information, membership programs, editorial content, events and enthusiast-focused digital services. Its offerings include Hagerty Drivers Club, Hagerty Valuations and Hagerty Marketplace, which connects buyers and sellers of collectible vehicles.

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