Hagerty (NYSE:HGTY) Reaches New 1-Year High - Here's What Happened

Key Points

• Hagerty shares reached a new 52-week high of $16.00, last trading around $15.74, with the stock up significantly above its 50-day and 200-day moving averages.
• Analyst sentiment remains cautious: one analyst rates Hagerty a Buy and five rate it Hold, producing an average rating of “Hold” and a consensus price target of $13.80.
• Hagerty exceeded quarterly expectations, reporting a loss of $0.02 per share versus the anticipated $0.09 loss and revenue of $354.82 million versus the $316.21 million estimate. A major shareholder also sold 1.39 million shares at an average price of $11.47.

Hagerty, Inc. (NYSE:HGTY - Get Free Report) hit a new 52-week high on Tuesday. The company traded as high as $16.00 and last traded at $15.7410, with a volume of 76,325 shares changing hands. The stock had previously closed at $15.95.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on HGTY shares. Keefe, Bruyette & Woods lifted their price objective on shares of Hagerty from $15.00 to $16.00 and gave the company an "outperform" rating in a research note on Tuesday, August 11th. Wall Street Zen raised shares of Hagerty from a "sell" rating to a "hold" rating in a report on Saturday, July 4th. Truist Financial lifted their price objective on Hagerty from $11.00 to $13.00 and gave the stock a "hold" rating in a research note on Friday, August 7th. Wells Fargo & Company raised their target price on shares of Hagerty from $11.00 to $13.00 and gave the stock an "equal weight" rating in a report on Thursday, July 9th. Finally, JPMorgan Chase & Co. increased their price objective on shares of Hagerty from $12.00 to $13.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 14th. One analyst has rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $13.80.

Hagerty Stock Down 1.5%

The stock has a 50-day moving average of $13.92 and a 200 day moving average of $12.01. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.53 and a quick ratio of 1.53. The company has a market cap of $5.40 billion, a P/E ratio of 174.78 and a beta of 0.83.

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

Insider Buying and Selling

In other news, major shareholder Holding Corp. Hagerty sold 1,387,500 shares of the company's stock in a transaction that occurred on Friday, September 11th. The stock was sold at an average price of $11.47, for a total value of $15,914,625.00. Following the completion of the transaction, the insider directly owned 9,250,000 shares of the company's stock, valued at $106,097,500. This represents a 13.04% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Company insiders own 3.70% of the company's stock.

Hedge Funds Weigh In On Hagerty

Hedge funds have recently bought and sold shares of the company. Dimensional Fund Advisors LP lifted its holdings in shares of Hagerty by 49.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 271,346 shares of the company's stock worth $2,857,000 after acquiring an additional 89,898 shares during the last quarter. Lincoln Capital LLC increased its stake in shares of Hagerty by 17.0% during the first quarter. Lincoln Capital LLC now owns 950,652 shares of the company's stock valued at $10,008,000 after purchasing an additional 137,794 shares in the last quarter. Renaissance Technologies LLC increased its position in Hagerty by 79.2% during the 1st quarter. Renaissance Technologies LLC now owns 157,668 shares of the company's stock valued at $1,660,000 after buying an additional 69,700 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in Hagerty by 3.1% in 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 in the last quarter. Finally, The Manufacturers Life Insurance Company purchased a new position in Hagerty in the 1st quarter worth approximately $115,000. Hedge funds and other institutional investors own 20.51% of the company's stock.

Hagerty Company Profile

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.

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.