Hagerty (NYSE:HGTY) Sees Unusually-High Trading Volume - Here's What Happened

Key Points

• Hagerty trading volume surged 216% to 899,710 shares, versus its average of 285,019; shares were recently at $15.91, down from the prior close of $16.04.
• Analysts maintain a consensus Hold rating with an average price target of $16.43, though individual targets range from $16 to $20.
• In its latest quarter, Hagerty reported EPS of $0.10 versus a $0.01 consensus estimate and revenue of $354.24 million, exceeding expectations of $338.99 million.

Hagerty, Inc. (NYSE:HGTY - Get Free Report) shares saw unusually-high trading volume on Thursday. 899,710 shares were traded during mid-day trading, an increase of 216% from the average daily volume of 285,019 shares. The stock last traded at $15.9090 and had previously closed at $16.04.

Analysts Set New Price Targets

Several research firms recently commented on HGTY. Wells Fargo & Company upped their target price on shares of Hagerty from $14.00 to $17.00 and gave the company an "equal weight" rating in a research note on Wednesday, November 4th. Zacks Research lowered shares of Hagerty from a "strong-buy" rating to a "hold" rating in a research report on Monday, October 19th. Citizens Jmp boosted their price objective on shares of Hagerty from $15.00 to $19.00 and gave the stock a "market outperform" rating in a report on Wednesday, November 4th. Truist Financial upped their price objective on shares of Hagerty from $13.00 to $16.00 and gave the company a "hold" rating in a research report on Wednesday, November 4th. Finally, Oppenheimer reiterated an "outperform" rating and issued a $20.00 target price on shares of Hagerty in a research note on Tuesday, November 3rd. Three investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. According to data from MarketBeat.com, Hagerty presently has a consensus rating of "Hold" and an average price target of $16.43.

Hagerty Trading Down 0.6%

The business has a 50-day moving average price of $14.76 and a 200-day moving average price of $12.25. The company has a quick ratio of 1.59, a current ratio of 1.59 and a debt-to-equity ratio of 0.37. The firm has a market capitalization of $5.48 billion, a P/E ratio of 265.76 and a beta of 0.83.

Hagerty (NYSE:HGTY - Get Free Report) last issued its earnings results on Tuesday, November 3rd. The company reported $0.10 EPS for the quarter, topping the consensus estimate of $0.01 by $0.09. Hagerty had a return on equity of 6.27% and a net margin of 1.08%. The firm had revenue of $354.24 million during the quarter, compared to analysts' expectations of $338.99 million. Analysts anticipate that Hagerty, Inc. will post 0.09 earnings per share for the current year.

Insider Activity

In other news, major shareholder Holding Corp. Hagerty sold 9,250,000 shares of the stock in a transaction 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 transaction, the insider owned 9,250,000 shares in the company, valued at approximately $106,097,500. This represents a 50.00% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 3.70% of the company's stock.

Institutional Trading of Hagerty

Institutional investors have recently made changes to their positions in the business. Dimensional Fund Advisors LP increased its stake in Hagerty by 49.5% in the first quarter. Dimensional Fund Advisors LP now owns 271,346 shares of the company's stock valued at $2,857,000 after acquiring an additional 89,898 shares during the period. Lincoln Capital LLC raised its position in Hagerty by 38.7% in the third quarter. Lincoln Capital LLC now owns 1,350,809 shares of the company's stock worth $18,209,000 after purchasing an additional 377,158 shares in the last quarter. Renaissance Technologies LLC lifted its stake 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 purchasing an additional 69,700 shares during the period. Bank of New York Mellon Corp lifted its stake in Hagerty by 3.1% during the first 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 during the period. Finally, The Manufacturers Life Insurance Company bought a new position in Hagerty during the first quarter worth about $115,000. 20.51% of the stock is currently owned by institutional investors and hedge funds.

Hagerty Company Profile

Hagerty is an automotive enthusiast company focused on collectible and classic vehicles. Its services include specialty vehicle insurance, membership programs, vehicle valuation tools, and online marketplaces that connect buyers and sellers. The company also produces automotive media and hosts events and driving experiences for enthusiasts. Hagerty serves customers in the United States and select international markets, including Canada and the United Kingdom. Founded in 1984 as a family business, Hagerty is headquartered in Traverse City, Michigan.

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