Hagerty (NYSE:HGTY) Sets New 52-Week High - Time to Buy?

Key Points

• Hagerty shares reached a new 52-week high of $14.23 and last traded near $14.19, above their 50-day and 200-day moving averages.
• Analysts have raised price targets, with a consensus “Moderate Buy” rating and average target of $13.80—below the current share price.
• The company exceeded quarterly expectations, reporting a smaller-than-expected loss and revenue above estimates, though a major shareholder sold 9.25 million shares at an average price of $11.47.

Hagerty, Inc. (NYSE:HGTY - Get Free Report) shares reached a new 52-week high during mid-day trading on Thursday. The company traded as high as $14.23 and last traded at $14.19, with a volume of 182836 shares. The stock had previously closed at $13.93.

Analysts Set New Price Targets

A number of research analysts recently weighed in on HGTY shares. Truist Financial raised their price target on shares of Hagerty from $11.00 to $13.00 and gave the company a "hold" rating in a research report on Friday, August 7th. JPMorgan Chase & Co. increased their price objective on shares of Hagerty from $12.00 to $13.00 and gave the company a "neutral" rating in a research note on Tuesday, July 14th. UBS Group set a $14.00 target price on shares of Hagerty in a research report on Wednesday, June 10th. Weiss Ratings upgraded Hagerty from a "hold (c-)" rating to a "hold (c)" rating in a research note on Tuesday, August 11th. Finally, Wall Street Zen raised Hagerty from a "sell" rating to a "hold" rating in a research report on Saturday, July 4th. One investment 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 stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $13.80.

Hagerty Stock Performance

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 capitalization of $4.88 billion, a PE ratio of 157.94 and a beta of 0.83. The company has a 50-day moving average price of $13.27 and a two-hundred day moving average price of $11.79.

Hagerty (NYSE:HGTY - Get Free Report) last issued its quarterly earnings data 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 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%. Analysts predict that Hagerty, Inc. will post 0.01 EPS for the current fiscal year.

Insider Activity at Hagerty

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 transaction, the insider owned 9,250,000 shares of the company's stock, valued at approximately $106,097,500. The trade was a 50.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 3.70% of the company's stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Bank of New York Mellon Corp grew its holdings in shares of Hagerty by 3.1% in 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 last quarter. EverSource Wealth Advisors LLC raised its holdings in Hagerty by 107.4% during the 1st quarter. EverSource Wealth Advisors LLC now owns 3,072 shares of the company's stock valued at $32,000 after buying an additional 1,591 shares during the last quarter. Ancora Advisors LLC purchased a new stake in Hagerty during the 2nd quarter valued at $28,000. Integrated Wealth Concepts LLC bought a new stake in Hagerty in the 2nd quarter worth $63,000. Finally, The Manufacturers Life Insurance Company bought a new stake in Hagerty in the 1st quarter worth $115,000. 20.51% of the stock is owned by institutional investors.

Hagerty Company Profile

Hagerty, Inc NYSE: HGTY is an automotive enthusiast company focused on protecting, valuing and celebrating collectible vehicles. Its primary business is specialty insurance for classic, vintage, exotic and other enthusiast vehicles, supported by coverage options and services designed for vehicles that may be driven less frequently or require specialized valuation.

The company also provides vehicle valuation tools, automotive media and content, membership programs, events, and enthusiast experiences.

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