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

Key Points

• Hagerty shares reached a new 52-week high of $15.24, trading about 2.9% higher, while the stock’s 50-day and 200-day moving averages stood at $13.50 and $11.90, respectively.
• Analyst sentiment is moderately bullish: the consensus rating is “Moderate Buy,” with an average price target of $13.80; Keefe, Bruyette & Woods raised its target to $16 and rated the stock “Outperform.”
• Hagerty exceeded quarterly expectations, reporting an adjusted loss of $0.02 per share versus the expected $0.09 loss and revenue of $354.82 million versus the $316.21 million consensus estimate. However, a major shareholder recently sold 9.25 million shares, halving its ownership.

Hagerty, Inc. (NYSE:HGTY - Get Free Report) reached a new 52-week high during trading on Wednesday. The company traded as high as $15.24 and last traded at $14.9870, with a volume of 572,624 shares trading hands. The stock had previously closed at $14.56.

Analyst Ratings Changes

HGTY has been the subject of several recent research reports. JPMorgan Chase & Co. increased their target price 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. Weiss Ratings upgraded Hagerty from a "hold (c-)" rating to a "hold (c)" rating in a research report on Tuesday, August 11th. Wall Street Zen upgraded Hagerty from a "sell" rating to a "hold" rating in a research report on Saturday, July 4th. Truist Financial upped their price objective on Hagerty from $11.00 to $13.00 and gave the company a "hold" rating in a research note on Friday, August 7th. Finally, Keefe, Bruyette & Woods increased their price objective on Hagerty from $15.00 to $16.00 and gave the stock an "outperform" rating in a research report on Tuesday, August 11th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $13.80.

Hagerty Stock Up 2.9%

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 company has a market capitalization of $5.15 billion, a price-to-earnings ratio of 166.52 and a beta of 0.83. The firm's 50 day simple moving average is $13.50 and its 200-day simple moving average is $11.90.

Hagerty (NYSE:HGTY - Get Free Report) last announced its quarterly earnings data on Wednesday, August 5th. The company reported ($0.02) EPS for the quarter, topping analysts' consensus estimates of ($0.09) by $0.07. Hagerty had a net margin of 1.81% and a return on equity of 5.15%. The company had revenue of $354.82 million during the quarter, compared to the consensus estimate of $316.21 million. On average, sell-side analysts anticipate that Hagerty, Inc. will post 0.01 EPS for the current fiscal year.

Insider Activity

In other news, major shareholder Holding Corp. Hagerty sold 9,250,000 shares of the business's stock in a transaction dated 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 transaction, the insider directly owned 9,250,000 shares in the company, valued at $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 SEC, which is available through this link. 3.70% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Hagerty

Hedge funds have recently added to or reduced their stakes in the company. Lincoln Capital LLC raised its stake in shares of Hagerty by 38.7% during the 3rd quarter. Lincoln Capital LLC now owns 1,350,809 shares of the company's stock worth $18,209,000 after buying an additional 377,158 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of 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 buying an additional 89,898 shares in the last quarter. Renaissance Technologies LLC boosted its stake in shares of Hagerty by 79.2% in the first 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. E. Ohman J or Asset Management AB purchased a new stake in shares of Hagerty in the first quarter valued at approximately $481,000. Finally, Bank of New York Mellon Corp grew its holdings 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 acquiring an additional 1,209 shares during the period. Institutional investors and hedge funds own 20.51% of the company's stock.

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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