Hagerty (NYSE:HGTY) Shares Gap Down - What's Next?

Key Points

• Hagerty shares gapped lower, opening at $12.12 versus a prior close of $13.26, and last traded near $12.83 on volume of about 1.05 million shares.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $14.00; recent targets from Truist, JPMorgan and Wells Fargo were raised to $13.
• Hagerty beat quarterly expectations, reporting a loss of $0.02 per share versus an expected loss of $0.09 and revenue of $354.82 million versus $316.21 million expected. Insiders sold 13,458 shares worth approximately $163,227 over the past 90 days.

Hagerty, Inc. (NYSE:HGTY - Get Free Report)'s share price gapped down before the market opened on Thursday . The stock had previously closed at $13.26, but opened at $12.12. Hagerty shares last traded at $12.8290, with a volume of 1,046,300 shares trading hands.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on HGTY shares. Wall Street Zen raised shares of Hagerty from a "sell" rating to a "hold" rating in a research note on Saturday, July 4th. Truist Financial lifted their target price on Hagerty from $11.00 to $13.00 and gave the stock a "hold" rating in a report on Friday, August 7th. Weiss Ratings raised Hagerty from a "hold (c-)" rating to a "hold (c)" rating in a research note on Tuesday, August 11th. JPMorgan Chase & Co. increased their price target on Hagerty from $12.00 to $13.00 and gave the stock a "neutral" rating in a report on Tuesday, July 14th. Finally, Wells Fargo & Company lifted their price objective on Hagerty from $11.00 to $13.00 and gave the company an "equal weight" rating in a report on Thursday, July 9th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and five have assigned a Hold rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $14.00.

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 firm has a market capitalization of $4.50 billion, a P/E ratio of 145.72 and a beta of 0.81. The stock has a fifty day moving average of $12.59 and a 200-day moving average of $11.38.

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. The business had revenue of $354.82 million for 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, research analysts anticipate that Hagerty, Inc. will post 0.01 EPS for the current year.

Insider Transactions at Hagerty

In related news, CAO Kevin Delaney sold 3,113 shares of the stock in a transaction that occurred on Thursday, July 2nd. The stock was sold at an average price of $12.25, for a total transaction of $38,134.25. Following the completion of the transaction, the chief accounting officer directly owned 83,972 shares of the company's stock, valued at approximately $1,028,657. This represents a 3.57% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 13,458 shares of company stock worth $163,227 in the last 90 days. Corporate insiders own 3.70% of the company's stock.

Hedge Funds Weigh In On Hagerty

Several hedge funds and other institutional investors have recently made changes to their positions in HGTY. Ancora Advisors LLC bought a new stake in shares of Hagerty in the 2nd quarter valued at about $28,000. EverSource Wealth Advisors LLC increased its position in Hagerty by 107.4% during the first quarter. EverSource Wealth Advisors LLC now owns 3,072 shares of the company's stock worth $32,000 after buying an additional 1,591 shares during the last quarter. Osaic Holdings Inc. raised its stake in Hagerty by 2,374.5% in the second quarter. Osaic Holdings Inc. now owns 4,949 shares of the company's stock valued at $50,000 after buying an additional 4,749 shares during the period. BNP Paribas Financial Markets raised its stake in Hagerty by 165.3% in the third quarter. BNP Paribas Financial Markets now owns 5,131 shares of the company's stock valued at $62,000 after buying an additional 3,197 shares during the period. Finally, Integrated Wealth Concepts LLC acquired a new stake in shares of Hagerty in the second quarter valued at approximately $63,000. 20.51% of the stock is owned by institutional investors.

About Hagerty

Hagerty is a specialized automotive lifestyle and insurance company that caters primarily to collectible car enthusiasts. Its core business centers on offering classic vehicle insurance policies designed to protect antique, vintage and specialty automobiles, motorcycles and boats. These policies typically feature agreed-value coverage, flexible usage options and access to restoration services, aligning with the unique needs of collectors and hobbyists.

Beyond insurance, Hagerty operates a comprehensive suite of community and content services under its automotive lifestyle brand.

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