Wells Fargo & Company Boosts Hagerty (NYSE:HGTY) Price Target to $13.00

Key Points

• Wells Fargo raised its price target on Hagerty from $11.00 to $13.00 while keeping an equal weight rating, implying about 6.7% upside from the prior close.
• Other analysts remain mixed on the stock: UBS set a $14 target, KBW lifted its target to $15 with an outperform rating, while Truist cut its target to $11. Overall, MarketBeat shows a Hold consensus with an average target of $13.67.
• Hagerty shares were trading at $12.18, up 0.6% on the day, after the company last reported a Q1 EPS miss but revenue above estimates. The article also notes a recent insider sale by the CAO and continued interest from institutional investors.

Hagerty (NYSE:HGTY - Get Free Report) had its target price hoisted by equities researchers at Wells Fargo & Company from $11.00 to $13.00 in a research note issued to investors on Thursday,Benzinga reports. The firm currently has an "equal weight" rating on the stock. Wells Fargo & Company's price target suggests a potential upside of 6.73% from the stock's previous close.

A number of other analysts have also recently issued reports on HGTY. UBS Group set a $14.00 target price on Hagerty in a research note on Wednesday, June 10th. Wall Street Zen raised shares of Hagerty from a "sell" rating to a "hold" rating in a research report on Saturday, July 4th. Truist Financial dropped their price objective on shares of Hagerty from $13.00 to $11.00 and set a "hold" rating on the stock in a report on Monday, May 11th. Weiss Ratings raised shares of Hagerty from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Wednesday, June 17th. Finally, Keefe, Bruyette & Woods increased their target price on Hagerty from $14.00 to $15.00 and gave the stock an "outperform" rating in a report on Wednesday. Four investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $13.67.

Hagerty Trading Up 0.6%

Hagerty stock traded up $0.07 during trading hours on Thursday, reaching $12.18. 121,275 shares of the company's stock traded hands, compared to its average volume of 158,354. Hagerty has a fifty-two week low of $8.81 and a fifty-two week high of $14.00. The firm has a market capitalization of $4.18 billion, a price-to-earnings ratio of 60.98 and a beta of 0.79. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.65 and a current ratio of 1.65. The firm's 50 day moving average is $10.83 and its 200-day moving average is $11.41.

Hagerty (NYSE:HGTY - Get Free Report) last issued its earnings results on Wednesday, May 6th. The company reported ($0.04) EPS for the quarter, missing the consensus estimate of $0.01 by ($0.05). Hagerty had a net margin of 5.11% and a return on equity of 11.94%. The firm had revenue of $311.83 million during the quarter, compared to the consensus estimate of $284.88 million. On average, analysts predict that Hagerty will post -0.1 earnings per share for the current year.

Insider Transactions at Hagerty

In other Hagerty news, CAO Kevin M. Delaney sold 3,113 shares of the business's stock in a transaction dated Thursday, July 2nd. The shares were sold at an average price of $12.25, for a total transaction of $38,134.25. Following the sale, the chief accounting officer directly owned 83,972 shares of the company's stock, valued at $1,028,657. The trade was a 3.57% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 13,458 shares of company stock valued at $163,227. 3.70% of the stock is currently owned by insiders.

Institutional Trading of Hagerty

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Greenhaven Road Investment Management L.P. lifted its holdings in shares of Hagerty by 47.1% during the third quarter. Greenhaven Road Investment Management L.P. now owns 2,664,784 shares of the company's stock worth $32,084,000 after buying an additional 853,245 shares in the last quarter. Bristlecone Value Partners LLC acquired a new position in shares of Hagerty in the fourth quarter valued at about $779,000. Millennium Management LLC acquired a new position in shares of Hagerty in the fourth quarter valued at about $353,000. AQR Capital Management LLC bought a new position in Hagerty during the fourth quarter worth about $315,000. Finally, Marshall Wace LLP increased its position in Hagerty by 37.2% during the second quarter. Marshall Wace LLP now owns 22,405 shares of the company's stock worth $227,000 after acquiring an additional 6,072 shares during the period. Institutional investors own 20.51% of the company's stock.

Hagerty Company Profile

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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