Hagerty (NYSE:HGTY) Raised to Hold at Wall Street Zen

Hagerty (NYSE:HGTY) was upgraded by research analysts at Wall Street Zen from a “sell” rating to a “hold” rating in a note issued to investors on Saturday.

Several other equities research analysts have also recently issued reports on HGTY. Keefe, Bruyette & Woods reaffirmed an “outperform” rating on shares of Hagerty in a research note on Wednesday, June 10th. Weiss Ratings upgraded shares of Hagerty from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Wednesday, June 17th. Wells Fargo & Company decreased their price target on shares of Hagerty from $13.00 to $11.00 and set an “equal weight” rating on the stock in a research note on Thursday, April 9th. UBS Group set a $14.00 price target on shares of Hagerty in a research report on Wednesday, June 10th. Finally, Truist Financial lowered their price target on shares of Hagerty from $13.00 to $11.00 and set a “hold” rating on the stock in a research report on Monday, May 11th. Four research 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, the company presently has a consensus rating of “Hold” and an average target price of $13.44.

Hagerty Stock Performance

NYSE HGTY opened at $12.34 on Friday. The company has a market cap of $4.24 billion, a PE ratio of 61.68 and a beta of 0.79. The stock’s 50 day simple moving average is $10.74 and its 200-day simple moving average is $11.43. Hagerty has a 1-year low of $8.81 and a 1-year high of $14.00. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.65 and a quick ratio of 1.65.

Hagerty (NYSE:HGTY) last issued its quarterly 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 return on equity of 11.94% and a net margin of 5.11%.The firm had revenue of $311.83 million for the quarter, compared to analysts’ expectations of $284.88 million. As a group, equities research analysts anticipate that Hagerty will post -0.1 EPS for the current fiscal year.

Insider Buying and Selling

In other Hagerty news, CAO Kevin M. Delaney sold 9,440 shares of the business’s stock in a transaction on Wednesday, July 1st. The stock was sold at an average price of $12.10, for a total transaction of $114,224.00. Following the transaction, the chief accounting officer owned 89,610 shares of the company’s stock, valued at approximately $1,084,281. The trade was a 9.53% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Laurie Harris sold 5,531 shares of the company’s stock in a transaction on Tuesday, April 7th. The shares were sold at an average price of $11.01, for a total value of $60,896.31. Following the completion of the sale, the director owned 36,689 shares of the company’s stock, valued at approximately $403,945.89. The trade was a 13.10% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders have sold 15,876 shares of company stock worth $185,989. 3.70% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Hagerty

A number of hedge funds have recently modified their holdings of the company. EverSource Wealth Advisors LLC grew its holdings in shares of Hagerty by 107.4% in the first quarter. EverSource Wealth Advisors LLC now owns 3,072 shares of the company’s stock valued at $32,000 after purchasing an additional 1,591 shares during the period. The Manufacturers Life Insurance Company purchased a new position in Hagerty during the first quarter worth about $115,000. Renaissance Technologies LLC boosted its holdings in Hagerty by 79.2% in the 1st quarter. Renaissance Technologies LLC now owns 157,668 shares of the company’s stock valued at $1,660,000 after purchasing an additional 69,700 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in Hagerty by 49.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 271,346 shares of the company’s stock valued at $2,857,000 after purchasing an additional 89,898 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its holdings in Hagerty by 3.1% in the 1st quarter. Bank of New York Mellon Corp now owns 39,730 shares of the company’s stock valued at $418,000 after purchasing an additional 1,209 shares during the last quarter. Hedge funds and other institutional investors own 20.51% of the company’s stock.

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.