Hagerty (NYSE:HGTY) Sees Unusually-High Trading Volume – Still a Buy?

Shares of Hagerty, Inc. (NYSE:HGTY) saw an uptick in trading volume on Wednesday . 454,609 shares traded hands during mid-day trading, an increase of 325% from the previous session’s volume of 107,036 shares.The stock last traded at $12.41 and had previously closed at $12.14.

Analyst Ratings Changes

HGTY has been the subject of several research analyst reports. JPMorgan Chase & Co. raised their target price on Hagerty from $12.00 to $13.00 and gave the company a “neutral” rating in a research report on Wednesday, January 7th. Citizens Jmp began coverage on shares of Hagerty in a research report on Wednesday, October 1st. They issued a “mkt outperform” rating and a $15.00 price objective on the stock. Weiss Ratings reissued a “hold (c+)” rating on shares of Hagerty in a research report on Monday, December 29th. JMP Securities began coverage on shares of Hagerty in a research note on Wednesday, October 1st. They set a “market outperform” rating and a $15.00 price target for the company. Finally, Keefe, Bruyette & Woods upped their price objective on Hagerty from $14.00 to $15.00 and gave the company an “outperform” rating in a research note on Wednesday, November 12th. Five investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $14.13.

Hagerty Stock Up 2.7%

The stock has a market capitalization of $4.27 billion, a P/E ratio of 44.54 and a beta of 0.89. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.00 and a quick ratio of 1.00. The stock has a fifty day moving average price of $13.01 and a 200 day moving average price of $12.03.

Hagerty (NYSE:HGTY) last announced its quarterly earnings results on Tuesday, November 4th. The company reported $0.13 earnings per share for the quarter, beating the consensus estimate of $0.09 by $0.04. Hagerty had a return on equity of 16.85% and a net margin of 5.85%.The firm had revenue of $359.01 million for the quarter, compared to analysts’ expectations of $354.36 million. On average, research analysts forecast that Hagerty, Inc. will post 0.22 earnings per share for the current year.

Insider Buying and Selling at Hagerty

In other Hagerty news, insider Kenneth Ahn sold 50,000 shares of the firm’s stock in a transaction dated Monday, January 26th. The stock was sold at an average price of $12.41, for a total transaction of $620,500.00. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In the last 90 days, insiders have sold 351,350 shares of company stock worth $4,474,572. Company insiders own 16.70% of the company’s stock.

Hedge Funds Weigh In On Hagerty

A number of large investors have recently modified their holdings of the company. IFP Advisors Inc bought a new stake in Hagerty in the 2nd quarter worth approximately $30,000. Osaic Holdings Inc. grew its holdings in shares of Hagerty by 2,374.5% during the 2nd quarter. Osaic Holdings Inc. now owns 4,949 shares of the company’s stock valued at $50,000 after purchasing an additional 4,749 shares during the last quarter. BNP Paribas Financial Markets grew its holdings in shares of Hagerty by 165.3% during the 3rd quarter. BNP Paribas Financial Markets now owns 5,131 shares of the company’s stock valued at $62,000 after purchasing an additional 3,197 shares during the last quarter. Bank of America Corp DE raised its position in Hagerty by 46.6% in the 2nd quarter. Bank of America Corp DE now owns 8,571 shares of the company’s stock worth $87,000 after purchasing an additional 2,726 shares during the period. Finally, KLP Kapitalforvaltning AS lifted its stake in Hagerty by 228.1% in the second quarter. KLP Kapitalforvaltning AS now owns 10,500 shares of the company’s stock worth $106,000 after purchasing an additional 7,300 shares during the last quarter. 20.51% of the stock is owned by hedge funds and other 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.