Wall Street Zen Downgrades Hagerty (NYSE:HGTY) to Hold

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

Other equities research analysts have also issued reports about the stock. Weiss Ratings reiterated a “hold (c+)” rating on shares of Hagerty in a report on Monday, December 29th. Keefe, Bruyette & Woods boosted their price target on shares of Hagerty from $14.00 to $15.00 and gave the company an “outperform” rating in a research report on Wednesday, November 12th. Finally, JPMorgan Chase & Co. upped their price target on Hagerty from $12.00 to $13.00 and gave the stock a “neutral” rating in a research note on Wednesday, January 7th. Five equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $14.13.

Hagerty Price Performance

HGTY opened at $12.05 on Friday. 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’s 50 day simple moving average is $12.80 and its 200 day simple moving average is $12.22. The firm has a market cap of $4.12 billion, a price-to-earnings ratio of 43.03 and a beta of 0.89. Hagerty has a 1 year low of $8.03 and a 1 year high of $14.00.

Insider Transactions at Hagerty

In other Hagerty news, insider Kenneth Ahn sold 164,870 shares of Hagerty stock in a transaction on Monday, January 5th. The stock was sold at an average price of $12.79, for a total value of $2,108,687.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In the last quarter, insiders have sold 351,350 shares of company stock valued at $4,474,572. Insiders own 16.70% of the company’s stock.

Hedge Funds Weigh In On Hagerty

Hedge funds and other institutional investors have recently modified their holdings of the company. IFP Advisors Inc purchased a new stake in Hagerty during the second quarter valued at $30,000. Osaic Holdings Inc. increased its position 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 increased its position 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 lifted its stake in shares of 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, Los Angeles Capital Management LLC purchased a new position in shares of Hagerty in the fourth quarter worth approximately $98,000. 20.51% of the stock is owned by institutional investors.

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.