Hagerty (NYSE:HGTY) Lowered to “Sell” Rating by Wall Street Zen

Wall Street Zen downgraded shares of Hagerty (NYSE:HGTY) from a hold rating to a sell rating in a report issued on Saturday morning.

Separately, Wells Fargo & Company dropped 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. Four research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $13.71.

Hagerty Trading Down 2.7%

Shares of Hagerty stock opened at $10.02 on Friday. Hagerty has a 52-week low of $8.81 and a 52-week high of $14.00. The company has a quick ratio of 1.63, a current ratio of 1.63 and a debt-to-equity ratio of 0.27. The company’s 50-day simple moving average is $10.65 and its 200-day simple moving average is $11.89. The firm has a market cap of $3.43 billion, a price-to-earnings ratio of 50.12 and a beta of 0.83.

Hagerty (NYSE:HGTY) last issued its quarterly earnings results on Wednesday, May 6th. The company reported ($0.04) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.01 by ($0.05). Hagerty had a return on equity of 12.05% and a net margin of 5.11%.The firm had revenue of $311.83 million for the quarter, compared to analyst estimates of $284.88 million. As a group, equities research analysts anticipate that Hagerty will post 0.27 earnings per share for the current year.

Insider Transactions at Hagerty

In related news, Director Laurie Harris sold 5,531 shares of the business’s stock in a transaction dated Tuesday, April 7th. The shares were sold at an average price of $11.01, for a total transaction of $60,896.31. Following 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 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. Also, Director Anthony J. Kuczinski acquired 4,000 shares of the firm’s stock in a transaction that occurred on Thursday, March 12th. The shares were bought at an average cost of $9.50 per share, for a total transaction of $38,000.00. Following the acquisition, the director owned 47,277 shares of the company’s stock, valued at $449,131.50. This represents a 9.24% increase in their position. The SEC filing for this purchase provides additional information. 16.70% of the stock is currently owned by insiders.

Institutional Trading of Hagerty

A number of institutional investors have recently added to or reduced their stakes in HGTY. Goldman Sachs Group Inc. boosted its holdings in Hagerty by 24.9% during the first quarter. Goldman Sachs Group Inc. now owns 37,383 shares of the company’s stock worth $338,000 after buying an additional 7,459 shares in the last quarter. Geode Capital Management LLC boosted its holdings in Hagerty by 2.0% during the second quarter. Geode Capital Management LLC now owns 254,634 shares of the company’s stock worth $2,576,000 after buying an additional 5,077 shares in the last quarter. Marshall Wace LLP boosted its holdings 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 buying an additional 6,072 shares in the last quarter. Bank of America Corp DE raised its position in Hagerty by 46.6% during the second quarter. Bank of America Corp DE now owns 8,571 shares of the company’s stock worth $87,000 after acquiring an additional 2,726 shares during the last quarter. Finally, Osaic Holdings Inc. raised its position in Hagerty by 2,374.5% during the second quarter. Osaic Holdings Inc. now owns 4,949 shares of the company’s stock worth $50,000 after acquiring an additional 4,749 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.