Wells Fargo & Company Forecasts Strong Price Appreciation for Hagerty (NYSE:HGTY) Stock

Hagerty (NYSE:HGTY) had its price target lifted by analysts at Wells Fargo & Company from $11.00 to $13.00 in a research note issued on Thursday,Benzinga reports. The brokerage presently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price target points to a potential upside of 6.73% from the stock’s previous close.

Several other analysts have also issued reports on the stock. UBS Group set a $14.00 price target on shares of Hagerty in a research report 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. Keefe, Bruyette & Woods upped their target price on Hagerty from $14.00 to $15.00 and gave the stock an “outperform” rating in a research note on Wednesday. Truist Financial reduced their target price on Hagerty from $13.00 to $11.00 and set a “hold” rating on the stock in a report on Monday, May 11th. Finally, Wall Street Zen upgraded Hagerty from a “sell” rating to a “hold” rating in a research note on Saturday, July 4th. Four equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, Hagerty currently has a consensus rating of “Hold” and a consensus price target of $13.67.

Hagerty Price Performance

Hagerty stock traded up $0.07 during mid-day trading on Thursday, reaching $12.18. 121,275 shares of the company were exchanged, compared to its average volume of 158,354. The firm has a market cap of $4.18 billion, a PE ratio of 60.98 and a beta of 0.79. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.65 and a quick ratio of 1.65. The company has a fifty day simple moving average of $10.83 and a 200-day simple moving average of $11.41. Hagerty has a 12 month low of $8.81 and a 12 month high of $14.00.

Hagerty (NYSE:HGTY) last released its earnings results on Wednesday, May 6th. The company reported ($0.04) earnings per share for the quarter, missing analysts’ consensus estimates of $0.01 by ($0.05). Hagerty had a net margin of 5.11% and a return on equity of 11.94%. The company had revenue of $311.83 million for the quarter, compared to the consensus estimate of $284.88 million. As a group, equities research analysts expect that Hagerty will post -0.1 earnings per share for the current fiscal year.

Insider Activity

In other Hagerty news, CAO Kevin M. Delaney sold 9,440 shares of the company’s stock in a transaction that occurred on Wednesday, July 1st. The shares were sold at an average price of $12.10, for a total value of $114,224.00. Following the completion of the transaction, the chief accounting officer directly owned 89,610 shares in the company, valued at approximately $1,084,281. This represents a 9.53% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 13,458 shares of company stock valued at $163,227 over the last three months. Corporate insiders own 3.70% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. EverSource Wealth Advisors LLC raised its stake in Hagerty by 107.4% during the first quarter. EverSource Wealth Advisors LLC now owns 3,072 shares of the company’s stock worth $32,000 after buying an additional 1,591 shares during the last quarter. Osaic Holdings Inc. grew its holdings in Hagerty by 2,374.5% during the 2nd 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 period. BNP Paribas Financial Markets grew its holdings in Hagerty by 165.3% during the 3rd quarter. BNP Paribas Financial Markets now owns 5,131 shares of the company’s stock worth $62,000 after acquiring an additional 3,197 shares during the period. Bank of America Corp DE raised its position 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 acquiring an additional 2,726 shares in the last quarter. Finally, Los Angeles Capital Management LLC bought a new position in shares of Hagerty in the 4th quarter worth about $98,000. Institutional investors and hedge funds 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.