Hagerty (NYSE:HGTY) Shares Gap Up on Strong Earnings

Hagerty, Inc. (NYSE:HGTY) gapped up prior to trading on Wednesday following a better than expected earnings announcement. The stock had previously closed at $11.72, but opened at $12.66. Hagerty shares last traded at $13.23, with a volume of 105,954 shares changing hands.

The company reported ($0.02) EPS for the quarter, beating analysts’ consensus estimates of ($0.09) by $0.07. The company had revenue of $354.82 million during the quarter, compared to analysts’ expectations of $316.21 million. Hagerty had a net margin of 5.11% and a return on equity of 11.94%.

Wall Street Analyst Weigh In

HGTY has been the subject of a number of recent analyst reports. Wall Street Zen raised Hagerty from a “sell” rating to a “hold” rating in a research report on Saturday, July 4th. JPMorgan Chase & Co. increased their price target on Hagerty from $12.00 to $13.00 and gave the company a “neutral” rating in a research note on Tuesday, July 14th. Wells Fargo & Company raised their price target on Hagerty from $11.00 to $13.00 and gave the stock an “equal weight” rating in a report on Thursday, July 9th. Keefe, Bruyette & Woods boosted their price target on Hagerty from $14.00 to $15.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 8th. Finally, UBS Group set a $14.00 price objective on shares of Hagerty in a report on Wednesday, June 10th. Four equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $13.67.

Insider Activity

In related news, CAO Kevin M. Delaney sold 9,440 shares of Hagerty stock in a transaction dated Wednesday, July 1st. The stock was sold at an average price of $12.10, for a total transaction of $114,224.00. Following the completion of the sale, the chief accounting officer owned 89,610 shares of the company’s stock, valued at $1,084,281. The trade was a 9.53% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 13,458 shares of company stock valued at $163,227 in the last three months. Company insiders own 3.70% of the company’s stock.

Hedge Funds Weigh In On Hagerty

A number of institutional investors have recently bought and sold shares of HGTY. EverSource Wealth Advisors LLC raised its position in Hagerty by 107.4% during the 1st 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. boosted its holdings in shares of Hagerty by 2,374.5% in the 2nd quarter. Osaic Holdings Inc. now owns 4,949 shares of the company’s stock valued at $50,000 after acquiring an additional 4,749 shares during the last quarter. BNP Paribas Financial Markets increased its stake in shares of Hagerty by 165.3% in the third 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 increased its stake in shares of Hagerty by 46.6% in 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 period. Finally, Los Angeles Capital Management LLC purchased a new position in shares of Hagerty during the fourth quarter worth $98,000. 20.51% of the stock is owned by hedge funds and other institutional investors.

Hagerty Trading Up 12.9%

The stock has a market cap of $4.54 billion, a PE ratio of 66.15 and a beta of 0.79. The company’s fifty day moving average is $11.37 and its 200-day moving average is $11.23. 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 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.