Hagerty, Inc. (NYSE:HGTY) Stock Has Consensus Target Price of $13.80

Shares of Hagerty, Inc. (NYSE:HGTY) have earned a consensus rating of “Moderate Buy” from the six analysts that are presently covering the company, Marketbeat reports. Four analysts have rated the stock with a hold rating, one has issued a buy rating and one has given a strong buy rating to the company. The average 1-year price objective among brokers that have issued a report on the stock in the last year is $13.80.

Several equities research analysts have issued reports on HGTY shares. Keefe, Bruyette & Woods lifted their price target on shares of Hagerty from $15.00 to $16.00 and gave the company an “outperform” rating in a research note on Tuesday, August 11th. Truist Financial raised their price objective on Hagerty from $11.00 to $13.00 and gave the company a “hold” rating in a report on Friday, August 7th. Zacks Research raised Hagerty from a “hold” rating to a “strong-buy” rating in a research report on Thursday, August 13th. Weiss Ratings upgraded Hagerty from a “hold (c-)” rating to a “hold (c)” rating in a report on Tuesday, August 11th. Finally, 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 report on Tuesday, July 14th.

Hagerty Trading Up 1.9%

HGTY opened at $14.19 on Friday. The firm’s fifty day moving average is $13.32 and its two-hundred day moving average is $11.82. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.53 and a current ratio of 1.53. The firm has a market cap of $4.88 billion, a PE ratio of 157.68 and a beta of 0.83. Hagerty has a twelve month low of $9.36 and a twelve month high of $14.26.

Hagerty (NYSE:HGTY) last announced its quarterly earnings results on Wednesday, August 5th. The company reported ($0.02) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.09) by $0.07. Hagerty had a net margin of 1.81% and a return on equity of 5.15%. The company had revenue of $354.82 million during the quarter, compared to analyst estimates of $316.21 million. Equities research analysts anticipate that Hagerty will post 0.01 EPS for the current year.

Insider Activity

In other news, major shareholder Holding Corp. Hagerty sold 1,387,500 shares of the stock in a transaction that occurred on Friday, September 11th. The stock was sold at an average price of $11.47, for a total value of $15,914,625.00. Following the completion of the sale, the insider owned 9,250,000 shares of the company’s stock, valued at approximately $106,097,500. This represents a 13.04% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 3.70% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Hagerty

A number of institutional investors have recently added to or reduced their stakes in HGTY. Dimensional Fund Advisors LP grew its position in shares of Hagerty by 49.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 271,346 shares of the company’s stock valued at $2,857,000 after acquiring an additional 89,898 shares during the period. Bristlecone Value Partners LLC acquired a new stake in Hagerty in the 4th quarter valued at about $779,000. Lincoln Capital LLC lifted its stake in Hagerty by 17.0% in the 1st quarter. Lincoln Capital LLC now owns 950,652 shares of the company’s stock valued at $10,008,000 after purchasing an additional 137,794 shares during the last quarter. Renaissance Technologies LLC grew its holdings in Hagerty by 79.2% during the first quarter. Renaissance Technologies LLC now owns 157,668 shares of the company’s stock worth $1,660,000 after purchasing an additional 69,700 shares during the period. Finally, Bank of New York Mellon Corp grew its holdings in Hagerty by 3.1% during the first quarter. Bank of New York Mellon Corp now owns 39,730 shares of the company’s stock worth $418,000 after purchasing an additional 1,209 shares during the period. 20.51% of the stock is currently owned by institutional investors and hedge funds.

About Hagerty

Hagerty, Inc (NYSE: HGTY) is an automotive enthusiast company focused on protecting, valuing and celebrating collectible vehicles. Its primary business is specialty insurance for classic, vintage, exotic and other enthusiast vehicles, supported by coverage options and services designed for vehicles that may be driven less frequently or require specialized valuation.

The company also provides vehicle valuation tools, automotive media and content, membership programs, events, and enthusiast experiences.