Wells Fargo & Company Cuts Hagerty (NYSE:HGTY) Price Target to $11.00

Hagerty (NYSE:HGTY) had its price target trimmed by Wells Fargo & Company from $13.00 to $11.00 in a research report report published on Thursday morning,Benzinga reports. The brokerage currently has an equal weight rating on the stock.

A number of other research analysts also recently commented on HGTY. Wall Street Zen downgraded Hagerty from a “buy” rating to a “hold” rating in a report on Saturday, February 14th. Weiss Ratings reissued a “hold (c+)” rating on shares of Hagerty in a report on Monday, December 29th. 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 report on Wednesday, January 7th. Four analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, Hagerty has an average rating of “Moderate Buy” and a consensus price target of $13.71.

Hagerty Price Performance

Shares of NYSE HGTY opened at $11.12 on Thursday. Hagerty has a 1-year low of $8.37 and a 1-year high of $14.00. The business has a 50-day moving average of $11.15 and a 200-day moving average of $12.06. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.63 and a quick ratio of 1.63. The company has a market capitalization of $3.81 billion, a price-to-earnings ratio of 33.70 and a beta of 0.93.

Hagerty (NYSE:HGTY) last issued its earnings results on Thursday, February 26th. The company reported $0.08 earnings per share for the quarter, topping the consensus estimate of $0.04 by $0.04. Hagerty had a return on equity of 16.24% and a net margin of 5.98%.The company had revenue of $388.10 million during the quarter, compared to the consensus estimate of $323.93 million. On average, equities analysts anticipate that Hagerty will post 0.22 EPS for the current fiscal year.

Insider Buying and Selling at Hagerty

In other Hagerty news, Director Laurie Harris sold 5,531 shares of the company’s stock in a transaction that occurred on Tuesday, April 7th. The stock was 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 in the company, valued at $403,945.89. This represents a 13.10% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through 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, insider Kenneth Ahn sold 50,000 shares of the company’s stock in a transaction that occurred on Monday, January 26th. The shares were sold at an average price of $12.41, for a total value of $620,500.00. The SEC filing for this sale provides additional information. Insiders have sold 155,531 shares of company stock worth $1,951,896 over the last quarter. 16.70% of the stock is owned by corporate insiders.

Institutional Trading of Hagerty

Several institutional investors and hedge funds have recently bought and sold shares of the company. Occudo Quantitative Strategies LP acquired a new stake in shares of Hagerty during the 4th quarter worth approximately $170,000. Millennium Management LLC acquired a new stake in shares of Hagerty during the 4th quarter worth approximately $353,000. Schonfeld Strategic Advisors LLC raised its position in shares of Hagerty by 107.0% during the 4th quarter. Schonfeld Strategic Advisors LLC now owns 26,718 shares of the company’s stock worth $359,000 after purchasing an additional 13,808 shares during the period. Gillson Capital LP raised its position in shares of Hagerty by 15.4% during the 4th quarter. Gillson Capital LP now owns 202,012 shares of the company’s stock worth $2,715,000 after purchasing an additional 27,012 shares during the period. Finally, AQR Capital Management LLC acquired a new stake in shares of Hagerty during the 4th quarter worth approximately $315,000. 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.