Hagerty (NYSE:HGTY) Price Target Raised to $13.00

Hagerty (NYSE:HGTY) had its price objective hoisted by JPMorgan Chase & Co. from $12.00 to $13.00 in a research note published on Tuesday,Benzinga reports. The brokerage currently has a neutral rating on the stock.

A number of other research firms have also commented on HGTY. Weiss Ratings upgraded Hagerty from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Wednesday, June 17th. Wells Fargo & Company increased their target price on Hagerty from $11.00 to $13.00 and gave the company an “equal weight” rating in a research note on Thursday, July 9th. UBS Group set a $14.00 target price on Hagerty in a report on Wednesday, June 10th. Wall Street Zen raised Hagerty from a “sell” rating to a “hold” rating in a research report on Saturday, July 4th. Finally, Truist Financial dropped their price target on Hagerty from $13.00 to $11.00 and set a “hold” rating on the stock in a research report on Monday, May 11th. Four investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $13.67.

Hagerty Stock Performance

NYSE:HGTY opened at $11.91 on Tuesday. The firm has a market capitalization of $4.09 billion, a PE ratio of 59.55 and a beta of 0.79. Hagerty has a 1 year low of $8.81 and a 1 year high of $14.00. The company has a current ratio of 1.65, a quick ratio of 1.65 and a debt-to-equity ratio of 0.35. The firm’s fifty day simple moving average is $11.06 and its 200 day simple moving average is $11.35.

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 return on equity of 11.94% 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. On average, sell-side analysts anticipate that Hagerty will post -0.1 EPS for the current year.

Insider Activity at Hagerty

In related news, CAO Kevin M. Delaney sold 9,440 shares of the stock in a transaction dated 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 sale, the chief accounting officer owned 89,610 shares in the company, valued at approximately $1,084,281. This trade represents a 9.53% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 13,458 shares of company stock worth $163,227 over the last three months. 3.70% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Hagerty

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC raised its holdings in Hagerty by 107.4% in the 1st quarter. EverSource Wealth Advisors LLC now owns 3,072 shares of the company’s stock valued at $32,000 after acquiring an additional 1,591 shares in the last quarter. Osaic Holdings Inc. grew its holdings in shares of 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 purchasing an additional 4,749 shares in the last quarter. BNP Paribas Financial Markets grew its holdings in shares of 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 purchasing an additional 3,197 shares in the last quarter. Bank of America Corp DE grew its holdings in shares of Hagerty by 46.6% during the 2nd quarter. Bank of America Corp DE now owns 8,571 shares of the company’s stock worth $87,000 after purchasing an additional 2,726 shares in the last quarter. Finally, Los Angeles Capital Management LLC bought a new stake in shares of Hagerty during the fourth quarter valued at approximately $98,000. 20.51% of the stock is currently owned by institutional investors.

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.