Hagerty (NYSE:HGTY) Downgraded by Wall Street Zen to “Hold”

Hagerty (NYSE:HGTY) was downgraded by research analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a note issued to investors on Saturday.

HGTY has been the subject of several other research reports. Keefe, Bruyette & Woods increased their price objective on Hagerty from $14.00 to $15.00 and gave the company an “outperform” rating in a report on Wednesday, November 12th. 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 Wednesday, January 7th. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of Hagerty in a report on Monday, December 29th. Five investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $14.13.

Hagerty Trading Up 0.2%

NYSE:HGTY opened at $12.05 on Friday. The stock has a market capitalization of $4.12 billion, a price-to-earnings ratio of 43.03 and a beta of 0.89. Hagerty has a 52 week low of $8.03 and a 52 week high of $14.00. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.17. The firm has a 50 day moving average of $12.80 and a 200 day moving average of $12.19.

Insider Buying and Selling at Hagerty

In other news, insider Kenneth Ahn sold 164,870 shares of the firm’s stock in a transaction dated Monday, January 5th. The stock was sold at an average price of $12.79, for a total value of $2,108,687.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders sold 351,350 shares of company stock valued at $4,474,572 over the last quarter. 16.70% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Hagerty

Hedge funds have recently bought and sold shares of the stock. Goldman Sachs Group Inc. raised its holdings in Hagerty by 24.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 37,383 shares of the company’s stock worth $338,000 after purchasing an additional 7,459 shares during the period. KLP Kapitalforvaltning AS grew its holdings in Hagerty by 228.1% in the second quarter. KLP Kapitalforvaltning AS now owns 10,500 shares of the company’s stock valued at $106,000 after purchasing an additional 7,300 shares during the period. IFP Advisors Inc purchased a new stake in shares of Hagerty in the second quarter valued at approximately $30,000. Scholtz & Company LLC acquired a new position in shares of Hagerty during the 2nd quarter worth approximately $2,429,000. Finally, Corton Capital Inc. acquired a new position in shares of Hagerty during the 2nd quarter worth approximately $273,000. Hedge funds and other institutional investors 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.