Hagerty (NYSE:HGTY) Shares Gap Up – Still a Buy?

Shares of Hagerty, Inc. (NYSE:HGTY) gapped up before the market opened on Wednesday . The stock had previously closed at $10.23, but opened at $10.63. Hagerty shares last traded at $10.9480, with a volume of 7,843 shares trading hands.

Analyst Upgrades and Downgrades

HGTY has been the topic of a number of recent research reports. Weiss Ratings lowered shares of Hagerty from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Wednesday, June 3rd. Wall Street Zen lowered shares of Hagerty from a “hold” rating to a “sell” rating in a report on Saturday, May 9th. Truist Financial dropped their price target on shares of Hagerty from $13.00 to $11.00 and set a “hold” rating on the stock in a research report on Monday, May 11th. Wells Fargo & Company cut their price target on Hagerty from $13.00 to $11.00 and set an “equal weight” rating for the company in a research note on Thursday, April 9th. Finally, UBS Group set a $14.00 price objective on Hagerty in a report on Wednesday. Four investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $13.44.

Hagerty Stock Performance

The company has a debt-to-equity ratio of 0.35, a current ratio of 1.65 and a quick ratio of 1.65. The company’s fifty day moving average price is $10.59 and its 200 day moving average price is $11.60. The company has a market cap of $3.77 billion, a PE ratio of 54.89 and a beta of 0.82.

Hagerty (NYSE:HGTY) last issued its quarterly earnings data on Wednesday, May 6th. The company reported ($0.04) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.01 by ($0.05). The firm had revenue of $311.83 million during the quarter, compared to the consensus estimate of $284.88 million. Hagerty had a return on equity of 11.94% and a net margin of 5.11%. On average, equities research analysts predict that Hagerty, Inc. will post -0.11 earnings per share for the current year.

Insider Buying and Selling at Hagerty

In other 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 value of $60,896.31. Following the completion of the transaction, the director directly owned 36,689 shares of the company’s stock, valued at $403,945.89. This represents a 13.10% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 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. 16.70% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of HGTY. EverSource Wealth Advisors LLC grew its stake 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 purchasing an additional 1,591 shares during the period. The Manufacturers Life Insurance Company bought a new stake in shares of Hagerty during the 1st quarter worth $115,000. Renaissance Technologies LLC boosted its holdings in shares of Hagerty by 79.2% in the 1st quarter. Renaissance Technologies LLC now owns 157,668 shares of the company’s stock worth $1,660,000 after buying an additional 69,700 shares during the last quarter. Dimensional Fund Advisors LP grew its position in Hagerty by 49.5% during the first quarter. Dimensional Fund Advisors LP now owns 271,346 shares of the company’s stock valued at $2,857,000 after buying an additional 89,898 shares during the period. Finally, Bank of New York Mellon Corp grew its position 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 valued at $418,000 after buying an additional 1,209 shares during the period. 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.