Hagerty, Inc. (NYSE:HGTY) Short Interest Update

Hagerty, Inc. (NYSE:HGTY) was the recipient of a large decrease in short interest during the month of October. As of October 15th, there was short interest totaling 530,500 shares, a decrease of 28.5% from the September 30th total of 742,000 shares. Based on an average daily volume of 194,100 shares, the short-interest ratio is currently 2.7 days. Approximately 0.6% of the shares of the company are short sold. Approximately 0.6% of the shares of the company are short sold. Based on an average daily volume of 194,100 shares, the short-interest ratio is currently 2.7 days.

Analyst Ratings Changes

HGTY has been the subject of a number of research reports. Weiss Ratings reissued a “hold (c)” rating on shares of Hagerty in a report on Wednesday, October 8th. Keefe, Bruyette & Woods assumed coverage on shares of Hagerty in a report on Wednesday, August 27th. They set an “outperform” rating and a $14.00 price objective on the stock. Evercore ISI began coverage on shares of Hagerty in a report on Wednesday, August 27th. They issued an “outperform” rating and a $14.00 price target on the stock. JPMorgan Chase & Co. upped their price objective on shares of Hagerty from $11.00 to $12.00 and gave the company a “neutral” rating in a report on Thursday, October 9th. Finally, Oppenheimer began coverage on shares of Hagerty in a report on Wednesday, September 17th. They issued an “outperform” rating and a $15.00 price target on the stock. Four equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Hagerty presently has a consensus rating of “Hold” and an average price target of $13.88.

Hagerty Stock Down 2.0%

NYSE:HGTY traded down $0.23 during mid-day trading on Tuesday, hitting $11.07. 153,345 shares of the company’s stock were exchanged, compared to its average volume of 110,095. Hagerty has a one year low of $8.03 and a one year high of $13.32. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.06 and a quick ratio of 1.06. The business has a fifty day moving average price of $11.80 and a 200 day moving average price of $10.57. The company has a market cap of $3.78 billion, a PE ratio of 55.33 and a beta of 0.92.

Hagerty (NYSE:HGTY) last posted its quarterly earnings results on Tuesday, November 4th. The company reported $0.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.09 by $0.04. The firm had revenue of $359.01 million during the quarter, compared to analyst estimates of $354.36 million. Hagerty had a return on equity of 13.76% and a net margin of 4.88%. Hagerty has set its FY 2025 guidance at EPS. Equities analysts predict that Hagerty will post 0.22 EPS for the current year.

Insider Activity

In other news, major shareholder Holding Corp. Hagerty sold 8,245,000 shares of the stock in a transaction that occurred on Thursday, August 7th. The shares were sold at an average price of $8.92, for a total value of $73,545,400.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Robert I. Kauffman sold 1,455,000 shares of the firm’s stock in a transaction that occurred on Monday, August 11th. The stock was sold at an average price of $8.92, for a total transaction of $12,978,600.00. Following the sale, the director owned 1,721,662 shares of the company’s stock, valued at $15,357,225.04. The trade was a 45.80% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 11,633,821 shares of company stock valued at $105,120,074. 16.70% of the stock is owned by insiders.

Hedge Funds Weigh In On Hagerty

Several large investors have recently modified their holdings of HGTY. IFP Advisors Inc purchased a new position in shares of Hagerty in the 2nd quarter worth about $30,000. Osaic Holdings Inc. raised its position in Hagerty by 2,374.5% in the 2nd quarter. Osaic Holdings Inc. now owns 4,949 shares of the company’s stock worth $50,000 after buying an additional 4,749 shares during the last quarter. Bank of America Corp DE raised its position in Hagerty by 46.6% in the 2nd quarter. Bank of America Corp DE now owns 8,571 shares of the company’s stock worth $87,000 after buying an additional 2,726 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in Hagerty in the 1st quarter worth about $93,000. Finally, KLP Kapitalforvaltning AS raised its position in Hagerty by 228.1% in the 2nd quarter. KLP Kapitalforvaltning AS now owns 10,500 shares of the company’s stock worth $106,000 after buying an additional 7,300 shares during the last quarter. Hedge funds and other institutional investors own 20.51% of the company’s stock.

Hagerty Company Profile

Hagerty, Inc provides insurance agency services worldwide. It offers motor vehicle and boat insurance products; and reinsurance products. The company provides Hagerty Media, which publishes contents through the Hagerty Drivers Club Magazine (HDC), video content, and social media channels; HDC that offers subscription based products and services, including HDC Magazine, automotive enthusiast events, proprietary vehicle valuation tools, emergency roadside services, and special vehicle-related discounts.