Hagerty (NYSE:HGTY) Shares Gap Down – What’s Next?

Hagerty, Inc. (NYSE:HGTY) shares gapped down prior to trading on Thursday . The stock had previously closed at $13.26, but opened at $12.12. Hagerty shares last traded at $12.8290, with a volume of 1,046,300 shares changing hands.

Analysts Set New Price Targets

HGTY has been the subject of a number of research analyst reports. UBS Group set a $14.00 price objective on shares of Hagerty in a research report on Wednesday, June 10th. Zacks Research upgraded shares of Hagerty from a “hold” rating to a “strong-buy” rating in a research report on Thursday, August 13th. Weiss Ratings upgraded Hagerty from a “hold (c-)” rating to a “hold (c)” rating in a report on Tuesday, August 11th. JPMorgan Chase & Co. boosted their price objective on Hagerty from $12.00 to $13.00 and gave the stock a “neutral” rating in a report on Tuesday, July 14th. Finally, Truist Financial upped their target price on Hagerty from $11.00 to $13.00 and gave the company a “hold” rating in a research report on Friday, August 7th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $14.00.

Hagerty Stock Performance

The stock’s 50-day simple moving average is $12.59 and its 200-day simple moving average is $11.38. The stock has a market cap of $4.50 billion, a price-to-earnings ratio of 145.72 and a beta of 0.81. The company has a current ratio of 1.53, a quick ratio of 1.53 and a debt-to-equity ratio of 0.33.

Hagerty (NYSE:HGTY) last released its earnings results on Wednesday, August 5th. The company reported ($0.02) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.09) by $0.07. Hagerty had a return on equity of 5.15% and a net margin of 1.81%.The firm had revenue of $354.82 million during the quarter, compared to the consensus estimate of $316.21 million. Analysts forecast that Hagerty, Inc. will post 0.01 earnings per share for the current fiscal year.

Insider Activity

In related news, CAO Kevin Delaney sold 3,113 shares of Hagerty stock in a transaction that occurred on Thursday, July 2nd. The shares were sold at an average price of $12.25, for a total value of $38,134.25. Following the transaction, the chief accounting officer directly owned 83,972 shares of the company’s stock, valued at $1,028,657. This trade represents a 3.57% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 13,458 shares of company stock worth $163,227. Company insiders own 3.70% of the company’s stock.

Institutional Investors Weigh In On Hagerty

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Ancora Advisors LLC bought a new position in Hagerty in the 2nd quarter valued at approximately $28,000. EverSource Wealth Advisors LLC boosted its position in Hagerty by 107.4% in the first quarter. EverSource Wealth Advisors LLC now owns 3,072 shares of the company’s stock valued at $32,000 after buying an additional 1,591 shares in the last quarter. Osaic Holdings Inc. grew its stake in shares of Hagerty by 2,374.5% during the second 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. BNP Paribas Financial Markets grew its stake in shares of Hagerty by 165.3% during the third quarter. BNP Paribas Financial Markets now owns 5,131 shares of the company’s stock worth $62,000 after buying an additional 3,197 shares during the last quarter. Finally, Integrated Wealth Concepts LLC bought a new position in shares of Hagerty in the 2nd quarter valued at $63,000. 20.51% of the stock is 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.