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

Hagerty (NYSE:HGTY) had its target price increased by equities research analysts at JPMorgan Chase & Co. from $12.00 to $13.00 in a research note issued on Tuesday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s price target points to a potential upside of 4.07% from the stock’s current price.

Several other equities analysts have also recently weighed in on the company. Keefe, Bruyette & Woods raised their price objective on Hagerty from $14.00 to $15.00 and gave the company an “outperform” rating in a report on Wednesday, July 8th. Weiss Ratings upgraded Hagerty from a “sell (d+)” rating to a “hold (c-)” rating in a report on Wednesday, June 17th. Wall Street Zen raised Hagerty from a “sell” rating to a “hold” rating in a research report on Saturday, July 4th. Wells Fargo & Company raised their price target on Hagerty from $11.00 to $13.00 and gave the company an “equal weight” rating in a research note on Thursday, July 9th. Finally, UBS Group set a $14.00 price target on Hagerty in a research report on Wednesday, June 10th. Four investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, Hagerty presently has an average rating of “Hold” and an average price target of $13.67.

Hagerty Stock Up 2.1%

NYSE:HGTY opened at $12.49 on Tuesday. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.65 and a current ratio of 1.65. The company has a market cap of $4.29 billion, a PE ratio of 62.46 and a beta of 0.79. Hagerty has a 52-week low of $8.81 and a 52-week high of $14.00. The stock has a 50-day simple moving average of $10.95 and a 200 day simple moving average of $11.39.

Hagerty (NYSE:HGTY) last announced its earnings results 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). Hagerty had a net margin of 5.11% and a return on equity of 11.94%. The firm had revenue of $311.83 million during the quarter, compared to analyst estimates of $284.88 million. On average, sell-side analysts expect that Hagerty will post -0.1 EPS for the current fiscal year.

Insider Transactions at Hagerty

In other Hagerty news, CAO Kevin M. Delaney sold 3,113 shares of the firm’s stock in a transaction that occurred on Thursday, July 2nd. The shares were sold at an average price of $12.25, for a total transaction of $38,134.25. Following the completion of the sale, the chief accounting officer directly owned 83,972 shares in the company, 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 at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 13,458 shares of company stock valued at $163,227. Company insiders own 3.70% of the company’s stock.

Institutional Trading of Hagerty

Several hedge funds have recently added to or reduced their stakes in the company. Neuberger Berman Group LLC boosted its stake in Hagerty by 2.8% in the 4th quarter. Neuberger Berman Group LLC now owns 8,269,620 shares of the company’s stock valued at $111,144,000 after purchasing an additional 221,834 shares during the period. Polar Capital Holdings Plc lifted its holdings in shares of Hagerty by 9.4% during the third quarter. Polar Capital Holdings Plc now owns 5,817,416 shares of the company’s stock worth $70,042,000 after buying an additional 498,389 shares in the last quarter. Vanguard Group Inc. lifted its holdings in shares of Hagerty by 32.3% during the third quarter. Vanguard Group Inc. now owns 3,456,174 shares of the company’s stock worth $41,612,000 after buying an additional 843,433 shares in the last quarter. Greenhaven Road Investment Management L.P. boosted its position in shares of Hagerty by 47.1% in the third quarter. Greenhaven Road Investment Management L.P. now owns 2,664,784 shares of the company’s stock valued at $32,084,000 after acquiring an additional 853,245 shares during the period. Finally, Lincoln Capital LLC grew its stake in shares of Hagerty by 2.4% in the second quarter. Lincoln Capital LLC now owns 973,651 shares of the company’s stock valued at $11,606,000 after acquiring an additional 22,999 shares in the last quarter. 20.51% of the stock is owned by institutional investors and hedge funds.

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.