Key Points
- Major shareholder Holding Corp. Hagerty sold 9.25 million shares at an average price of $11.47, generating approximately $106.1 million and reducing its position by 50%. It also sold an additional 1.39 million shares in a separate transaction.
- Hagerty reported quarterly revenue of $354.8 million and an adjusted loss of $0.02 per share, beating analyst estimates for revenue and EPS.
- Analysts maintain a generally positive outlook, with the stock carrying a “Moderate Buy” consensus rating and an average price target of $14.00.
Hagerty, Inc. (NYSE:HGTY - Get Free Report) major shareholder Holding Corp. Hagerty sold 1,387,500 shares of the firm's stock in a transaction on Friday, September 11th. The stock was sold at an average price of $11.47, for a total transaction of $15,914,625.00. Following the completion of the sale, the insider owned 9,250,000 shares in the company, valued at approximately $106,097,500. The trade was a 13.04% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Major shareholders that own at least 10% of a company's stock are required to disclose their sales and purchases with the SEC.
Holding Corp. Hagerty also recently made the following trade(s):
- On Wednesday, September 9th, Holding Corp. Hagerty sold 9,250,000 shares of Hagerty stock. The stock was sold at an average price of $11.47, for a total transaction of $106,097,500.00.
Hagerty Price Performance
NYSE:HGTY opened at $13.53 on Friday. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.53 and a quick ratio of 1.53. Hagerty, Inc. has a one year low of $9.36 and a one year high of $14.00. The company has a fifty day moving average price of $12.63 and a 200 day moving average price of $11.40. The stock has a market cap of $4.65 billion, a P/E ratio of 150.32 and a beta of 0.81.
Hagerty (NYSE:HGTY - Get Free Report) last posted its quarterly earnings results on Wednesday, August 5th. The company reported ($0.02) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.09) by $0.07. Hagerty had a net margin of 1.81% and a return on equity of 5.15%. The company had revenue of $354.82 million for the quarter, compared to analyst estimates of $316.21 million. Analysts anticipate that Hagerty, Inc. will post 0.01 earnings per share for the current year.
Analysts Set New Price Targets
A number of equities research analysts recently weighed in on the company. UBS Group set a $14.00 target price on Hagerty in a research report on Wednesday, June 10th. Zacks Research raised Hagerty from a "hold" rating to a "strong-buy" rating in a report on Thursday, August 13th. Weiss Ratings upgraded Hagerty from a "hold (c-)" rating to a "hold (c)" rating in a research report on Tuesday, August 11th. Wells Fargo & Company lifted their price objective on Hagerty from $11.00 to $13.00 and gave the stock an "equal weight" rating in a report on Thursday, July 9th. Finally, Truist Financial boosted their price objective on Hagerty from $11.00 to $13.00 and gave the company a "hold" rating in a research report on Friday, August 7th. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $14.00.
Check Out Our Latest Research Report on HGTY
Institutional Trading of Hagerty
Several institutional investors have recently made changes to their positions in the business. Ancora Advisors LLC bought a new stake in Hagerty in the second quarter valued at about $28,000. EverSource Wealth Advisors LLC raised 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 worth $32,000 after purchasing an additional 1,591 shares in the last quarter. Osaic Holdings Inc. lifted its stake in 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 purchasing an additional 4,749 shares during the period. BNP Paribas Financial Markets lifted its stake in 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 purchasing an additional 3,197 shares during the period. Finally, Integrated Wealth Concepts LLC acquired a new stake in Hagerty during the second quarter valued at approximately $63,000. 20.51% of the stock is currently owned by institutional investors and hedge funds.
Hagerty Company Profile
(
Get Free Report)
Hagerty, Inc is an automotive lifestyle company focused on serving classic and enthusiast vehicle owners. Through its insurance operations, the company provides specialty insurance products and related services designed for collector cars, classic vehicles, motorsports vehicles and other vehicles that may require coverage tailored to their usage and value.
Hagerty also offers automotive valuation tools, vehicle research and pricing information, membership benefits, and digital content for enthusiasts.
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