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

Hagerty, Inc. (NYSE:HGTY) saw a significant growth in short interest during the month of March. As of March 31st, there was short interest totaling 486,740 shares, a growth of 19.3% from the March 15th total of 408,077 shares. Based on an average daily volume of 180,787 shares, the short-interest ratio is presently 2.7 days. Currently, 0.2% of the company’s stock are sold short.

Hagerty Stock Performance

Shares of Hagerty stock opened at $10.83 on Friday. The company has a 50 day moving average price of $10.99 and a 200 day moving average price of $12.01. The firm has a market capitalization of $3.71 billion, a P/E ratio of 32.80 and a beta of 0.93. The company has a quick ratio of 1.63, a current ratio of 1.63 and a debt-to-equity ratio of 0.27. Hagerty has a 52 week low of $8.37 and a 52 week high of $14.00.

Hagerty (NYSE:HGTY) last released its earnings results on Thursday, February 26th. The company reported $0.08 earnings per share for the quarter, topping the consensus estimate of $0.04 by $0.04. Hagerty had a net margin of 5.98% and a return on equity of 16.24%. The company had revenue of $388.10 million for the quarter, compared to the consensus estimate of $323.93 million. Sell-side analysts expect that Hagerty will post 0.22 EPS for the current year.

Insiders Place Their Bets

In other news, Director Anthony J. Kuczinski purchased 4,000 shares of the stock in a transaction dated Thursday, March 12th. The shares were acquired at an average cost of $9.50 per share, for a total transaction of $38,000.00. Following the acquisition, the director owned 47,277 shares of the company’s stock, valued at approximately $449,131.50. This represents a 9.24% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Laurie Harris sold 5,531 shares of Hagerty stock in a transaction that occurred on Tuesday, April 7th. The stock was sold at an average price of $11.01, for a total transaction of $60,896.31. Following the completion of the transaction, the director directly owned 36,689 shares in the company, valued at approximately $403,945.89. The trade was a 13.10% decrease in their position. The SEC filing for this sale provides additional information. 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. Over the last ninety days, insiders sold 105,531 shares of company stock worth $1,308,896. 16.70% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Hagerty

A number of large investors have recently made changes to their positions in the stock. Osaic Holdings Inc. increased its position in shares of Hagerty by 2,374.5% in the 2nd quarter. Osaic Holdings Inc. now owns 4,949 shares of the company’s stock valued at $50,000 after acquiring an additional 4,749 shares during the period. BNP Paribas Financial Markets lifted its position in Hagerty by 165.3% during the 3rd quarter. BNP Paribas Financial Markets now owns 5,131 shares of the company’s stock worth $62,000 after acquiring an additional 3,197 shares during the period. Bank of America Corp DE grew its stake in Hagerty by 46.6% during the 2nd quarter. Bank of America Corp DE now owns 8,571 shares of the company’s stock valued at $87,000 after purchasing an additional 2,726 shares during the last quarter. Los Angeles Capital Management LLC purchased a new stake in Hagerty during the 4th quarter valued at about $98,000. Finally, Arizona State Retirement System acquired a new position in shares of Hagerty in the third quarter valued at about $141,000. 20.51% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms have issued reports on HGTY. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Hagerty in a report on Monday, December 29th. JPMorgan Chase & Co. increased their price objective on Hagerty from $12.00 to $13.00 and gave the company a “neutral” rating in a report on Wednesday, January 7th. Wall Street Zen cut Hagerty from a “buy” rating to a “hold” rating in a research report on Saturday, February 14th. Finally, Wells Fargo & Company dropped their target price on Hagerty from $13.00 to $11.00 and set an “equal weight” rating on the stock in a research note on Thursday, April 9th. Four research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, Hagerty has a consensus rating of “Moderate Buy” and an average target price of $13.71.

Hagerty Company Profile

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.