Mark Hughes, an analyst from Truist Financial, maintained the Hold rating on Hagerty Inc Class A (HGTY – Research Report). The associated price target is $10.00.
Mark Hughes has assigned a Hold rating to Hagerty Inc Class A’s stock based on a number of factors. The company’s business model is seen as highly attractive, but the stock itself is considered to be fairly priced. The firm reported an impressive third quarter with an adjusted EPS of $0.05, surpassing Hughes’ forecast of $0.03. Furthermore, Hagerty’s total revenue saw a considerable increase of 27% to $276 million, which favorably compared to Hughes’ estimate of $270 million.
Additionally, the CEO emphasised the firm’s dramatic improvement in Adjusted EBITDA during the first nine months of 2023 compared to the same period in 2022. This was largely attributed to effective cost containment strategies and operational efficiencies. The company’s focus on delivering a superior online and live marketplace experience, coupled with efforts to drive increased loyalty and referrals, is expected to result in incremental revenue. Furthermore, the total number of insured vehicles rose by 6% year over year to 2.4 million, and policies in force also increased by 6% year over year to 1.39 million, thanks in part to a 2% increase in the new business count in the insurance operation.
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Hagerty Inc Class A (HGTY) Company Description:
Aldel Financial Inc is a blank check company.
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