Yahoo Finance Hagerty (HGTY) Soars 6.3%: Is Further Upside Left in the Stock?
Hagerty, Inc. (HGTY) shares rallied 6.3% in the last trading session to close at $10.11. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 5.4% gain over the past four weeks.
Hagerty, an insurance service provider for vintage and classic cars, ended sharply higher on the last trading day, buoyed by optimism over introduction of the company’s new Truck and SUV Index – the fourth such price guide it has launched in the past several months. Investors should note that Hagerty's strategic initiatives, including enhanced marketing efforts, efficient member service processes, and a focus on marketplace expansion, have been instrumental in driving significant growth for the company.
This company is expected to post quarterly earnings of $0.08 per share in its upcoming report, which represents a year-over-year change of +60%. Revenues are expected to be $312.91 million, up 19.8% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For Hagerty, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on HGTY going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Hagerty is a member of the Zacks Automotive - Retail and Wholesale - Parts industry. One other stock in the same industry, O'Reilly Automotive (ORLY), finished the last trading session 0.6% higher at $1,057.42. ORLY has returned 9.7% over the past month.
For O'Reilly Automotive , the consensus EPS estimate for the upcoming report has remained unchanged over the past month at $11.10. This represents a change of +8.6% from what the company reported a year ago. O'Reilly Automotive currently has a Zacks Rank of #3 (Hold).
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Hagerty, Inc. (HGTY): Free Stock Analysis Report
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