Hagerty, Inc. (NYSE:HGTY) director Robert I. Kauffman has sold a total of $8,172 worth of Class A common stock, according to a recent SEC filing. The transactions, which occurred over a span of three days, were executed under a pre-established trading plan.
On May 20, 2024, Kauffman sold 415 shares at a price of $9.00 each. The following day, he sold an additional 382 shares, also at $9.00 per share. The selling spree concluded on May 22 with the sale of 111 shares. This last transaction was executed in multiple trades at prices ranging from $9.00 to $9.02, with the reported price reflecting the weighted average.
The sales were conducted in accordance with Rule 10b5-1, a regulation that allows company insiders to set up a predetermined plan to sell stocks at a time when they are not in possession of material non-public information. This can help insiders avoid accusations of insider trading.
Following these transactions, Kauffman's indirectly held stake in Hagerty, through Aldel LLC, stands at 3,396,647 shares. Kauffman is the manager of Aldel LLC and possesses voting and investment discretion over the securities held by the entity. He has disclaimed beneficial ownership of these securities, except to the extent of his pecuniary interest.
Investors often watch insider buying and selling as it can provide insights into a company's internal perspective. While the sales made by Kauffman are relatively modest, they still offer a glimpse into the actions of one of Hagerty's key insiders.
InvestingPro Insights
In light of the recent insider sales at Hagerty, Inc. (NYSE:HGTY), investors may be interested in the broader financial context of the company. According to InvestingPro, analysts are optimistic about Hagerty's future performance. Notably, the company is projected to see net income growth this year, which aligns with the sentiment that analysts have revised their earnings upwards for the upcoming period. This expectation is a promising sign for potential investors and could indicate that the insider sales do not necessarily reflect a negative outlook on the company's financial health.
Moreover, with a high Price / Book multiple of 32.26 as of the last twelve months ending in Q1 2024, Hagerty trades at a valuation that suggests investors have high expectations of the company's future growth. While this multiple is high, the company's PEG Ratio stands at a low 0.24, indicating that the price may be reasonable relative to near-term earnings growth projections.
Another key metric to consider is the company's revenue growth, which has been strong at 25.7% for the last twelve months as of Q1 2024. This robust growth rate may provide further confidence in the company's ability to expand and generate profits, especially since Hagerty has been profitable over the last twelve months.
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