In a recent transaction, Robert I. Kauffman, a director at Hagerty, Inc. (NYSE:HGTY), sold a total of 3,465 shares of the company's Class A Common Stock. The sale, executed on April 15, 2024, amounted to over $31,000, with share prices ranging from $9.00 to $9.07. The weighted average price for the shares sold was reported at $9.02.
This sale was conducted in accordance with a Rule 10b5-1 trading plan, which Kauffman had adopted on August 11, 2023. Rule 10b5-1 plans allow company insiders to set up a predetermined schedule for buying or selling shares at a time when they are not in possession of material non-public information, providing a defense against claims of insider trading.
Following the transaction, Kauffman's holdings in Hagerty now stand at 3,424,072 shares. It's noteworthy that the shares sold were held indirectly through Aldel LLC, where Kauffman serves as the manager with voting and investment discretion over the securities. Despite the indirect holding, Kauffman has disclaimed beneficial ownership of these shares, except to the extent of his pecuniary interest.
Investors and shareholders of Hagerty may request further details regarding the specific number of shares sold at each price point from Kauffman, as per his undertaking in the filing footnote.
Hagerty, Inc., headquartered in Traverse City, Michigan, operates within the insurance industry, specializing in insurance agents, brokers, and service-related offerings. The company's stock is publicly traded on the New York Stock Exchange under the ticker symbol HGTY.
InvestingPro Insights
As investors analyze the recent insider transaction at Hagerty, Inc. (NYSE:HGTY), it's also beneficial to consider the company's financial health and future prospects. According to InvestingPro data, Hagerty's market capitalization stands at approximately $2.99 billion. The company's Price to Earnings (P/E) ratio is currently high at 93.09, which indicates investor confidence in future earnings growth, as supported by the InvestingPro Tips that suggest net income is expected to grow this year.
Furthermore, the company's revenue has shown significant growth over the last twelve months as of Q4 2023, with an increase of 27%. This growth momentum is reflected in the quarterly revenue growth of 24.39% for Q4 2023. Additionally, analysts have revised their earnings upwards for the upcoming period, which could signal further positive developments for the company's financial performance.
For those considering an investment in Hagerty, it's worth noting the company's high Price to Book (P/B) ratio of 31.29, which may suggest a premium valuation compared to its book value. This, coupled with the fact that Hagerty does not pay dividends, may influence investment strategies, particularly for income-focused investors. Interested parties can access additional InvestingPro Tips for a deeper analysis of Hagerty's valuation and performance metrics. For those looking to delve further, there are 6 more tips available on InvestingPro. Utilize the coupon code PRONEWS24 to receive an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.