Robert Kauffman, a director at Hagerty, Inc. (NYSE:HGTY), a $3.7 billion market cap company that has seen its stock surge 39% year-to-date, recently sold a total of 19,462 shares of Class A Common Stock over three days, according to a filing with the Securities and Exchange Commission. The transactions, conducted under a pre-established trading plan, occurred between December 16 and December 18, 2024.
The shares were sold at prices ranging from $10.66 to $11.01, generating a total value of $210,702. Following these sales, Kauffman, through Aldel LLC, holds 4,486,982 shares indirectly and 53,474 shares directly.
In other recent news, Hagerty, a prominent player in the collectible car insurance market, has reported substantial growth in its third quarter 2024 earnings call. The company noted a 20% increase in total revenue, reaching $323 million, and added a record 275,000 new members, leading to a 16% year-to-date written premium growth. Despite setbacks from Hurricane Helene resulting in $25 million in losses, Hagerty achieved a $60 million operating income and $105 million in adjusted EBITDA.
The company's projections for 2024 include total revenue of approximately $1.18 billion, with a net income between $65 million and $74 million, even considering the impact of recent hurricanes. These recent developments reflect Hagerty's commitment to enhancing member experience and its plans to launch the Enthusiast Plus business in early 2025.
However, Hagerty faced challenges with a $25 million loss due to Hurricane Helene, affecting the underlying loss ratio. Despite these challenges, the company's unique business model is positioned to capitalize on the significant growth potential in the collectible car market. Hagerty holds a 5% market share in a market of 46 million collectible cars in the U.S., benefiting from industry trends of increased rates and limited coverage.
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