Robert I. Kauffman, a director at Hagerty, Inc. (NYSE:HGTY), recently sold shares of the company's Class A common stock. According to a filing with the Securities and Exchange Commission, Kauffman disposed of a total of 17,648 shares over three consecutive days, from December 11 to December 13, 2024. The shares were sold at prices ranging from $11.07 to $11.19 per share, generating a total value of approximately $196,878. The transaction comes as Hagerty, with a market capitalization of $3.79 billion, has demonstrated strong performance with a 42.69% year-to-date return and impressive revenue growth of 21.13%.
Following these transactions, Kauffman, through Aldel LLC, holds 4,506,444 shares indirectly. This sale was conducted under a pre-arranged trading plan, known as a Rule 10b5-1 plan, which was adopted on August 9, 2024. According to InvestingPro analysis, Hagerty currently appears undervalued and maintains a GOOD overall financial health score. Subscribers can access detailed valuation metrics and 6 additional ProTips in the comprehensive Pro Research Report.
In other recent news, Hagerty reported a significant 20% increase in total revenue, reaching $323 million in the third quarter of 2024. Despite the challenges posed by Hurricane Helene, causing $25 million in losses, the company managed to achieve a $60 million operating income and $105 million in adjusted EBITDA. In addition, Hagerty welcomed a record 275,000 new members, contributing to a 16% year-to-date written premium growth.
Looking forward, Hagerty anticipates total revenue for 2024 to be approximately $1.18 billion, with a projected net income between $65 million and $74 million. The company is also preparing for the launch of its Enthusiast Plus business in early 2025. These recent developments underline Hagerty's robust growth and commitment to enhancing member experience, even amid industry challenges.
It's worth noting that the company's unique business model holds a 5% market share in a market of 46 million collectible cars in the U.S., positioning Hagerty to capitalize on significant growth potential. With these developments, Hagerty continues to demonstrate resilience and adaptability in a dynamic market environment.
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