In a recent transaction, Robert I. Kauffman, a director of Hagerty, Inc. (NYSE:HGTY), sold shares of the company's stock, marking a notable move within the insurance service provider's insider trading activity. The transaction involved the sale of 1,795 shares of Class A Common Stock at prices ranging from $9.00 to $9.05, with the weighted average price coming to $9.01 per share. This sale resulted in a total value of $16,172.
The shares were sold pursuant to a Rule 10b5-1 trading plan, which was adopted by Mr. Kauffman on August 11, 2023. Rule 10b5-1 allows company insiders to set up a predetermined plan to sell company stocks, allowing them to avoid accusations of insider trading. It is important to note that the shares sold were held by Aldel LLC, with Robert Kauffman serving as the manager and holding voting and investment discretion over the securities. Despite this, he has disclaimed beneficial ownership of these securities except to the extent of his pecuniary interest.
Following the transaction, the reporting documents indicated that Kauffman's remaining direct ownership in Hagerty, Inc. stands at 3,427,537 shares. This move by a key insider often garners attention from investors who track such sales as part of their investment strategy.
For those interested in Hagerty's stock movements, this sale represents a small fraction of Kauffman's overall stake in the company. Hagerty, Inc., headquartered in Traverse City, Michigan, specializes in insurance products and is known for its focus on the automotive enthusiast market.
InvestingPro Insights
Amidst the insider trading activity at Hagerty, Inc. (NYSE:HGTY), investors are closely monitoring the company's financial health and growth prospects. According to InvestingPro data, Hagerty's market capitalization stands at $2.9 billion, reflecting its position in the insurance service market. The company's revenue growth has been robust with a 27.0% increase over the last twelve months as of Q4 2023, indicating a solid expansion in its operations.
An InvestingPro Tip highlights that analysts are optimistic about Hagerty's future, with three analysts revising their earnings predictions upwards for the upcoming period. This is a positive signal for potential investors, suggesting that the company's financial performance could surpass previous expectations. Additionally, Hagerty is trading at a P/E ratio of 93.09, which is high relative to its near-term earnings growth, as evidenced by a PEG ratio of 0.2 for the same period. This could be an indication that the market is expecting significant earnings growth relative to the company's share price.
Another point of interest for investors is the company's profitability. Hagerty has been profitable over the last twelve months, which is an essential factor for long-term investment considerations. However, it is trading at a high Price / Book multiple of 30.85, which could suggest that the stock is valued richly in relation to its net assets.
For those looking to delve deeper into Hagerty's prospects and gain more insights, there are additional InvestingPro Tips available, which can be accessed through the platform. Interested investors can use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription. With access to these tips, investors can make more informed decisions about their investments in Hagerty, Inc.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.