In a recent transaction, Robert I. Kauffman, a director at Hagerty, Inc. (NYSE:HGTY), has sold a portion of his holdings in the company. The sale, which took place over two separate transactions, resulted in a total of $30,904 worth of Class A Common Stock being sold.
On April 4th, Kauffman sold 422 shares at a weighted average price of $9.01, which was executed in multiple trades within the price range of $9.00 to $9.03. A few days later, on April 8th, an additional 2,998 shares were sold at a weighted average price of $9.04, with individual trades varying between $9.00 and $9.11. These sales were conducted according to a pre-arranged Rule 10b5-1 trading plan, which was adopted on August 11, 2023.
Following these transactions, Kauffman's ownership in Hagerty, Inc. stands at 3,429,332 shares. It's important to note that these shares are held indirectly by Aldel LLC, where Kauffman has voting and investment discretion. However, he disclaims beneficial ownership of these securities except to the extent of his pecuniary interest.
Investors and followers of Hagerty, Inc. will likely keep a close watch on insider transactions such as these for insights into executive confidence and company performance.
InvestingPro Insights
As stakeholders analyze the recent insider transactions at Hagerty, Inc. (NYSE:HGTY), it's valuable to consider the company's financial health and market performance. According to InvestingPro data, Hagerty currently has a market capitalization of $2.98 billion and has shown a robust revenue growth of 27% over the last twelve months as of Q4 2023. This growth is a testament to the company's ability to increase its market share and enhance its financial stability.
Despite a high Price/Earnings (P/E) ratio of 93.09, the adjusted P/E ratio for the same period stands at a more reasonable 33.82, suggesting a more favorable earnings outlook when certain factors are accounted for. Moreover, the company's Price to Book (P/B) ratio is at 32.88, which could indicate a premium market valuation of the company's net assets.
InvestingPro Tips for Hagerty also highlight that analysts are optimistic about the company's financial trajectory. Notably, three analysts have revised their earnings estimates upwards for the upcoming period, and the company is expected to be profitable over the last twelve months as well as in the current year. Such positive revisions could signal confidence in Hagerty's operational efficiency and future earnings potential.
For investors seeking more detailed analysis and additional insights, there are 9 InvestingPro Tips available for Hagerty, Inc., which can be accessed through their dedicated page on Investing.com. For those interested in a deeper dive into the company's financials and performance metrics, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
With the next earnings date set for May 7, 2024, investors will be keenly awaiting further developments and how they might influence the company's stock performance and insider sentiment going forward.
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