Hagerty, Inc. (NYSE:HGTY) director Robert I. Kauffman has recently sold a total of $122,090 worth of company stock, according to the latest SEC filings. The transactions occurred over a span of three days, with prices ranging from $9.03 to $9.21 per share.
On March 26, Kauffman sold 3,965 shares of Hagerty's Class A Common Stock at an average price of $9.03 per share. The following day, on March 27, he sold an additional 2,848 shares at an average price of $9.08. The sales concluded on March 28 with the disposal of 6,561 shares at an average price of $9.21 per share.
These sales were conducted under a Rule 10b5-1 trading plan, which was adopted by Kauffman on August 11, 2023. Rule 10b5-1 trading plans allow company insiders to sell a predetermined number of shares at a predetermined time, providing a defense against potential accusations of insider trading.
It's noted in the filing footnotes that the transactions were executed in multiple trades, and the prices reported reflect the weighted average purchase price. Kauffman, through his role as manager of Aldel LLC, has voting and investment discretion over the securities held by the LLC. He disclaims beneficial ownership of these securities except to the extent of his pecuniary interest therein.
Following these transactions, Kauffman's indirectly held stake in Hagerty, Inc. stands at 3,440,498 shares. The filings underscore the transparency of insider trading activities and provide investors with insights into executive confidence in their companies.
Investors and market watchers pay close attention to insider sales and purchases as they can provide valuable signals about the company's financial health and future prospects. The recent sales by a Hagerty director might be of interest to shareholders and potential investors, as they evaluate the company's performance and insider sentiment.
InvestingPro Insights
Hagerty, Inc.'s (NYSE:HGTY) recent insider stock sales by director Robert I. Kauffman have prompted investor interest in the company's financial health and future growth prospects. To provide a clearer picture, let's delve into some key metrics and insights from InvestingPro that could help investors make more informed decisions.
Firstly, it's worth noting that Hagerty's market capitalization currently stands at $3.02 billion. This valuation comes at a time when the company is experiencing notable revenue growth, with the last twelve months as of Q4 2023 witnessing a 27.0% increase, reaching $1.00 billion in revenue. This growth is a testament to the company's expanding business operations and market presence.
InvestingPro Tips suggest that analysts are optimistic about Hagerty's earnings, with three analysts having revised their earnings upwards for the upcoming period. This could be a sign that the company is on track to meet or exceed market expectations, potentially driving future stock performance. Additionally, Hagerty is trading at a low P/E ratio relative to near-term earnings growth, which could indicate that the stock is undervalued when considering its growth potential.
Moreover, Hagerty has demonstrated a strong return over the last three months, with a total price return of 15.76%. This performance highlights the company's recent positive momentum in the market, which could be attractive to investors looking for growth opportunities.
For those interested in a deeper analysis, InvestingPro offers additional insights and tips for Hagerty, Inc. To explore these further and to take advantage of the full suite of features, investors can use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription. As of now, there are 6 more InvestingPro Tips available for Hagerty, which can be accessed by visiting: https://www.investing.com/pro/HGTY
Overall, the combination of strong revenue growth, positive analyst revisions, and a low P/E ratio relative to earnings growth presents an intriguing case for investors considering Hagerty, Inc. as part of their investment portfolio.
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