Hagerty, Inc. (NYSE:HGTY) director Robert I. Kauffman has sold a total of $46,173 worth of company stock, according to a recent SEC filing. The transactions, which occurred over a series of trades, were executed at prices ranging from $9.00 to $9.07 per share.
The sales took place across three different dates, with the first transaction on April 23, involving 3,036 shares at a weighted average price of $9.07 per share. The following day, on April 24, Kauffman sold another 1,609 shares at an average price of $9.01. The final sale, on April 25, consisted of 460 shares at a price of $9.00 per share.
These transactions were made under a pre-arranged trading plan, known as a Rule 10b5-1 plan, which Kauffman adopted on August 11, 2023. Such plans allow insiders to sell shares at predetermined times to avoid accusations of trading on non-public information.
Following these sales, the reporting SEC document indicated that Kauffman still indirectly owns 3,418,967 shares of Hagerty, Inc. through Aldel LLC, for which he serves as manager and has voting and investment discretion. The document also notes that Kauffman disclaims beneficial ownership of these securities, except to the extent of his pecuniary interest.
Investors and followers of Hagerty, Inc. often monitor insider transactions as they can provide insights into the company's financial health and management's confidence in the business's future prospects.
InvestingPro Insights
Amid the recent insider sales by Hagerty, Inc. (NYSE:HGTY) director Robert I. Kauffman, potential investors and current shareholders may find the following InvestingPro data and tips enlightening as they assess the company's market stance and future outlook.
InvestingPro data shows that Hagerty, Inc. has a market capitalization of approximately $2.99 billion and is trading at a high price-to-earnings (P/E) ratio of 97.06, suggesting a premium valuation compared to earnings. However, when adjusted for the last twelve months as of Q4 2023, the P/E ratio stands at a more moderate 32.85. This is complemented by a PEG ratio of 0.2 during the same period, indicating potential value relative to expected earnings growth. Additionally, Hagerty's price-to-book ratio was recorded at 31.94, which may imply a higher market valuation relative to the company's net asset value.
Two InvestingPro Tips that stand out for Hagerty, Inc. include:
- The company is expected to see net income growth this year, which could be a positive signal for investors looking for companies with improving profitability.
- Three analysts have revised their earnings estimates upwards for the upcoming period, suggesting increased optimism about the company's financial performance.
These tips, among others available on InvestingPro, can offer deeper insights into Hagerty's financial dynamics. For those interested in a comprehensive analysis, there are additional tips listed on InvestingPro. To access these insights and benefit from the full suite of features, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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