Hagerty, Inc. (NYSE:HGTY) director Robert I. Kauffman has sold a total of $56,458 worth of company stock, according to recent SEC filings. The transactions occurred over a series of trades on May 23, May 24, and May 28.
On May 23, Kauffman sold 1,881 shares of Hagerty's Class A Common Stock at a weighted average price of $9.03 per share. The following day, he sold 2,941 shares at an average price of $9.07. The final sale reported on May 28 was for 1,422 shares at an average price of $9.00. The prices for these transactions ranged between $9.00 and $9.07, as detailed in the footnotes of the SEC filing.
The sales were carried out under a Rule 10b5-1 trading plan, which was adopted by 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.
According to the SEC filing, the shares sold are held by Aldel LLC, with Kauffman serving as the manager with voting and investment discretion over the securities. He has disclaimed beneficial ownership of these securities, except to the extent of his pecuniary interest.
Following these transactions, Kauffman still indirectly owns 3,390,403 shares of Hagerty's Class A Common Stock through Aldel LLC. The sales represent a small fraction of his total holdings in the company.
Investors and followers of Hagerty, Inc. will continue to monitor insider activity as it often provides insights into the company's performance and the confidence that executives have in the firm's future.
InvestingPro Insights
In light of the recent insider transactions at Hagerty, Inc. (NYSE:HGTY), where director Robert I. Kauffman sold a portion of his shares, potential investors might be curious about the company's financial health and future prospects. According to InvestingPro data, Hagerty has a market capitalization of $3.02 billion and has shown a robust revenue growth of 25.7% over the last twelve months as of Q1 2024.
While the P/E Ratio is currently not applicable, the adjusted P/E Ratio for the last twelve months as of Q1 2024 is 45.36, which could indicate expectations of future earnings growth. This is supported by an InvestingPro Tip that net income is expected to grow this year. Another key metric is the Price/Book ratio, which stands at a high 32.33 as of the same period, suggesting that the market values the company’s assets quite favorably.
InvestingPro Tips also reveal that three analysts have revised their earnings estimates upwards for the upcoming period, which may signal a positive outlook on the company's performance. Additionally, Hagerty is trading at a low PEG Ratio of 0.24, indicating that its stock price is modest relative to near-term earnings growth expectations. Moreover, analysts predict that the company will be profitable this year, as Hagerty has been profitable over the last twelve months.
For those interested in a deeper analysis, there are additional InvestingPro Tips available at https://www.investing.com/pro/HGTY. These insights could provide valuable context for the insider sales and help investors make more informed decisions. To access these, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, unlocking the full suite of data and expert analysis.
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