Robert I. Kauffman, a director at Hagerty, Inc. (NYSE:HGTY), recently sold shares of the company's Class A common stock amounting to $264,932. The transactions, which took place over several days, were executed under a pre-arranged trading plan. The $3.79 billion market cap company has shown strong performance this year, with shares up over 42% year-to-date. According to InvestingPro analysis, Hagerty currently appears undervalued based on its Fair Value model, with additional ProTips available for subscribers.
On December 6, Kauffman sold 4,398 shares at a weighted average price of $11.27. This was followed by the sale of 12,731 shares on December 9 at an average price of $11.20. The final transaction occurred on December 10, involving 6,504 shares sold at an average price of $11.19. The shares were sold within a price range of $11.19 to $11.27, near the stock's 52-week high of $12.35.
Following these transactions, Kauffman holds 4,524,092 shares indirectly through Aldel LLC, where he has voting and investment discretion. The sales were conducted as part of a Rule 10b5-1 trading plan adopted in August 2024, ensuring the transactions were executed in compliance with regulatory guidelines. The company maintains a "GOOD" financial health score according to InvestingPro's comprehensive analysis.
In other recent news, Hagerty, a prominent player in the collectible car insurance sector, has reported robust growth despite industry challenges. In the third quarter of 2024, the company saw a 20% surge in total revenue, reaching $323 million, and a record addition of 275,000 new members. This contributed to a 16% growth in written premium year-to-date.
Hagerty's operating income reached $60 million and adjusted EBITDA was $105 million, despite incurring $25 million in losses from Hurricane Helene. The company projects its total revenue for 2024 to be approximately $1.18 billion, with a net income between $65 million and $74 million, factoring in the impact of recent hurricanes.
In other developments, Hagerty is preparing to launch its Enthusiast Plus business in early 2025, as part of its commitment to enhancing member experience. These recent developments underscore Hagerty's resilience and growth potential in the face of industry challenges.
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