Hagerty, Inc. (NYSE:HGTY) director Robert I. Kauffman has sold a total of 24,743 shares of the company's Class A Common Stock over a series of transactions on May 29, May 30, and May 31, with the total value of the sales amounting to $249,100. The transactions were conducted at prices ranging from $9.02 to $9.50 per share.
On May 29, Kauffman sold 5,071 shares at an average price of $9.02, followed by the sale of 10,515 shares on May 30 at an average price of $9.26. The final sale occurred on May 31, where 11,157 shares were sold at an average price of $9.50. These sales were executed in multiple trades within the stated price ranges.
It is noted that these shares are indirectly owned by Aldel LLC, with Mr. Kauffman serving as the manager and having voting and investment discretion over the securities. He disclaims beneficial ownership of these securities, except to the extent of his pecuniary interest.
The sales were made in accordance with a Rule 10b5-1 trading plan, which was adopted by Mr. Kauffman on August 11, 2023. Rule 10b5-1 allows corporate insiders to set up a predetermined plan to sell company stocks in a way that avoids accusations of insider trading.
Following these transactions, Kauffman's indirectly held shares in the company have decreased, yet he still maintains a significant stake in Hagerty, Inc. The remaining shares owned following the transactions were reported as 3,383,660.
Investors and market watchers often pay close attention to insider sales for insights into a company's financial health and the confidence level of its executives. However, such sales do not always indicate a change in company fundamentals and can be motivated by various personal financial management reasons.
Hagerty, Inc. specializes in insurance and services for classic vehicles and is headquartered in Traverse City, Michigan. The company's stock is publicly traded on the New York Stock Exchange under the ticker symbol HGTY.
InvestingPro Insights
As investors examine the recent insider sales at Hagerty, Inc. (NYSE:HGTY), data from InvestingPro provides a broader financial context for the company's current market performance. With a market capitalization of $3.13 billion, the company is trading near its 52-week high, with a price that is 97.76% of this peak, indicating a strong market sentiment towards the stock.
Analyzing the company's price multiples, Hagerty is trading at a high Price / Book ratio of 34.53 as of the last twelve months ending Q1 2024, which could suggest a premium valuation compared to its tangible assets. Despite not having a current P/E ratio, the adjusted P/E ratio for the same period stands at 48.44, which, when coupled with a PEG Ratio of 0.26, indicates that the company's earnings growth is expected to outpace its P/E ratio, potentially signaling an attractive investment for growth-oriented investors.
Revenue growth remains robust, with a 25.7% increase over the last twelve months as of Q1 2024, underscoring the company's expanding financial performance. Additionally, the company's gross profit margin stands at a healthy 57.06%, reflecting efficient management of its cost of goods sold relative to sales.
InvestingPro Tips also highlight that analysts have revised their earnings upwards for the upcoming period, and they predict the company will be profitable this year, aligning with the strong revenue growth figures. Moreover, Hagerty does not pay a dividend to shareholders, which may appeal to those investors who prioritize reinvestment of profits over immediate income.
For investors seeking a more comprehensive analysis, there are additional InvestingPro Tips available for Hagerty, Inc. on the platform, providing deeper insights into the company's financials and market position. Use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, and gain access to these valuable tips that can inform your investment decisions.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.