Hagerty, Inc. (NYSE:HGTY) Director Robert I. Kauffman has sold a total of $140,338 worth of company stock, according to recent filings with the Securities and Exchange Commission. The transactions took place over three separate days, with prices ranging from $10.46 to $10.60 per share.
On October 4th, Kauffman sold 3,348 shares at an average price of $10.60, followed by a sale of 4,431 shares on October 7th at an average price of $10.46. The final sale occurred on October 8th, with 5,519 shares sold at $10.60 per share. These sales were conducted under a pre-arranged 10b5-1 trading plan, which allows insiders of publicly traded corporations to set up a trading plan for selling stocks they own.
Kauffman's transactions were executed in multiple trades, and the prices reported reflect the weighted average purchase price. The director has indicated a willingness to provide full information regarding the number of shares sold and the prices at which the transactions were effected upon request.
The shares sold by Kauffman are held by Aldel LLC, with the director having voting and investment discretion over these securities. Kauffman has disclaimed beneficial ownership of the reported securities, except to the extent of his pecuniary interest therein.
Investors and followers of Hagerty, Inc. often monitor insider sales as they provide insights into how executives and directors view the stock's value. Kauffman's recent sales may be of interest to those following the company's stock performance and insider trading patterns.
In other recent news, Hagerty, Inc. has made significant strides in the insurance sector. The company successfully completed the acquisition of Consolidated National Insurance Company for an estimated $18.4 million. This strategic move is expected to enhance Hagerty's service offerings and competitive position within the industry.
In addition to the acquisition, Hagerty has shown robust growth, surpassing market expectations for the sixth consecutive quarter in 2024. The company's written premiums increased by 18% in the first half of the year, thanks to strategic hires and efforts to improve member experiences.
Hagerty has revised its full-year outlook upward, now anticipating revenue between $1.16 billion and $1.18 billion. The company's net income is projected to be between $76 million and $84 million, and adjusted EBITDA forecasts are expected to range from $130 million to $140 million. These developments come despite a volatile interest rate environment, which the company acknowledges could impact projected income levels.
InvestingPro Insights
To provide additional context to Director Robert I. Kauffman's recent stock sales, let's examine some key financial metrics and insights for Hagerty, Inc. (NYSE:HGTY).
According to InvestingPro data, Hagerty's market capitalization stands at $3.56 billion, reflecting its position in the specialty insurance market. The company has demonstrated strong revenue growth, with a 23.75% increase over the last twelve months as of Q2 2024, reaching $1.11 billion. This growth trajectory aligns with an InvestingPro Tip indicating that net income is expected to grow this year.
Despite Kauffman's recent stock sales, there are positive signals for potential investors. InvestingPro Tips highlight that two analysts have revised their earnings upwards for the upcoming period, suggesting confidence in the company's near-term performance. Additionally, Hagerty is trading at a low P/E ratio relative to its near-term earnings growth, with a PEG ratio of 0.2 as of Q2 2024, potentially indicating an undervalued stock.
However, it's worth noting that Hagerty is trading at a high Price / Book multiple of 37.97, which may give some investors pause. The company's profitability over the last twelve months and analysts' predictions of profitability this year could explain the premium valuation.
For those interested in a more comprehensive analysis, InvestingPro offers 7 additional tips for Hagerty, providing a deeper understanding of the company's financial health and market position.
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