24Business

Hagerty Director Robert Kauffman is selling $186,671 worth of shares to Investing.com

Robert I. Kauffman, Director of Hagerty, Inc. (NYSE:HGTY), recently sold a significant portion of its stake in the company. According to a recent filing with the SEC, Kauffman sold a total of 19,951 shares of Class A Common Stock in three transactions between January 10 and January 14, 2025. The shares were sold at prices ranging from $9.32 to $9.45 per share, which had a total value of approximately $186,671. According to InvestingPro analysis, the stock currently appears undervalued, with the RSI indicating oversold territory.

The filings show that these transactions were made pursuant to a predetermined trading plan under Rule 10b5-1, which Kauffman adopted on August 9, 2024. Following these sales, Kauffman owns 4,385,549 shares indirectly through Aldel LLC, where he has voting and investment rights. .

Hagerty, Inc., based in Traverse City, Michigan, specializes in insurance services for classic car enthusiasts.

In other recent news, Hagerty Inc. has experienced some significant developments. Despite facing industry challenges, the company reported strong growth in its Q3 2024 earnings report. The leader in collectible auto insurance saw total revenue grow 20% to $323 million, and added a record 275,000 new members. This contributed to written premium growth of 16% for the year, with operating income of $60 million and adjusted EBITDA of $105 million. Hagerty’s expected total revenue for 2024 is approximately $1.18 billion, with projected net income between $65 million and $74 million.

However, Raymond (NS:) James analysts recently downgraded Hagerty’s stock from market perform to underperform, citing concerns about the company’s valuation. Analysts noted that Hagerty currently trades at approximately 34 times 2025 earnings per share (EPS), which is significantly higher than the industry average. This valuation gap was a key factor in the decision to short the stock. Nevertheless, the company plans to launch its Enthusiast Plus business in early 2025, reflecting its resilience and adaptability in a dynamic market environment.

This article was generated with the support of artificial intelligence and reviewed by an editor. See our T&C for more information.





Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button
Social Media Auto Publish Powered By : XYZScripts.com