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Hagerty, Inc. (NYSE:HGTY) director Robert I. Kauffman has sold a total of $226,122 worth of company stock, according to recent SEC filings. The transactions, which took place over a series of days, involved the sale of Class A Common Stock at prices ranging from $11.13 to $11.25 per share.
On July 17, 2024, Kauffman sold 9,585 shares at an average price of $11.25 per share. This was followed by the sale of 4,166 shares on July 18 at an average price of $11.13, and another 6,439 shares on July 19 at an average price of $11.17. The sales were conducted under a pre-arranged 10b5-1 trading plan, which allows company insiders to sell shares at predetermined times to avoid accusations of insider trading.
The transactions were executed in multiple trades, with prices for the July 17 sale ranging from $11.12 to $11.40, and for the subsequent sales from $11.06 to $11.23 and $11.04 to $11.24, respectively. These ranges reflect the weighted average purchase prices for the shares sold on each day.
Following these sales, Kauffman's indirect ownership through Aldel LLC, where he has voting and investment discretion, stands at 5,443,953 shares. Kauffman, as the manager of Aldel LLC, disclaims beneficial ownership of these reported securities except to the extent of his pecuniary interest therein.
Investors and shareholders of Hagerty, Inc. can request full information regarding the specific number of shares sold and the prices at which transactions were effected from the SEC staff, the issuer, or a security holder of the issuer.
In other recent news, Hagerty, Inc. reported robust Q1 performance in 2024, with significant growth in commission and marketplace revenue. The company's net income increased by $23 million, and adjusted EBITDA grew by $21 million. This strong performance has led to a positive outlook for 2024, forecasting a revenue growth of 15-17% and a net income between $61 million to $70 million.
Hagerty also completed a successful warrant exchange offer, with significant holder participation surpassing the 50% consent threshold. This led to an amendment of the warrant agreements and the exchange of the remaining warrants for shares of Class A Common Stock.
Adding to the company's recent developments, Hagerty announced the appointment of insurance veteran Anthony J. Kuczinski to its Board of Directors. Kuczinski, with a 34-year tenure at Munich Reinsurance US Holdings, brings a wealth of experience in the insurance sector.
Hagerty continues to focus on strategic initiatives, including expanding its collectible car marketplace and controlling underwriting profits. The company is also preparing for the launch of a new product, Enthusiast Plus, in the coming years. These recent developments underscore Hagerty's commitment to strengthening its position in the market.
InvestingPro Insights
As Hagerty, Inc. (NYSE:HGTY) sees insider trading activity, investors may be keen to understand the company's financial health and market position. According to InvestingPro data, Hagerty has a market capitalization of $966.91 million, indicating a mid-sized player in its industry. The company's Price to Earnings (P/E) Ratio stands at a high 294.87, but when adjusted for the last twelve months as of Q1 2024, it appears more reasonable at 57.66. This could suggest that investors are expecting higher earnings in the near term.
Despite a high P/E ratio, the company's Price/Earnings to Growth (PEG) Ratio for the same period is at 0.31, which might indicate that the stock is undervalued based on its earnings growth. This aligns with the InvestingPro Tip highlighting that Hagerty is trading at a low P/E ratio relative to near-term earnings growth. Additionally, the company has experienced a substantial revenue increase of 25.7% over the last twelve months as of Q1 2024, which could be a positive sign for potential investors.
An InvestingPro Tip also points out that Hagerty has seen a strong return over the last three months, with a 24.86% price total return, reflecting investor optimism. Moreover, with the stock trading near its 52-week high at 97.56% of the peak price, it seems to maintain a robust market sentiment.
For investors looking for more in-depth analysis, there are additional InvestingPro Tips available, which can be accessed through a subscription. Use coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription and unlock the full potential of your investment decisions with Hagerty, Inc.
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