Hagerty director Harris Laurie sells shares worth $33,084

Published 07/04/2025, 21:26
Hagerty director Harris Laurie sells shares worth $33,084

In a recent transaction filed with the Securities and Exchange Commission, Harris Laurie, a director at Hagerty , Inc. (NYSE:HGTY), sold 3,934 shares of the company’s Class A common stock. The sale, executed on April 4, 2025, was conducted at a weighted average price of $8.41 per share, totaling approximately $33,084.

This transaction was part of a pre-arranged trading plan under Rule 10b5-1, which Laurie had adopted on September 6, 2024. The sale was categorized as a "sell to cover" transaction, aimed at satisfying tax withholding obligations related to the vesting of restricted stock units. Following this transaction, Laurie now holds 30,349 shares of Hagerty stock. According to InvestingPro analysis, the stock appears undervalued despite falling nearly 20% over the past six months.

The transaction was completed in multiple trades, with prices ranging from $8.31 to $8.63 per share. Laurie has committed to providing detailed information about the trades upon request to relevant parties, including SEC staff and Hagerty security holders. InvestingPro subscribers can access additional insights, including 8 more ProTips and a comprehensive analysis of Hagerty's financial health and valuation metrics through the exclusive Pro Research Report.

In other recent news, Hagerty Inc. reported its Q4 2024 financial results, surpassing earnings expectations with an earnings per share (EPS) of $0.02, double the forecasted $0.01. The company's revenue also exceeded projections, reaching $292 million compared to the expected $279.53 million. Hagerty's total revenue saw a 19% year-over-year increase, driven by a 13% rise in written premiums and a notable 15% increase in commission and fee revenue. Despite these positive financial outcomes, the company's stock experienced a decline in pre-market trading. Analysts noted the company's strategic investments in technology and market expansion as key factors for future growth. Hagerty has projected written premiums growth of 13-14% and total revenue growth of 12-13% for 2025. Additionally, the company expects net income to grow by 30-40%, reaching between $102 million and $110 million. Analysts from Citizens JMP and Truist inquired about the potential impacts of tariffs and shopping behavior trends, with the company indicating a gradual impact on costs and a seasonal ramp-up in business activity.

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