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Robert Kauffman, a director at Hagerty , Inc. (NYSE:HGTY), a $3.5 billion market cap company with a "GOOD" InvestingPro Financial Health score, has sold shares of the company in a series of transactions. According to a recent SEC filing, Kauffman sold a total of 11,353 shares of Hagerty’s Class A Common Stock over several days, amounting to $114,847. The sales were executed at prices ranging from $9.99 to $10.21 per share.
These transactions were conducted under a Rule 10b5-1 trading plan, which Kauffman adopted on August 9, 2024. Following these sales, Kauffman, through Aldel LLC, holds 4,308,961 shares of Hagerty stock indirectly. Additionally, Kauffman directly owns 53,474 shares. The company has demonstrated strong performance with 21% revenue growth over the last twelve months. Discover more insights and access the comprehensive Pro Research Report for HGTY on InvestingPro, along with 6 additional ProTips.
In other recent news, Hagerty Inc. has been making headlines with its financial performance and market valuation. The company reported a 20% increase in total revenue in the third quarter of 2024, reaching $323 million. This growth was fueled by the addition of a record 275,000 new members, which contributed to a 16% increase in written premium growth. Despite losses from Hurricane Helene, Hagerty managed to achieve a $60 million operating income and $105 million adjusted EBITDA. The company also projects total revenue for 2024 to be approximately $1.18 billion, with net income expected to fall between $65 million and $74 million.
However, the company’s valuation has raised some concerns. Raymond (NSE:RYMD) James analysts recently downgraded Hagerty’s stock from Market Perform to Underperform, citing the stock’s high valuation relative to its peers. Hagerty’s estimated earnings per share for 2025 are trading at approximately 34 times, significantly higher than the industry average. While the company’s robust top-line growth projections for 2025 were acknowledged, the analysts suggested that the stock’s pricing may be ahead of its market comparables.
These are some of the recent developments that investors in Hagerty Inc. should be aware of. As the company continues to roll out strategic initiatives and navigate industry challenges, it will be crucial to see how these plans align with the company’s current market valuation and the expectations of analysts.
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