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Robert Kauffman, a director at Hagerty , Inc. (NYSE:HGTY), has recently sold shares of the company’s Class A Common Stock, according to a Form 4 filing with the Securities and Exchange Commission. The transactions, carried out under a Rule 10b5-1 trading plan, took place over several days, with shares sold at prices ranging from $9.63 to $9.86. The sales occurred as Hagerty, currently valued at $888 million, demonstrates strong revenue growth of 21% over the last twelve months.
The sales, executed between January 24 and January 28, 2025, involved a total of 15,959 shares, amounting to approximately $154,987. Following these transactions, Kauffman, through Aldel LLC, owns 4,346,039 shares of Hagerty stock.
These transactions were part of a pre-established trading plan, providing a structured approach for insiders to sell shares and manage their holdings. Kauffman continues to hold a significant position in Hagerty, a company known for its specialty insurance products for classic car enthusiasts.
In other recent news, Hagerty Inc. experienced robust growth in its third-quarter 2024 earnings call. The company reported a 20% surge in total revenue, reaching $323 million and added a record 275,000 new members. This contributed to a 16% growth in written premium for the year. Despite facing industry challenges, such as a $25 million loss from Hurricane Helene, Hagerty managed to post an operating income of $60 million and adjusted EBITDA of $105 million. The company’s anticipated total revenue for 2024 stands at approximately $1.18 billion, with a projected net income between $65 million and $74 million. In addition to these recent developments, Hagerty plans to launch its Enthusiast Plus business in early 2025. However, Raymond (NSE:RYMD) James analysts recently downgraded Hagerty’s stock from Market Perform to Underperform due to valuation concerns, despite acknowledging Hagerty’s position as a leading marketplace for classic and collectible vehicles.
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