Following these transactions, Kauffman retains 4,454,010 shares indirectly through Aldel LLC, where he exercises voting and investment discretion. These sales were conducted under a pre-arranged Rule 10b5-1 trading plan, which allows insiders to set up a schedule for selling stocks to avoid potential insider trading accusations. According to InvestingPro analysis, Hagerty, with a market capitalization of $3.55 billion, appears undervalued based on its Fair Value assessment. Subscribers can access additional insights, including 7 more ProTips and a comprehensive Pro Research Report, which is available for over 1,400 US stocks. According to InvestingPro analysis, Hagerty, with a market capitalization of $3.55 billion, appears undervalued based on its Fair Value assessment. Subscribers can access additional insights, including 7 more ProTips and a comprehensive Pro Research Report, which is available for over 1,400 US stocks.
Following these transactions, Kauffman retains 4,454,010 shares indirectly through Aldel LLC, where he exercises voting and investment discretion. These sales were conducted under a pre-arranged Rule 10b5-1 trading plan, which allows insiders to set up a schedule for selling stocks to avoid potential insider trading accusations.
In other recent news, Hagerty reported significant growth in its third-quarter 2024 earnings call. Despite industry challenges, the company saw a 20% increase in total revenue, reaching $323 million. This growth was bolstered by the addition of a record 275,000 new members, contributing to a 16% year-to-date written premium growth.
Despite a $25 million loss from Hurricane Helene, Hagerty achieved a $60 million operating income and $105 million in adjusted EBITDA. The company is also projecting a net income between $65 million and $74 million for 2024, including the impact of recent hurricanes.
Looking forward, Hagerty plans to launch its Enthusiast Plus business in early 2025. The company remains committed to enhancing member experience and expects total revenue for 2024 to be approximately $1.18 billion. These are just a few of the recent developments at Hagerty, illustrating the company’s resilience and growth amid industry challenges.
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