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, Kauffman sold a total of 13,962 shares over a three-day period ending January 23, 2025. The shares were sold at prices ranging from $9.62 to $9.70 per share, amounting to a total transaction value of $135,111. Hagerty, with a market capitalization of $3.32 billion, has demonstrated strong performance with revenue growth of 21% over the last twelve months. InvestingPro analysis suggests the stock is currently trading below its Fair Value.
The sales were conducted under a pre-established Rule 10b5-1 trading plan adopted on August 9, 2024. Following these transactions, Kauffman, through Aldel LLC, holds 4,361,998 shares of Hagerty's stock. For deeper insights into Hagerty's valuation and growth prospects, including 6 additional ProTips and comprehensive financial metrics, visit InvestingPro, where you'll find detailed Pro Research Reports covering what really matters for smarter investment decisions.
In other recent news, Hagerty has been a subject of attention due to its financial performance and strategic initiatives. The company reported a 20% surge in total revenue, reaching $323 million in its third-quarter 2024 earnings call. This was accompanied by an addition of a record 275,000 new members, contributing to a 16% growth in written premium for the year. Despite incurring losses from Hurricane Helene, Hagerty managed to post an operating income of $60 million and adjusted EBITDA of $105 million.
However, Raymond (NSE:RYMD) James analysts recently downgraded Hagerty's stock from Market Perform to Underperform, citing concerns over the company's valuation. The analysts' assessment indicates that Hagerty's financial metrics are being valued more richly than those of its peers, which led to the rating adjustment. Despite the downgrade, the firm recognizes Hagerty's strong position in the market for classic and collectible vehicles, and robust growth expectations for the future.
In terms of future plans, Hagerty intends to launch its Enthusiast Plus business in early 2025. These recent developments underscore the company's commitment to enhancing member experience and its adaptability in a dynamic market environment.
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