Hagerty, Inc. (NYSE:HGTY) director Robert I. Kauffman has recently sold shares of the company's stock, according to the latest SEC filings. The transactions, which took place on May 13 and 14, involved a total sale of $23,517 in Class A Common Stock.
Kauffman, who is also the manager of Aldel LLC, sold 2,008 shares on May 13 at a weighted average price of $9.03 per share. The following day, he sold an additional 597 shares at a weighted average price of $9.02. The sales were executed in multiple trades at prices ranging from $9.00 to $9.09 for the first sale and from $9.00 to $9.05 for the second, as disclosed in the footnotes of the SEC filing.
The SEC report indicated that these sales were made pursuant to a Rule 10b5-1 trading plan, which was adopted by Kauffman on August 11, 2023. This plan allows company insiders to set up a predetermined schedule to sell stocks at a time when they are not in possession of material non-public information, thus avoiding potential accusations of insider trading.
Following the transactions, the reporting documents show that Kauffman still indirectly holds 3,397,555 shares of Hagerty, Inc. through Aldel LLC. Kauffman has stated that he has voting and investment discretion over the securities held by Aldel LLC but disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interest therein.
Investors often keep a close eye on insider transactions as they can provide valuable insights into the company's performance and insiders' confidence in the firm's prospects. The recent transactions by a Hagerty director may be of interest to current and potential shareholders as they evaluate their investment decisions.
InvestingPro Insights
As investors digest the recent insider transactions at Hagerty, Inc. (NYSE:HGTY), it's important to consider the company's financial health and market performance. With a market capitalization of $3,000M and a P/E ratio that has adjusted from a high of 99.74 to a more moderate 43.08 in the last twelve months as of Q1 2024, Hagerty shows signs of a valuation that is becoming more in line with its earnings growth.
Two key InvestingPro Tips that stand out for Hagerty include the company's expected net income growth this year and the positive revisions by three analysts for the upcoming period. These indicators suggest a favorable outlook for the company's financial performance, which may influence investor sentiment following the insider sales.
Moreover, the data shows robust revenue growth of 25.7% in the last twelve months as of Q1 2024, and a significant EBITDA growth of 1427.13% in the same period, reflecting strong operational efficiency and profitability. Despite the recent insider sales, these metrics could reassure investors about the company's growth trajectory.
For those considering deeper analysis or seeking additional insights on Hagerty, InvestingPro offers more tips on the company's performance and future prospects. By using the coupon code PRONEWS24, investors can get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, which includes access to a comprehensive list of InvestingPro Tips for a more informed investment strategy.
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