The sales were conducted under a Rule 10b5-1 trading plan, which Kauffman adopted on August 9, 2024. This type of plan allows company insiders to set up a predetermined schedule for selling stocks to avoid any accusations of insider trading.Following these transactions, Kauffman holds 4,547,725 shares indirectly through Aldel LLC, where he has voting and investment discretion. Additionally, he directly owns 53,474 shares of Hagerty's stock. The company maintains a GREAT financial health score according to InvestingPro, which offers comprehensive insider trading analysis and financial health metrics in its detailed Pro Research Report, available for over 1,400 US stocks. The company maintains a GREAT financial health score according to InvestingPro, which offers comprehensive insider trading analysis and financial health metrics in its detailed Pro Research Report, available for over 1,400 US stocks.
The sales were conducted under a Rule 10b5-1 trading plan, which Kauffman adopted on August 9, 2024. This type of plan allows company insiders to set up a predetermined schedule for selling stocks to avoid any accusations of insider trading.
Following these transactions, Kauffman holds 4,547,725 shares indirectly through Aldel LLC, where he has voting and investment discretion. Additionally, he directly owns 53,474 shares of Hagerty's stock.
In other recent news, Hagerty, a prominent figure in the collectible car insurance market, has reported promising growth despite industry challenges. In its third quarter 2024 earnings call, the firm observed a 20% revenue increase, reaching $323 million, and a record addition of 275,000 new members. This has led to a 16% year-to-date written premium growth. Despite losses of $25 million from Hurricane Helene, Hagerty managed an operating income of $60 million and adjusted EBITDA of $105 million.
The company's outlook for 2024 includes an estimated total revenue of approximately $1.18 billion and a projected net income between $65 million and $74 million, which takes into account the impact of recent hurricanes. Hagerty is also gearing up to launch its Enthusiast Plus business in early 2025. These recent developments underscore the company's resilience and adaptability in the face of industry challenges.
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