Robert Kauffman, a director at Hagerty, Inc. (NYSE:HGTY), has recently sold shares in the company totaling $204,386. The transactions were executed over three consecutive days, from November 4 to November 6, 2024.
The sales involved a total of 17,892 shares of Hagerty's Class A Common Stock, sold at prices ranging from $10.98 to $11.80 per share. Following these transactions, Kauffman, through Aldel LLC, holds 5,006,167 shares indirectly, with an additional 53,474 shares held directly.
These sales were conducted under a pre-arranged trading plan, in accordance with Rule 10b5-1, which allows insiders to set up a predetermined schedule for selling shares to avoid potential conflicts of interest.
In other recent news, Hagerty, the insurance provider, has made significant strides in its business operations. The company recently completed the acquisition of Consolidated National Insurance Company for approximately $18.4 million, a strategic move aimed at bolstering its offerings and market presence in the insurance industry. This development is part of Hagerty's broader strategy to enhance its service offerings and competitive edge.
In addition to this acquisition, Hagerty has reported strong second-quarter results for 2024, surpassing market expectations for the sixth consecutive quarter. The company's written premiums grew by 18% in the first half of the year, contributing to a robust overall performance. This growth has been attributed to strategic hires and a concentrated effort to enhance member experiences.
Hagerty has also revised its full-year outlook upward, now anticipating revenue between $1.16 billion and $1.18 billion, with net income projected to be between $76 million and $84 million. Adjusted EBITDA forecasts are expected to range from $130 million to $140 million. These recent developments reflect Hagerty's commitment to expanding its business operations, and their potential impact on the company's financial performance is being closely watched by investors and market analysts.
InvestingPro Insights
While Robert Kauffman's recent share sales might raise eyebrows, a closer look at Hagerty, Inc. (NYSE:HGTY) through InvestingPro data reveals a company with strong financial momentum. The firm's revenue growth stands at an impressive 23.75% over the last twelve months, with quarterly growth at 19.9% as of Q2 2024. This robust top-line expansion aligns with an InvestingPro Tip indicating that net income is expected to grow this year.
Despite trading at a high P/E ratio of 104.02, Hagerty's PEG ratio of 0.22 suggests the stock may be undervalued relative to its growth prospects. This is further supported by another InvestingPro Tip, which notes that HGTY is trading at a low P/E ratio relative to near-term earnings growth. The company's profitability over the last twelve months and analysts' predictions of profitability this year add weight to the positive outlook.
Investors should note that Hagerty's stock has seen a significant uptick, with a 26.11% price return over the past six months and is currently trading near its 52-week high at 96.84% of that peak. This performance reflects market confidence in the company's trajectory, potentially justifying Kauffman's decision to realize some gains.
For those seeking a deeper dive into Hagerty's financials and prospects, InvestingPro offers 6 additional tips that could provide valuable insights for investment decisions.
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