Hagerty, Inc. (NYSE:HGTY) director Robert I. Kauffman has recently sold a total of $5,112 worth of company shares, according to a new SEC filing. The transactions, which took place on March 21 and March 25, involved the sale of 568 shares of Class A Common Stock at a price of $9.0 each.
The recent sales by Kauffman, who is also the manager of Aldel LLC, were carried out under a pre-arranged trading plan known as Rule 10b5-1, which allows company insiders to sell shares at predetermined times to avoid accusations of insider trading. The shares sold were indirectly owned through Aldel LLC, with Kauffman having voting and investment discretion over these securities.
Following the sales, Kauffman's indirectly held stake in Hagerty has decreased, yet he still maintains a substantial ownership of 3,453,872 shares. Kauffman has clarified that, although he has the authority over the securities held by Aldel LLC, he disclaims beneficial ownership except to the extent of his pecuniary interest.
Investors often monitor insider transactions for insights into how corporate executives perceive the value of their company stock. However, it is important to note that these transactions do not necessarily indicate a change in company fundamentals or future performance.
Hagerty, headquartered in Traverse City, Michigan, operates within the insurance agents, brokers, and service industry and is incorporated in Delaware. The company, formerly known as Aldel Financial Inc., specializes in insurance and automotive lifestyle services.
InvestingPro Insights
As investors consider the implications of insider transactions at Hagerty, Inc. (NYSE:HGTY), a look at the company's performance metrics can provide additional context. According to InvestingPro data, Hagerty is currently trading at a high Price / Book multiple of 32.48, suggesting a premium valuation for the company relative to its book value as of the last twelve months ending Q4 2023. Despite this, analysts are optimistic about the company's potential, with three analysts revising their earnings upwards for the upcoming period, a positive sign that may reflect expectations of strong future performance.
Moreover, Hagerty's net income is expected to grow this year, an encouraging indicator for investors looking for companies with an upward earnings trajectory. This aligns with the company's robust revenue growth, which was reported at 27.0% for the last twelve months as of Q4 2023. Additionally, the company's PEG Ratio, which measures the price of a stock to its expected earnings growth rate, stands at an attractive 0.21, suggesting that the stock may be undervalued relative to its growth potential.
Investors interested in a deeper dive into Hagerty's financials and future projections can find more InvestingPro Tips on InvestingPro's dedicated page for HGTY. Currently, there are 9 additional tips listed, providing a comprehensive analysis of the company's financial health and market position. To explore these insights further, readers can use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, unlocking a wealth of data and expert analysis to inform their investment decisions.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.