Auto insurer Hagerty slides after upsized $110.5 mln secondary offering

Hagerty

10/09/2026 12:40

** Specialty vehicle insurance provider Hagerty Inc's HGTY.N shares down 11.1% before the bell on Thurs to $11.80 after overnight secondary offering priced
** Michigan-based HGTY late Weds announced stockholder Hagerty Holding Corp (HHC) offloaded 9.25 mln shares at $11.95 for about $110.5 mln
** Offering size increased from 8.25 mln shares and priced at 9.9% discount to stock's last close
** HHC to use net offering proceeds to effect a redemption for the benefit of the Kim Hagerty Revocable Trust, of a corresponding number of its HHC shares
** Wells Fargo and JP Morgan lead bookrunners for the offering, among other investment banks
** HGTY, a provider of insurance coverage for classic cars, boats and motorcycles, has ~343.6 mln shares outstanding
** On Aug 5, stock finished up ~15% after co posted smaller-than-expected Q2 adj loss/sh of 2 cents, and boosted its annual outlook
** Through Weds, stock up ~23% over the past three months, leaving it down 1.3% YTD
** Avg rating of 9 analysts is "hold"; median PT $15, per LSEG
     

(Lance Tupper is a Reuters market analyst. The views expressed are his own)
((lance.tupper@tr.com 1-646-279-6380))