Auto insurer Hagerty drops after announcing secondary offering

Stifel Financial

06/08/2025 22:53

** Shares of specialty vehicle insurance provider Hagerty Inc HGTY.N down 6.4% in extend
    ed trading to $10.22 after secondary offering news

    ** Michigan-based firm announces existing stockholders Hagerty Holding Corp (HHC) and Aldel LLC to sell 8.7 mln shares

    ** KBW and JP Morgan are lead bookrunning managers for the offering

    ** Co has ~342 mln shares outstanding for $3.7 bln market cap and ~84.3 mln shares of public float, per LSEG data

    ** HGTY shares on Weds ended down 1.8% at $10.92, up 13% YTD

    ** 2 analysts rate stock "hold", the other rates "sell" and median PT is $11, per LSEG

    ** Hagerty, which provides insurance coverage for collectible cars, went public in Dec 2021 after completing SPAC deal with Aldel

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))