Auto insurer Hagerty eyes worst day ever after secondary offering unveiled

Stifel Financial

07/08/2025 17:06

** Shares of specialty vehicle insurance provider Hagerty Inc HGTY.N down 17.1% to $9.05 and tracking record daily pct decline after
    announcing
    secondary offering

    ** HGTY shares hit three-month low. Trading volume of about 367k shares is nearly 5x stock's 10-DMA, per LSEG

    ** Michigan-based firm late Weds announced 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 and ~84 mln shares of public float, per LSEG data

    ** With move on the session, shares down ~6% YTD

    ** Two analysts rate HGTY "hold", the other rates "sell" and median PT is $11

    ** 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))