Hagerty (HGTY) insider continues divestment with new 11.7k-share plan
Rhea-AI Filing Summary
Form 144 filing for Hagerty, Inc. (HGTY) discloses a notice of proposed insider sales by Robert I. Kauffman through Aldel LLC.
Proposed sale: 11,710 common shares to be executed around 06/23/2025 on the NYSE through Merrill Lynch, representing roughly 0.013% of the 90,032,391 shares outstanding. Estimated market value is $117,334.
Historical sales The securities were originally acquired on 12/02/2021 as part of a PIPE investment related to Hagerty’s 2021 business-combination transaction. No gifts or non-cash consideration are reported. The filer attests to the absence of undisclosed material adverse information and makes the customary Rule 10b5-1 representations.
Positive
- None.
Negative
- Continued insider selling: Approximately 423,457 shares already sold in the last three months and a new notice for 11,710 more may weigh on market sentiment.
- No offsetting positive corporate news: Filing contains no operational or financial updates to balance the perception of insider divestiture.
Insights
TL;DR: Insider plans another small sale after offloading ~423k shares; dilution negligible but sentiment mildly negative.
The filing shows continued selling by Robert I. Kauffman, a PIPE investor, who intends to sell an additional 11.7 k shares—just 0.013 % of shares outstanding—following three months of sizable divestitures amounting to ~0.47 % of total float. While the absolute stake sold is modest relative to market cap, persistent insider selling could pressure near-term sentiment, especially given aggregate proceeds above $4 m. No new corporate information is revealed and there is no effect on capital structure beyond secondary liquidity. I view the filing as low-impact to fundamentals but a slight negative signal for momentum-focused investors.
TL;DR: Routine Rule 144 disclosure; governance risk low, but sustained insider selling may raise optics concerns.
Form 144 compliance looks proper: live filing, broker identified, full Rule 10b5-1 representation, and prior sales disclosed. The volume does not breach 1 % in any 3-month window, keeping within Rule 144 safe-harbor limits. Governance risk is minimal; however, investors may question alignment as the insider continues to trim holdings post-SPAC merger. No red flags on undisclosed adverse information.
FAQ
How many Hagerty (HGTY) shares does the insider plan to sell?
What percentage of Hagerty’s outstanding shares does the proposed sale represent?
How many shares has the insider already sold in the past three months?
At what aggregate market value will the new shares be sold?
When were the shares originally acquired?
Which broker will handle the proposed sale?
