Auto insurer Hagerty drops after announcing secondary offering
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
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