Auto insurer Hagerty eyes worst day ever after secondary offering unveiled

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