BUZZ - Auto insurer Hagerty stumbles due to secondary offering of 9 million shares

November 10 - ** After professional vehicle insurance provider Hagerty Inc (HGTY.N) announced a secondary offering, its share price fell 8.5% in after-hours trading to $15.50.

** HGTY stated (link) that Hagerty Holding Corp (HHC) will sell 9 million shares.

** HHC will use the net proceeds from this offering to redeem an equivalent number of HHC shares for the benefit of the Kim Hagerty Revocable Trust (link).

** This Michigan-based provider of insurance services for classic cars, boats, and motorcycles currently has approximately 343.7 million shares outstanding.

** JPMorgan and Wells Fargo are serving as joint bookrunners for the offering.

** HGTY shares closed down 1.6% on Tuesday at $16.94, and are up 26% year-to-date.

** According to data from the London Stock Exchange Group (LSEG), the average rating from nine analysts is "hold," with a median target price of $18.

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