Hagerty Falls as Upsized Secondary Share Sale Pressures Stock

Hagerty Holding's shares fell 2% after a large shareholder sold 10 million shares at $14.85, a 12.3% discount to the prior close. The secondary offering, which includes a 30-day option for underwriters to sell 1.5 million more shares, may pressure the stock further. Proceeds will fund a redemption tied to the Kim Hagerty Revocable Trust.

Hagerty Inc. (NYSE:HGTY) priced a secondary offering at $14.85 per share, upsizing it to 10.0 million shares. The company will not receive proceeds, and shares outstanding remain unchanged. HGTY stock has risen 69% in six months, with a P/E ratio of 106. Recent Q3 results beat expectations, and analysts raised price targets to $20.00 and $19.00, citing strong performance and growth prospects.

Hagerty (HGTY) stock fell 10.3% in pre-market trading after its parent, Hagerty Holding Corp., priced a 10 million share secondary offering at $14.85, below the prior close of $16.94. The offering, up from 9 million shares, aims to raise $148.5 million for redeeming shares tied to the founding family. This is the second such offering in two months, raising concerns about insider liquidity. The broader market's positive trend did not offset the stock's decline.

Hagerty (HGTY) priced a secondary offering of 10M shares at $14.85 each, sold by existing shareholder Hagerty Holding Corp. The deal is expected to raise about $148.5M in gross proceeds. The stock fell 12% following the announcement.

Hagerty, Inc. (NYSE: HGTY) announced the pricing of an upsized secondary offering of 10,000,000 shares of its Class A Common Stock at $14.85 per share, with an option for underwriters to purchase an additional 1,500,000 shares. The offering is expected to close on November 12, 2026. The Selling Stockholder, Hagerty Holding Corp., will use the net proceeds for a redemption benefiting the Kim Hagerty Revocable Trust. Hagerty will not receive any proceeds from the sale.

Hagerty, Inc. (HGTY) filed an SEC Form 8-K — Regulation FD Disclosure. Exhibit 99.1 For Immediate Release Hagerty Announces Secondary Offering of its Class A Common Stock TRAVERSE CITY, Michigan, November 10, 2026 /PRNewswire/ – Hagerty, Inc. (NYSE: HGTY) (“Hagerty”), a business that makes it easier and more enjoyable to be a driving enthusiast, ann