BUZZ-Auto insurer Hagerty drops after announcing secondary offering
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Shares of Hagerty Inc, a specialty vehicle insurance provider, fell 6.4% to $10.22 in after-hours trading following the announcement of a secondary offering. Existing stockholders Hagerty Holding Corp and Aldel LLC plan to sell 8.7 million shares. The company has approximately 342 million shares outstanding and a market cap of $3.7 billion. Analysts have mixed ratings on the stock, with two holding and one selling, and a median price target of $11. Hagerty went public in December 2021 via a SPAC deal.
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