Auto insurer Hagerty falls on planned secondary offering

Specialty vehicle insurance provider Hagerty Inc's HGTY.N shares were down 6.9% post-market at $12.35 after news of a secondary offering.

Michigan-based HGTY announced that stockholder Hagerty Holding Corp (HHC) intends to offload 8.25 million shares.

HHC will use net offering proceeds to effect a redemption, for the benefit of the Kim Hagerty Revocable Trust, of a corresponding number of its HHC shares.

Wells Fargo and JP Morgan are the lead bookrunners.

The provider of insurance coverage for collectible cars, boats and motorcycles has about 343.6 million shares outstanding.

HGTY shares finished down 0.8% at $13.26. The stock is up about 23% over the past three months, leaving it down 1.3% year to date.

The average rating of nine analysts is "hold"; median price target is $15, according to LSEG.