** Shares of specialty vehicle insurance provider Hagerty Inc HGTY.N down 6.4% in extend ed trading to $10.22 after secondary offering news
** Michigan-based firm announces 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 for $3.7 bln market cap and ~84.3 mln shares of public float, per LSEG data
** HGTY shares on Weds ended down 1.8% at $10.92, up 13% YTD
** 2 analysts rate stock "hold", the other rates "sell" and median PT is $11, per LSEG
** Hagerty, which provides insurance coverage for collectible cars, went public in Dec 2021 after completing SPAC deal with Aldel
(Lance Tupper is a Reuters market analyst. The views expressed are his own)
((lance.tupper@tr.com 1-646-279-6380))
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.