Key Points
- Insider selling continued at Accelerant: Francis James Oneill sold 73,500 shares for about $959,910, following two other recent sales earlier in the week. The transactions were made under a pre-arranged Rule 10b5-1 trading plan.
- Shares dropped sharply: Accelerant stock fell 7.4% and opened at $11.70, well below both its 50-day moving average of $14.32 and 200-day moving average of $13.71.
- Business results and analyst view remain mixed: The company recently beat quarterly EPS estimates and posted 53.5% revenue growth year over year, while Wall Street currently holds a Moderate Buy consensus with a $18.90 target price.
Accelerant Holdings (NYSE:ARX - Get Free Report) insider Francis James Oneill sold 73,500 shares of the firm's stock in a transaction dated Thursday, June 25th. The shares were sold at an average price of $13.06, for a total transaction of $959,910.00. Following the transaction, the insider owned 6,976,625 shares of the company's stock, valued at approximately $91,114,722.50. This trade represents a 1.04% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Francis James Oneill also recently made the following trade(s):
- On Tuesday, June 23rd, Francis James Oneill sold 76,464 shares of Accelerant stock. The stock was sold at an average price of $13.11, for a total transaction of $1,002,443.04.
- On Monday, June 22nd, Francis James Oneill sold 70,536 shares of Accelerant stock. The shares were sold at an average price of $13.21, for a total transaction of $931,780.56.
Accelerant Trading Down 7.4%
Shares of NYSE:ARX opened at $11.70 on Wednesday. The stock has a market capitalization of $2.55 billion and a price-to-earnings ratio of -1.68. Accelerant Holdings has a 1-year low of $9.18 and a 1-year high of $31.18. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.61 and a current ratio of 1.61. The company has a 50 day moving average price of $14.32 and a 200 day moving average price of $13.71.
Accelerant (NYSE:ARX - Get Free Report) last posted its quarterly earnings results on Wednesday, May 13th. The technology company reported $0.17 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.16 by $0.01. The firm had revenue of $273.20 million for the quarter. Accelerant had a negative net margin of 135.47% and a positive return on equity of 49.99%. The business's revenue for the quarter was up 53.5% compared to the same quarter last year. On average, research analysts anticipate that Accelerant Holdings will post 0.73 EPS for the current fiscal year.
Institutional Investors Weigh In On Accelerant
Hedge funds have recently bought and sold shares of the business. Teacher Retirement System of Texas lifted its position in shares of Accelerant by 0.6% in the fourth quarter. Teacher Retirement System of Texas now owns 176,043 shares of the technology company's stock worth $2,878,000 after purchasing an additional 1,043 shares in the last quarter. State of Wyoming acquired a new position in Accelerant in the 1st quarter valued at approximately $28,000. Royal Bank of Canada lifted its position in Accelerant by 50.3% in the 1st quarter. Royal Bank of Canada now owns 7,729 shares of the technology company's stock worth $103,000 after buying an additional 2,585 shares in the last quarter. PNC Financial Services Group Inc. boosted its stake in shares of Accelerant by 73.6% during the 1st quarter. PNC Financial Services Group Inc. now owns 6,157 shares of the technology company's stock valued at $82,000 after buying an additional 2,611 shares during the period. Finally, Quarry LP purchased a new position in shares of Accelerant during the 3rd quarter valued at $40,000.
Wall Street Analyst Weigh In
ARX has been the topic of a number of recent analyst reports. TD Cowen cut their target price on Accelerant from $36.00 to $30.00 and set a "buy" rating on the stock in a research report on Thursday, March 26th. Wells Fargo & Company lifted their price target on Accelerant from $15.00 to $17.00 and gave the stock an "overweight" rating in a research note on Monday, May 18th. Citizens Jmp cut their price objective on Accelerant from $20.00 to $17.00 and set a "market outperform" rating on the stock in a report on Monday, April 13th. Morgan Stanley upped their price objective on shares of Accelerant from $15.00 to $16.00 and gave the company an "equal weight" rating in a research note on Thursday, May 21st. Finally, Raymond James Financial raised their target price on shares of Accelerant from $16.00 to $19.00 and gave the stock an "outperform" rating in a report on Monday, June 1st. Ten investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $18.90.
Get Our Latest Analysis on Accelerant
About Accelerant
(
Get Free Report)
Aeroflex Holding Corp. (Aeroflex Holding) is a provider of radio frequency (RF) and microwave integrated circuits, components and systems used in the design, development and maintenance of wireless communication systems. The Company's solutions include microelectronic components and test and measurement equipment used by companies in the space, avionics and defense; commercial wireless communications, and medical and other markets. Its products include a range of RF, microwave and millimeter wave microelectronic components, integrated circuits (ICs), and analog and mixed-signal devices.
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