Key Points
- CEO Jeffrey Radke sold 80,000 shares of Accelerant Holdings (NYSE:ARX) on July 13 for about $1.05 million under a pre-arranged Rule 10b5-1 trading plan. After the sale, he still owned more than 27.9 million shares.
- Accelerant’s shares were trading at $12.72, below both its 50-day moving average of $14.15 and 200-day moving average of $13.52. The stock has ranged from a 12-month low of $9.18 to a high of $31.18.
- The company recently beat quarterly earnings estimates, reporting $0.17 EPS versus $0.16 expected, with revenue up 53.5% year over year to $273.2 million. Analysts currently have a Moderate Buy consensus and an average price target of $18.60.
Accelerant Holdings (NYSE:ARX - Get Free Report) CEO Jeffrey Radke sold 80,000 shares of the firm's stock in a transaction dated Monday, July 13th. The shares were sold at an average price of $13.18, for a total transaction of $1,054,400.00. Following the completion of the sale, the chief executive officer owned 27,941,939 shares of the company's stock, valued at $368,274,756.02. This trade represents a 0.29% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Accelerant Price Performance
Shares of NYSE:ARX opened at $12.72 on Wednesday. The business's 50 day simple moving average is $14.15 and its 200-day simple moving average is $13.52. The firm has a market capitalization of $2.78 billion and a price-to-earnings ratio of -1.82. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.61 and a quick ratio of 1.61. Accelerant Holdings has a 12 month low of $9.18 and a 12 month high of $31.18.
Accelerant (NYSE:ARX - Get Free Report) last released its quarterly earnings data on Wednesday, May 13th. The technology company reported $0.17 earnings per share for the quarter, beating the consensus estimate of $0.16 by $0.01. The firm had revenue of $273.20 million during the quarter. Accelerant had a positive return on equity of 49.99% and a negative net margin of 135.47%.The firm's quarterly revenue was up 53.5% on a year-over-year basis. As a group, equities analysts forecast that Accelerant Holdings will post 0.73 earnings per share for the current fiscal year.
Hedge Funds Weigh In On Accelerant
A number of institutional investors have recently made changes to their positions in ARX. Militia Capital Management LLC purchased a new stake in shares of Accelerant in the first quarter valued at $2,004,000. Royal Bank of Canada boosted its stake in shares of Accelerant by 50.3% during the first quarter. Royal Bank of Canada now owns 7,729 shares of the technology company's stock valued at $103,000 after acquiring an additional 2,585 shares during the last quarter. The Manufacturers Life Insurance Company purchased a new stake in Accelerant during the 1st quarter worth about $137,000. SummitTX Capital L.P. increased its position in Accelerant by 11.0% during the 1st quarter. SummitTX Capital L.P. now owns 62,999 shares of the technology company's stock worth $842,000 after purchasing an additional 6,219 shares in the last quarter. Finally, Entropy Technologies LP acquired a new position in Accelerant in the 1st quarter valued at about $239,000.
Analysts Set New Price Targets
Several research firms have recently issued reports on ARX. Raymond James Financial lifted their price target on Accelerant from $16.00 to $19.00 and gave the stock an "outperform" rating in a research note on Monday, June 1st. Wells Fargo & Company lowered their price objective on shares of Accelerant from $17.00 to $16.00 and set an "overweight" rating on the stock in a research note on Thursday, July 9th. TD Cowen dropped their target price on shares of Accelerant from $36.00 to $30.00 and set a "buy" rating for the company in a report on Thursday, March 26th. BMO Capital Markets lifted their target price on shares of Accelerant from $16.50 to $17.00 and gave the stock an "outperform" rating in a research report on Tuesday, June 16th. Finally, Weiss Ratings raised shares of Accelerant from a "sell (e+)" rating to a "sell (d-)" rating in a report on Tuesday, June 16th. Ten research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $18.60.
Check Out Our Latest Stock 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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