Accelerant (NYSE:ARX) Stock Price Down 6.4% – Should You Sell?
by Doug Wharley · The Cerbat GemAccelerant Holdings (NYSE:ARX – Get Free Report) shares were down 6.4% during trading on Friday . The stock traded as low as $13.65 and last traded at $13.55. Approximately 368,017 shares were traded during trading, a decline of 69% from the average daily volume of 1,191,282 shares. The stock had previously closed at $14.47.
Analysts Set New Price Targets
ARX has been the subject of a number of research reports. Piper Sandler lowered their price target on shares of Accelerant from $18.00 to $13.00 and set an “overweight” rating for the company in a report on Monday, February 23rd. Wells Fargo & Company upgraded Accelerant from an “equal weight” rating to an “overweight” rating and decreased their price objective for the company from $17.00 to $15.00 in a research report on Friday, March 20th. The Goldman Sachs Group reissued a “buy” rating and issued a $20.00 target price on shares of Accelerant in a research note on Wednesday, January 7th. Morgan Stanley cut their price target on Accelerant from $16.00 to $15.00 and set an “equal weight” rating on the stock in a research note on Monday, April 6th. Finally, TD Cowen decreased their price target on Accelerant from $36.00 to $30.00 and set a “buy” rating on the stock in a report on Thursday, March 26th. Ten analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $18.17.
Check Out Our Latest Analysis on Accelerant
Accelerant Price Performance
The firm has a market capitalization of $2.96 billion and a price-to-earnings ratio of -1.92. The company has a quick ratio of 1.61, a current ratio of 1.61 and a debt-to-equity ratio of 0.17. The company’s fifty day moving average is $12.17 and its two-hundred day moving average is $13.46.
Accelerant (NYSE:ARX – Get Free Report) last released its earnings results on Wednesday, March 18th. The technology company reported $0.23 EPS for the quarter, topping analysts’ consensus estimates of $0.22 by $0.01. The firm had revenue of $248.40 million during the quarter. Accelerant had a negative net margin of 148.33% and a positive return on equity of 67.99%. The firm’s revenue was up 30.3% on a year-over-year basis. Equities research analysts anticipate that Accelerant Holdings will post 0.68 earnings per share for the current fiscal year.
Insider Activity at Accelerant
In related news, CFO Jay Michael Green sold 50,000 shares of the company’s stock in a transaction dated Monday, March 23rd. The stock was sold at an average price of $12.77, for a total value of $638,500.00. Following the completion of the sale, the chief financial officer owned 1,175,589 shares in the company, valued at approximately $15,012,271.53. This represents a 4.08% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 66.59% of the stock is currently owned by company insiders.
Hedge Funds Weigh In On Accelerant
Institutional investors have recently modified their holdings of the stock. Quarry LP bought a new stake in shares of Accelerant in the 3rd quarter valued at about $40,000. PNC Financial Services Group Inc. bought a new position in Accelerant during the 3rd quarter worth approximately $42,000. CWM LLC acquired a new position in Accelerant during the fourth quarter valued at approximately $109,000. Jefferies Financial Group Inc. acquired a new position in Accelerant during the third quarter valued at approximately $149,000. Finally, Legal & General Group Plc bought a new stake in Accelerant in the third quarter valued at approximately $149,000.
About Accelerant
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.