Piper Sandler Increases Accelerant (NYSE:ARX) Price Target to $18.00

Accelerant (NYSE:ARX) had its price target lifted by Piper Sandler from $13.00 to $18.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage presently has an “overweight” rating on the technology company’s stock. Piper Sandler’s price target points to a potential upside of 13.39% from the stock’s previous close.

Other equities research analysts also recently issued research reports about the stock. Weiss Ratings downgraded shares of Accelerant from a “sell (d)” rating to a “sell (d-)” rating in a research report on Wednesday, May 13th. Raymond James Financial reaffirmed an “outperform” rating and issued a $13.00 target price on shares of Accelerant in a research note on Tuesday, February 17th. TD Cowen lowered their target price on Accelerant from $36.00 to $30.00 and set a “buy” rating for the company in a report on Thursday, March 26th. Wells Fargo & Company lifted their price target on Accelerant from $15.00 to $17.00 and gave the company an “overweight” rating in a research note on Monday. Finally, Citizens Jmp cut their price target on Accelerant from $20.00 to $17.00 and set a “market outperform” rating on the stock in a report on Monday, April 13th. Ten 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 MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $18.94.

Accelerant Price Performance

Shares of ARX opened at $15.87 on Tuesday. The stock has a 50 day simple moving average of $13.05 and a 200 day simple moving average of $13.45. Accelerant has a 52-week low of $9.18 and a 52-week 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 firm has a market capitalization of $3.53 billion and a PE ratio of -2.28.

Accelerant (NYSE:ARX) last announced its earnings results on Wednesday, May 13th. The technology company reported $0.17 EPS for the quarter, topping the consensus estimate of $0.16 by $0.01. Accelerant had a negative net margin of 135.47% and a positive return on equity of 49.99%. The firm had revenue of $273.20 million for the quarter. The business’s quarterly revenue was up 53.5% on a year-over-year basis. Sell-side analysts predict that Accelerant will post 0.69 EPS for the current fiscal year.

Insider Activity

In other news, CFO Jay Michael Green sold 50,000 shares of the business’s stock in a transaction on Monday, March 23rd. The shares were sold at an average price of $12.77, for a total value of $638,500.00. Following the sale, the chief financial officer owned 1,175,589 shares of the company’s stock, valued at $15,012,271.53. The trade was a 4.08% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 66.59% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in ARX. Royal Bank of Canada increased its stake in Accelerant by 50.3% in the 1st quarter. Royal Bank of Canada now owns 7,729 shares of the technology company’s stock valued at $103,000 after buying an additional 2,585 shares during the last quarter. The Manufacturers Life Insurance Company bought a new position in shares of Accelerant in the 1st quarter valued at about $137,000. SummitTX Capital L.P. grew its holdings in shares of Accelerant by 11.0% in the 1st quarter. SummitTX Capital L.P. now owns 62,999 shares of the technology company’s stock valued at $842,000 after acquiring an additional 6,219 shares in the last quarter. Entropy Technologies LP acquired a new stake in shares of Accelerant in the first quarter valued at about $239,000. Finally, Renaissance Technologies LLC increased its position in shares of Accelerant by 280.5% in the first quarter. Renaissance Technologies LLC now owns 276,600 shares of the technology company’s stock valued at $3,695,000 after acquiring an additional 203,900 shares during the last quarter.

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.