Accelerant (NYSE:ARX) CEO Jeffrey Radke Sells 80,000 Shares of Stock

Accelerant Holdings (NYSE:ARX) CEO Jeffrey Radke sold 80,000 shares of the firm’s stock in a transaction dated Tuesday, June 23rd. The stock was sold at an average price of $13.11, for a total transaction of $1,048,800.00. Following the sale, the chief executive officer owned 28,181,939 shares of the company’s stock, valued at $369,465,220.29. This trade represents a 0.28% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Accelerant Stock Down 2.3%

ARX opened at $13.07 on Friday. 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 stock has a market cap of $2.85 billion and a price-to-earnings ratio of -1.88. Accelerant Holdings has a twelve month low of $9.18 and a twelve month high of $31.18. The company’s 50-day moving average price is $14.39 and its two-hundred day moving average price is $13.77.

Accelerant (NYSE:ARX) last issued 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. Accelerant had a negative net margin of 135.47% and a positive return on equity of 49.99%. The company had revenue of $273.20 million during the quarter. The business’s quarterly revenue was up 53.5% on a year-over-year basis. As a group, equities analysts expect that Accelerant Holdings will post 0.73 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on ARX shares. TD Cowen cut their price target on Accelerant from $36.00 to $30.00 and set a “buy” rating for the company in a research note on Thursday, March 26th. Piper Sandler boosted their price objective on Accelerant from $18.00 to $19.00 and gave the company an “overweight” rating in a research note on Tuesday, May 26th. Weiss Ratings raised shares of Accelerant from a “sell (e+)” rating to a “sell (d-)” rating in a report on Tuesday, June 16th. BMO Capital Markets increased 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, Citizens Jmp reduced their target price on shares of Accelerant from $20.00 to $17.00 and set a “market outperform” rating for the company in a research note on Monday, April 13th. Ten research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Accelerant currently has a consensus rating of “Moderate Buy” and an average price target of $18.90.

Hedge Funds Weigh In On Accelerant

Large investors have recently modified their holdings of the company. State of Wyoming bought a new position in Accelerant in the 1st quarter valued at $28,000. Quarry LP bought a new position in shares of Accelerant in the third quarter worth $40,000. PNC Financial Services Group Inc. purchased a new stake in shares of Accelerant in the third quarter worth $42,000. Royal Bank of Canada raised its position in shares of Accelerant by 50.3% in the first 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. Finally, CWM LLC bought a new stake in Accelerant during the fourth quarter valued at $109,000.

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.