Credit Acceptance (NASDAQ:CACC) Insider Sells 1,183 Shares

Credit Acceptance Corporation (NASDAQ:CACC) insider Nicholas Elliott sold 1,183 shares of the firm’s stock in a transaction that occurred on Thursday, June 25th. The stock was sold at an average price of $627.01, for a total transaction of $741,752.83. Following the completion of the transaction, the insider directly owned 20,897 shares of the company’s stock, valued at $13,102,627.97. This represents a 5.36% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Credit Acceptance Stock Up 0.9%

NASDAQ:CACC traded up $5.92 during trading hours on Friday, hitting $629.62. 204,962 shares of the stock traded hands, compared to its average volume of 192,517. The firm has a 50 day moving average price of $545.89 and a 200 day moving average price of $494.88. The company has a current ratio of 13.62, a quick ratio of 13.62 and a debt-to-equity ratio of 4.09. Credit Acceptance Corporation has a fifty-two week low of $401.90 and a fifty-two week high of $638.55. The firm has a market cap of $6.59 billion, a price-to-earnings ratio of 15.65 and a beta of 1.38.

Credit Acceptance (NASDAQ:CACC) last issued its earnings results on Tuesday, May 5th. The credit services provider reported $10.71 EPS for the quarter, missing the consensus estimate of $10.73 by ($0.02). Credit Acceptance had a return on equity of 29.95% and a net margin of 19.49%.The business had revenue of $406.00 million during the quarter, compared to analyst estimates of $580.77 million. During the same period last year, the business earned $9.35 EPS. The business’s quarterly revenue was up 1.6% on a year-over-year basis. Equities research analysts anticipate that Credit Acceptance Corporation will post 47.5 earnings per share for the current year.

Analysts Set New Price Targets

CACC has been the topic of several research analyst reports. Stephens lifted their target price on Credit Acceptance from $450.00 to $540.00 and gave the company an “equal weight” rating in a research note on Friday, April 17th. Zacks Research lowered shares of Credit Acceptance from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, May 13th. Weiss Ratings upgraded shares of Credit Acceptance from a “hold (c)” rating to a “hold (c+)” rating in a report on Friday, May 8th. Finally, TD Cowen boosted their price objective on shares of Credit Acceptance from $450.00 to $500.00 and gave the company a “hold” rating in a research report on Wednesday, May 6th. Four research analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, Credit Acceptance currently has a consensus rating of “Hold” and an average price target of $520.00.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the business. State of Wyoming acquired a new stake in shares of Credit Acceptance in the 4th quarter valued at $27,000. Kestra Advisory Services LLC bought a new position in Credit Acceptance during the fourth quarter valued at about $27,000. Parallel Advisors LLC raised its holdings in Credit Acceptance by 590.0% during the first quarter. Parallel Advisors LLC now owns 69 shares of the credit services provider’s stock valued at $29,000 after buying an additional 59 shares in the last quarter. Altshuler Shaham Ltd lifted its position in shares of Credit Acceptance by 37.3% in the first quarter. Altshuler Shaham Ltd now owns 70 shares of the credit services provider’s stock worth $30,000 after buying an additional 19 shares during the last quarter. Finally, Rockefeller Capital Management L.P. lifted its position in shares of Credit Acceptance by 53.3% in the fourth quarter. Rockefeller Capital Management L.P. now owns 69 shares of the credit services provider’s stock worth $31,000 after buying an additional 24 shares during the last quarter. Institutional investors own 81.71% of the company’s stock.

About Credit Acceptance

Credit Acceptance Corporation, founded in 1972 and headquartered in Southfield, Michigan, is a specialty finance company focused on the indirect automotive lending market. The company partners with independent and franchised auto dealers to facilitate purchase financing for consumers who may not qualify for traditional prime auto loans. By purchasing retail installment contracts originated by these dealers, Credit Acceptance provides capital and credit insurance to support vehicle sales, enabling dealers to broaden their customer base and reduce credit risk.

Through its proprietary underwriting platform and risk management strategies, Credit Acceptance evaluates borrower applications, structures credit plans, and retains servicing rights on the acquired contracts.