Insider Selling: Accelerant (NYSE:ARX) CEO 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 Monday, June 29th. The shares were sold at an average price of $12.87, for a total transaction of $1,029,600.00. Following the transaction, the chief executive officer directly owned 28,101,939 shares in the company, valued at $361,671,954.93. This trade represents a 0.28% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Accelerant Stock Down 7.4%

Shares of NYSE:ARX traded down $0.93 during trading hours on Tuesday, hitting $11.70. The company’s stock had a trading volume of 1,587,116 shares, compared to its average volume of 1,396,656. The firm’s fifty day moving average price is $14.32 and its 200 day moving average price is $13.71. Accelerant Holdings has a 52 week low of $9.18 and a 52 week high of $31.18. The company has a market capitalization of $2.55 billion and a price-to-earnings ratio of -1.68. 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 (NYSE:ARX) last released its quarterly earnings data on Wednesday, May 13th. The technology company reported $0.17 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.16 by $0.01. The firm had revenue of $273.20 million for the quarter. Accelerant had a negative net margin of 135.47% and a positive return on equity of 49.99%. The company’s revenue was up 53.5% compared to the same quarter last year. As a group, research analysts expect that Accelerant Holdings will post 0.73 EPS for the current year.

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. 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 report on Monday, April 13th. TD Cowen lowered their price target on shares of Accelerant from $36.00 to $30.00 and set a “buy” rating on the stock in a report on Thursday, March 26th. BMO Capital Markets lifted their price objective 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. Wells Fargo & Company boosted their price objective on shares of Accelerant from $15.00 to $17.00 and gave the stock an “overweight” rating in a research note on Monday, May 18th. Finally, Morgan Stanley increased their target price on shares of Accelerant from $15.00 to $16.00 and gave the company an “equal weight” rating in a research report on Thursday, May 21st. 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 stock. Based on data from MarketBeat, Accelerant presently has a consensus rating of “Moderate Buy” and an average target price of $18.90.

Institutional Investors Weigh In On Accelerant

Institutional investors have recently added to or reduced their stakes in the business. Militia Capital Management LLC purchased a new stake in shares of Accelerant during the first quarter worth about $2,004,000. Royal Bank of Canada raised its position in shares of 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 purchasing an additional 2,585 shares during the last quarter. The Manufacturers Life Insurance Company acquired a new stake in Accelerant in the 1st quarter worth approximately $137,000. SummitTX Capital L.P. boosted its stake in Accelerant by 11.0% in 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 purchased a new stake in Accelerant during the 1st quarter worth approximately $239,000.

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.