Accelerant (NYSE:ARX) Price Target Lowered to $16.00 at Wells Fargo & Company

Accelerant (NYSE:ARX) had its price objective cut by investment analysts at Wells Fargo & Company from $17.00 to $16.00 in a report released on Thursday,Benzinga reports. The firm currently has an “overweight” rating on the technology company’s stock. Wells Fargo & Company‘s target price would suggest a potential upside of 25.97% from the company’s previous close.

Other research analysts have also recently issued reports about the stock. Morgan Stanley decreased their price objective on shares of Accelerant from $16.00 to $14.00 and set an “equal weight” rating on the stock in a research report on Monday. BMO Capital Markets lifted their target price on shares of Accelerant from $16.50 to $17.00 and gave the company an “outperform” rating in a research report on Tuesday, June 16th. TD Cowen cut their price target on shares of Accelerant from $36.00 to $30.00 and set a “buy” rating for the company in a research note on Thursday, March 26th. UBS Group set a $16.00 price target on shares of Accelerant in a report on Thursday, May 21st. Finally, Raymond James Financial raised their price objective on shares of Accelerant from $16.00 to $19.00 and gave the company an “outperform” rating in a research report on Monday, June 1st. Ten equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $18.60.

Accelerant Price Performance

NYSE:ARX traded down $0.37 during trading hours on Thursday, hitting $12.70. The stock had a trading volume of 1,390,905 shares, compared to its average volume of 1,417,235. The company has a 50 day simple moving average of $14.18 and a two-hundred day simple moving average of $13.62. The firm has a market capitalization of $2.77 billion and a price-to-earnings ratio of -1.83. 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 has a one year low of $9.18 and a one year high of $31.18.

Accelerant (NYSE:ARX) last announced its earnings results on Wednesday, May 13th. The technology company reported $0.17 earnings per share for the quarter, topping analysts’ consensus estimates of $0.16 by $0.01. Accelerant had a positive return on equity of 49.99% and a negative net margin of 135.47%.The business had revenue of $273.20 million for the quarter. The business’s quarterly revenue was up 53.5% on a year-over-year basis. Research analysts forecast that Accelerant will post 0.73 earnings per share for the current fiscal year.

Insider Activity at Accelerant

In other Accelerant news, CEO Jeffrey L. Radke sold 80,000 shares of the business’s stock in a transaction on Monday, July 6th. The shares were sold at an average price of $13.33, for a total value of $1,066,400.00. Following the completion of the sale, the chief executive officer directly owned 28,021,939 shares of the company’s stock, valued at $373,532,446.87. The trade was a 0.28% decrease in their ownership of the stock. 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. Also, insider Francis James Oneill sold 76,464 shares of the company’s stock in a transaction dated Tuesday, June 23rd. The shares were sold at an average price of $13.11, for a total transaction of $1,002,443.04. Following the sale, the insider owned 7,050,125 shares of the company’s stock, valued at approximately $92,427,138.75. The trade was a 1.07% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 495,500 shares of company stock valued at $6,497,784. Insiders own 66.59% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. State of Wyoming bought a new position in shares of Accelerant during the first quarter valued at approximately $28,000. Quarry LP bought a new stake in Accelerant in the third quarter valued at $40,000. PNC Financial Services Group Inc. bought a new stake in Accelerant in the third quarter valued at $42,000. Royal Bank of Canada increased its position in Accelerant by 50.3% during 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 period. Finally, CWM LLC purchased a new position in Accelerant during the 4th quarter valued at $109,000.

Accelerant Company Profile

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.