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

Accelerant Holdings (NYSE:ARX) CEO Jeffrey Radke sold 80,000 shares of Accelerant stock in a transaction dated Monday, July 13th. The stock was sold at an average price of $13.18, for a total value of $1,054,400.00. Following the sale, the chief executive officer directly owned 27,941,939 shares of the company’s stock, valued at $368,274,756.02. This trade represents a 0.29% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Accelerant Stock Performance

NYSE ARX traded down $0.62 during trading hours on Tuesday, reaching $12.72. The stock had a trading volume of 1,295,368 shares, compared to its average volume of 1,433,173. The stock has a fifty day moving average of $14.16 and a 200 day moving average of $13.55. The stock has a market cap of $2.78 billion and a P/E ratio of -1.82. Accelerant Holdings 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.

Accelerant (NYSE:ARX) last posted its quarterly earnings results on Wednesday, May 13th. The technology company reported $0.17 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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. Accelerant’s revenue was up 53.5% on a year-over-year basis. Sell-side analysts predict that Accelerant Holdings will post 0.73 earnings per share for the current year.

Wall Street Analysts Forecast Growth

ARX has been the subject of several recent research reports. TD Cowen reduced their target price on shares of Accelerant from $36.00 to $30.00 and set a “buy” rating for the company in a report on Thursday, March 26th. UBS Group set a $16.00 price target on shares of Accelerant in a report on Thursday, May 21st. Weiss Ratings raised Accelerant from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Tuesday, June 16th. Piper Sandler lifted 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. Finally, Morgan Stanley decreased their price objective on Accelerant from $16.00 to $14.00 and set an “equal weight” rating for the company in a report on Monday, July 6th. Ten equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $18.60.

Hedge Funds Weigh In On Accelerant

Several institutional investors have recently made changes to their positions in ARX. Militia Capital Management LLC acquired a new position in shares of Accelerant in the 1st quarter valued at $2,004,000. Royal Bank of Canada grew its position in Accelerant by 50.3% during the first 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 period. The Manufacturers Life Insurance Company acquired a new stake in Accelerant during the first quarter valued at $137,000. SummitTX Capital L.P. increased its holdings in Accelerant by 11.0% in the first quarter. SummitTX Capital L.P. now owns 62,999 shares of the technology company’s stock valued at $842,000 after buying an additional 6,219 shares in the last quarter. Finally, Entropy Technologies LP purchased a new position in Accelerant in the first quarter valued at $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.