Accelerant (NYSE:ARX) Shares Pass Above Two Hundred Day Moving Average – Here’s Why

Accelerant Holdings (NYSE:ARX) shares crossed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $13.76 and traded as high as $19.78. Accelerant shares last traded at $19.77, with a volume of 1,488,977 shares.

Analysts Set New Price Targets

Several equities analysts have commented on the stock. Morgan Stanley decreased their target price on shares of Accelerant from $16.00 to $14.00 and set an “equal weight” rating on the stock in a report on Monday, July 6th. Piper Sandler downgraded shares of Accelerant from an “overweight” rating to a “hold” rating and set a $20.25 price target for the company. in a report on Thursday, August 13th. Royal Bank Of Canada lowered shares of Accelerant from a “moderate buy” rating to a “hold” rating and set a $20.25 price target on the stock. in a research report on Friday, August 14th. UBS Group set a $16.00 price objective on shares of Accelerant in a research note on Thursday, May 21st. Finally, Raymond James Financial downgraded shares of Accelerant from a “moderate buy” rating to a “hold” rating in a research report on Monday, August 17th. Four investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Accelerant has an average rating of “Hold” and an average target price of $18.95.

Accelerant Stock Performance

The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.53 and a current ratio of 1.53. The firm has a market cap of $4.28 billion, a P/E ratio of -2.97 and a beta of 0.08. The company’s 50 day moving average is $15.00 and its 200 day moving average is $13.82.

Accelerant (NYSE:ARX) last posted its earnings results on Thursday, August 13th. The company reported $0.32 earnings per share for the quarter, topping analysts’ consensus estimates of $0.16 by $0.16. Accelerant had a negative net margin of 113.08% and a positive return on equity of 42.79%. The firm had revenue of $356.90 million for the quarter. As a group, equities analysts predict that Accelerant Holdings will post 0.9 earnings per share for the current fiscal year.

Insider Transactions at Accelerant

In other Accelerant news, COO Matthew David Sternberg sold 17,568 shares of the company’s stock in a transaction dated Monday, July 27th. The stock was sold at an average price of $14.64, for a total value of $257,195.52. Following the completion of the transaction, the chief operating officer owned 596,482 shares of the company’s stock, valued at $8,732,496.48. This represents a 2.86% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Nancy Hasley sold 20,489 shares of the stock in a transaction dated Thursday, August 13th. The shares were sold at an average price of $19.56, for a total value of $400,764.84. Following the completion of the transaction, the director owned 1,341,834 shares of the company’s stock, valued at $26,246,273.04. This represents a 1.50% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 1,237,271 shares of company stock worth $16,557,879. 66.59% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in ARX. State of Wyoming acquired a new position in shares of Accelerant in the 1st quarter worth approximately $28,000. Royal Bank of Canada increased its position in shares of Accelerant by 50.3% during the first quarter. Royal Bank of Canada now owns 7,729 shares of the company’s stock worth $103,000 after buying an additional 2,585 shares during the period. PNC Financial Services Group Inc. increased its position in shares of Accelerant by 73.6% during the first quarter. PNC Financial Services Group Inc. now owns 6,157 shares of the company’s stock worth $82,000 after buying an additional 2,611 shares during the period. Quarry LP bought a new position in Accelerant during the third quarter worth $40,000. Finally, SummitTX Capital L.P. raised its stake in Accelerant by 11.0% during the first quarter. SummitTX Capital L.P. now owns 62,999 shares of the company’s stock worth $842,000 after buying an additional 6,219 shares during the last quarter.

Accelerant Company Profile

Accelerant Holdings, together with its subsidiaries, operates a data-driven risk exchange that connects selected specialty insurance underwriters with risk capital partners. It operates through Exchange Services, MGA Operations, and Underwriting segments. The Exchange Services segment consists of risk exchange, its operating platform that incorporates various technology, data ingestion, and agency operations that serve the needs of its members and risk capital partners. Its Risk capital partners write premiums directly through the Risk Exchange pay us a fixed-percentage, volume-based fee for sourcing, managing, and monitoring the business they write.