Accelerant (NYSE:ARX) Hits New 1-Year High – Still a Buy?

Accelerant Holdings (NYSE:ARX) hit a new 52-week high on Thursday . The company traded as high as $19.90 and last traded at $19.8450, with a volume of 138540 shares traded. The stock had previously closed at $19.84.

Analysts Set New Price Targets

Several analysts have commented on the company. Citigroup downgraded Accelerant from an “outperform” rating to a “market perform” rating in a research note on Thursday, August 13th. Royal Bank Of Canada cut shares of Accelerant from a “moderate buy” rating to a “hold” rating and set a $20.25 target price for the company. in a report on Friday, August 14th. Weiss Ratings raised Accelerant from a “sell (e+)” rating to a “sell (d-)” rating in a report on Tuesday, August 4th. UBS Group set a $16.00 target price on Accelerant in a research report on Thursday, May 21st. Finally, Piper Sandler lowered 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. Four investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $18.95.

Accelerant Trading Up 0.1%

The stock’s 50-day simple moving average is $15.70 and its two-hundred day simple moving average is $14.15. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.53 and a quick ratio of 1.53. The firm has a market capitalization of $4.31 billion, a P/E ratio of -2.99 and a beta of 0.08.

Accelerant (NYSE:ARX) last announced its quarterly earnings data on Thursday, August 13th. The company reported $0.32 EPS for the quarter, beating the consensus estimate 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. Equities research analysts expect that Accelerant Holdings will post 0.9 EPS for the current year.

Insiders Place Their Bets

In other Accelerant news, Director Nancy Hasley sold 20,489 shares of the firm’s stock in a transaction dated Thursday, August 13th. The stock was sold at an average price of $19.56, for a total transaction of $400,764.84. Following the sale, the director directly owned 1,341,834 shares of the company’s stock, valued at $26,246,273.04. This trade represents a 1.50% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Matthew David Sternberg sold 17,568 shares of the business’s stock in a transaction dated Monday, July 27th. The shares were 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 in the company, valued at $8,732,496.48. The trade was a 2.86% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 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. 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 corporate insiders.

Institutional Trading of Accelerant

Several institutional investors and hedge funds have recently added to or reduced their stakes in ARX. State of Wyoming bought a new position in Accelerant in the 1st quarter worth approximately $28,000. Quarry LP purchased a new stake in Accelerant during the 3rd quarter valued at approximately $40,000. PNC Financial Services Group Inc. bought a new stake in shares of Accelerant during the third quarter valued at approximately $42,000. Royal Bank of Canada lifted its holdings in shares of Accelerant by 50.3% in 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 in the last quarter. Finally, Arcus Capital Partners LLC purchased a new position in shares of Accelerant in the first quarter worth $135,000.

About Accelerant

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.