Accelerant (NYSE:ARX) Shares Down 8.5% – Here’s Why

Accelerant Holdings (NYSE:ARX)’s share price dropped 8.5% during mid-day trading on Wednesday . The stock traded as low as $12.45 and last traded at $12.3450. Approximately 655,225 shares changed hands during mid-day trading, a decline of 44% from the average daily volume of 1,178,503 shares. The stock had previously closed at $13.49.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the stock. Citizens Jmp lowered their price target 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. Morgan Stanley decreased their price objective on shares of Accelerant from $16.00 to $15.00 and set an “equal weight” rating on the stock in a research report on Monday, April 6th. Weiss Ratings raised shares of Accelerant from a “sell (d-)” rating to a “sell (d)” rating in a research note on Friday, April 24th. Wells Fargo & Company upgraded shares of Accelerant from an “equal weight” rating to an “overweight” rating and dropped their target price for the stock from $17.00 to $15.00 in a report on Friday, March 20th. Finally, Piper Sandler cut their target price on Accelerant from $18.00 to $13.00 and set an “overweight” rating on the stock in a research note on Monday, February 23rd. Ten analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $18.17.

Accelerant Stock Down 6.7%

The company has a market capitalization of $2.80 billion and a P/E ratio of -1.82. The company has a 50-day moving average of $12.81 and a two-hundred day moving average of $13.39. The company has a quick ratio of 1.61, a current ratio of 1.61 and a debt-to-equity ratio of 0.17.

Accelerant (NYSE:ARX) last announced its quarterly earnings data on Wednesday, May 13th. The technology company reported $0.17 EPS for the quarter, beating the consensus estimate of $0.16 by $0.01. Accelerant had a positive return on equity of 67.99% and a negative net margin of 148.33%.The business had revenue of $273.20 million during the quarter. On average, research analysts predict that Accelerant Holdings will post 0.68 EPS for the current year.

Insider Buying and Selling

In related news, CFO Jay Michael Green sold 50,000 shares of the business’s stock in a transaction dated Monday, March 23rd. The shares were sold at an average price of $12.77, for a total transaction of $638,500.00. Following the sale, the chief financial officer owned 1,175,589 shares of the company’s stock, valued at $15,012,271.53. The trade was a 4.08% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 66.59% of the stock is owned by insiders.

Hedge Funds Weigh In On Accelerant

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Quarry LP purchased a new position in shares of Accelerant during the third quarter valued at approximately $40,000. PNC Financial Services Group Inc. purchased a new stake in shares of Accelerant in the 3rd quarter worth approximately $42,000. CWM LLC bought a new position in Accelerant during the 4th quarter valued at approximately $109,000. Arcus Capital Partners LLC bought a new position in Accelerant during the 1st quarter valued at approximately $135,000. Finally, Jefferies Financial Group Inc. purchased a new position in Accelerant during the third quarter valued at $149,000.

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.