Insider Selling: Credit Acceptance (NASDAQ:CACC) Insider Sells $2,095,721.87 in Stock

Credit Acceptance Corporation (NASDAQ:CACC) insider Nicholas Elliott sold 3,487 shares of the firm’s stock in a transaction that occurred on Wednesday, June 24th. The shares were sold at an average price of $601.01, for a total value of $2,095,721.87. Following the transaction, the insider owned 20,897 shares of the company’s stock, valued at $12,559,305.97. This represents a 14.30% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Credit Acceptance Stock Performance

NASDAQ:CACC opened at $629.62 on Monday. The company has a debt-to-equity ratio of 4.09, a current ratio of 13.62 and a quick ratio of 13.62. Credit Acceptance Corporation has a 1 year low of $401.90 and a 1 year high of $638.55. The stock’s 50 day simple moving average is $548.53 and its two-hundred day simple moving average is $496.07. The company has a market cap of $6.59 billion, a price-to-earnings ratio of 15.65 and a beta of 1.38.

Credit Acceptance (NASDAQ:CACC) last issued its quarterly earnings data on Tuesday, May 5th. The credit services provider reported $10.71 earnings per share (EPS) for the quarter, missing the consensus estimate of $10.73 by ($0.02). Credit Acceptance had a return on equity of 29.95% and a net margin of 19.49%.The firm had revenue of $406.00 million for the quarter, compared to analysts’ expectations of $580.77 million. During the same period last year, the company earned $9.35 earnings per share. The firm’s revenue was up 1.6% on a year-over-year basis. As a group, equities analysts anticipate that Credit Acceptance Corporation will post 47.5 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Credit Acceptance

A number of institutional investors and hedge funds have recently modified their holdings of CACC. State of Wyoming bought a new position in shares of Credit Acceptance during the 4th quarter valued at approximately $27,000. Kestra Advisory Services LLC bought a new stake in Credit Acceptance in the fourth quarter worth $27,000. Parallel Advisors LLC lifted its position in Credit Acceptance by 590.0% in the first quarter. Parallel Advisors LLC now owns 69 shares of the credit services provider’s stock worth $29,000 after buying an additional 59 shares during the last quarter. Altshuler Shaham Ltd boosted its stake in Credit Acceptance by 37.3% during the first quarter. Altshuler Shaham Ltd now owns 70 shares of the credit services provider’s stock worth $30,000 after buying an additional 19 shares during the period. Finally, Rockefeller Capital Management L.P. boosted its stake in Credit Acceptance by 53.3% during the fourth quarter. Rockefeller Capital Management L.P. now owns 69 shares of the credit services provider’s stock worth $31,000 after buying an additional 24 shares during the period. Hedge funds and other institutional investors own 81.71% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the stock. Weiss Ratings upgraded shares of Credit Acceptance from a “hold (c)” rating to a “hold (c+)” rating in a research report on Friday, May 8th. Zacks Research downgraded shares of Credit Acceptance from a “strong-buy” rating to a “hold” rating in a report on Wednesday, May 13th. TD Cowen upped their target price on shares of Credit Acceptance from $450.00 to $500.00 and gave the company a “hold” rating in a research report on Wednesday, May 6th. Finally, Stephens increased their price target on shares of Credit Acceptance from $450.00 to $540.00 and gave the company an “equal weight” rating in a report on Friday, April 17th. Four research analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $520.00.

About Credit Acceptance

Credit Acceptance Corporation, founded in 1972 and headquartered in Southfield, Michigan, is a specialty finance company focused on the indirect automotive lending market. The company partners with independent and franchised auto dealers to facilitate purchase financing for consumers who may not qualify for traditional prime auto loans. By purchasing retail installment contracts originated by these dealers, Credit Acceptance provides capital and credit insurance to support vehicle sales, enabling dealers to broaden their customer base and reduce credit risk.

Through its proprietary underwriting platform and risk management strategies, Credit Acceptance evaluates borrower applications, structures credit plans, and retains servicing rights on the acquired contracts.