Credit Acceptance Corp. (CACC) Sees Strong Trading Volume
Credit Acceptance Corp. (NASDAQ:CACC) saw unusually-strong trading volume on Friday . Approximately 256,241 shares were traded during mid-day trading, an increase of 32% from the previous session’s volume of 194,549 shares.The stock last traded at $195.67 and had previously closed at $199.11.
A number of equities research analysts recently weighed in on CACC shares. Zacks Investment Research downgraded shares of Credit Acceptance Corp. from a “hold” rating to a “sell” rating in a research note on Monday, March 28th. BMO Capital Markets reaffirmed a “hold” rating on shares of Credit Acceptance Corp. in a research note on Tuesday, May 3rd. Macquarie downgraded shares of Credit Acceptance Corp. from a “neutral” rating to an “underperform” rating and lowered their target price for the company from $190.00 to $150.00 in a research note on Wednesday, May 11th. Finally, Janney Montgomery Scott raised shares of Credit Acceptance Corp. from a “sell” rating to a “neutral” rating and set a $173.00 target price on the stock in a research note on Monday, June 20th. Four investment analysts have rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $184.15.
The company has a 50-day moving average of $181.62 and a 200-day moving average of $187.03. The firm has a market cap of $3.96 billion and a PE ratio of 13.36.
Credit Acceptance Corp. (NASDAQ:CACC) last announced its quarterly earnings data on Monday, May 2nd. The company reported $4.02 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $3.81 by $0.21. On average, analysts predict that Credit Acceptance Corp. will post $15.84 EPS for the current fiscal year.
In related news, major shareholder Jill Foss Watson sold 15,000 shares of the business’s stock in a transaction that occurred on Tuesday, April 26th. The stock was sold at an average price of $201.29, for a total transaction of $3,019,350.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.
Several hedge funds and institutional investors recently made changes to their positions in the stock. Rhumbline Advisers increased its position in shares of Credit Acceptance Corp. by 3.1% in the fourth quarter. Rhumbline Advisers now owns 10,778 shares of the company’s stock worth $2,307,000 after buying an additional 326 shares during the period. California Public Employees Retirement System increased its position in Credit Acceptance Corp. by 1.3% in the fourth quarter. California Public Employees Retirement System now owns 23,297 shares of the company’s stock valued at $4,986,000 after buying an additional 300 shares during the last quarter. Finally, Wells Fargo & Company MN increased its position in Credit Acceptance Corp. by 5.7% in the fourth quarter. Wells Fargo & Company MN now owns 50,670 shares of the company’s stock valued at $10,845,000 after buying an additional 2,749 shares during the last quarter.
Credit Acceptance Corporation (Credit Acceptance) is a provider of financing programs to automobile dealers that enable them to sell vehicles to consumers. The Company’s financing programs are offered through a nationwide network of automobile dealers; from repeat and referral sales generated by customers, and from sales to customers responding to advertisements for it products.
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