Credit Acceptance Corp. (CACC) Sees Large Volume Increase
Shares of Credit Acceptance Corp. (NASDAQ:CACC) saw unusually-strong trading volume on Friday . Approximately 256,241 shares traded hands 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 analysts recently issued reports on CACC shares. Macquarie downgraded shares of Credit Acceptance Corp. from a “neutral” rating to an “underperform” rating and decreased their price target for the stock from $190.00 to $150.00 in a research note on Wednesday, May 11th. BMO Capital Markets reaffirmed a “hold” rating on shares of Credit Acceptance Corp. in a research note on Tuesday, May 3rd. Zacks Investment Research raised shares of Credit Acceptance Corp. from a “hold” rating to a “buy” rating and set a $216.00 target price for the company in a research note on Thursday, July 14th. 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 for the company in a research note on Monday, June 20th. Four equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the company’s stock. Credit Acceptance Corp. presently has a consensus rating of “Hold” and a consensus price target of $184.15.
The company’s 50 day moving average price is $181.84 and its 200-day moving average price is $186.89. The stock has a market cap of $3.96 billion and a PE ratio of 13.36.
Credit Acceptance Corp. (NASDAQ:CACC) last released its quarterly earnings results on Monday, May 2nd. The company reported $4.02 EPS for the quarter, topping analysts’ consensus estimates of $3.81 by $0.21. On average, equities analysts forecast that Credit Acceptance Corp. will post $15.84 EPS for the current year.
In related news, major shareholder Jill Foss Watson sold 15,000 shares of Credit Acceptance Corp. stock in a transaction dated Tuesday, April 26th. The shares were sold at an average price of $201.29, for a total transaction of $3,019,350.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.
A number of large investors recently added to or reduced their stakes in the stock. Wells Fargo & Company MN boosted its stake 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 period. Rhumbline Advisers boosted its stake in Credit Acceptance Corp. by 3.1% in the fourth quarter. Rhumbline Advisers now owns 10,778 shares of the company’s stock valued at $2,307,000 after buying an additional 326 shares during the period. Finally, California Public Employees Retirement System boosted its stake 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 period.
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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