Accelerant (NYSE:ARX) Announces Earnings Results

Accelerant (NYSE:ARX) issued its quarterly earnings results on Wednesday. The technology company reported $0.17 EPS for the quarter, beating analysts’ consensus estimates of $0.16 by $0.01, FiscalAI reports. Accelerant had a negative net margin of 148.33% and a positive return on equity of 67.99%. The business had revenue of $273.20 million for the quarter. The company’s quarterly revenue was up 53.5% compared to the same quarter last year.

Accelerant Trading Down 6.7%

ARX stock traded down $0.90 on Wednesday, reaching $12.59. The company’s stock had a trading volume of 1,721,154 shares, compared to its average volume of 1,132,034. The business has a fifty day simple moving average of $12.83 and a two-hundred day simple moving average of $13.39. Accelerant has a 12-month low of $9.18 and a 12-month high of $31.18. The firm has a market cap of $2.80 billion and a PE ratio of -1.82. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.61 and a current ratio of 1.61.

Insider Buying and Selling

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

Institutional Trading of Accelerant

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Pembroke Management LTD purchased a new position in Accelerant during the third quarter valued at $1,396,000. Teacher Retirement System of Texas purchased a new position in Accelerant during the third quarter valued at $2,606,000. Allianz Asset Management GmbH purchased a new position in Accelerant during the third quarter valued at $1,063,000. Envestnet Asset Management Inc. purchased a new position in Accelerant during the third quarter valued at $165,000. Finally, PNC Financial Services Group Inc. purchased a new position in Accelerant during the third quarter valued at $42,000.

Analyst Ratings Changes

Several research analysts have recently issued reports on the stock. TD Cowen cut their target price on shares of Accelerant from $36.00 to $30.00 and set a “buy” rating on the stock in a report on Thursday, March 26th. Raymond James Financial restated an “outperform” rating and issued a $13.00 target price on shares of Accelerant in a report on Tuesday, February 17th. Morgan Stanley cut their target price on shares of Accelerant from $16.00 to $15.00 and set an “equal weight” rating on the stock in a report on Monday, April 6th. Piper Sandler cut their target price on shares of Accelerant from $18.00 to $13.00 and set an “overweight” rating on the stock in a report on Monday, February 23rd. Finally, Citizens Jmp dropped their price target on Accelerant from $20.00 to $17.00 and set a “market outperform” rating for the company in a research note on Monday, April 13th. Ten analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Accelerant has an average rating of “Moderate Buy” and an average price target of $18.17.

About Accelerant

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.