Accelerant (NYSE:ARX) Shares Up 5.1% – Here’s Why

Accelerant Holdings (NYSE:ARX) shares shot up 5.1% on Friday . The stock traded as high as $14.96 and last traded at $15.3490. 189,893 shares traded hands during mid-day trading, a decline of 84% from the average session volume of 1,201,989 shares. The stock had previously closed at $14.61.

Analysts Set New Price Targets

Several brokerages recently weighed in on ARX. Piper Sandler reduced their price target on shares of Accelerant from $18.00 to $13.00 and set an “overweight” rating on the stock in a research report on Monday, February 23rd. Wells Fargo & Company upgraded shares of Accelerant from an “equal weight” rating to an “overweight” rating and reduced their price target for the stock from $17.00 to $15.00 in a research report on Friday, March 20th. TD Cowen reduced their price target on shares of Accelerant from $36.00 to $30.00 and set a “buy” rating on the stock in a research report on Thursday, March 26th. Weiss Ratings cut shares of Accelerant from a “sell (d)” rating to a “sell (d-)” rating in a research report on Wednesday. Finally, Citizens Jmp reduced their price target on shares of Accelerant from $20.00 to $17.00 and set a “market outperform” rating on the stock in a research report on Monday, April 13th. Ten equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $18.17.

Accelerant Price Performance

The company has a debt-to-equity ratio of 0.17, a current ratio of 1.61 and a quick ratio of 1.61. The firm has a market cap of $3.42 billion and a P/E ratio of -2.21. The stock’s 50-day simple moving average is $12.88 and its two-hundred day simple moving average is $13.41.

Accelerant (NYSE:ARX) last posted its quarterly earnings data on Wednesday, May 13th. The technology company reported $0.17 earnings per share for the quarter, beating analysts’ consensus estimates of $0.16 by $0.01. Accelerant had a negative net margin of 135.47% and a positive return on equity of 56.42%. The business had revenue of $273.20 million for the quarter. The company’s revenue for the quarter was up 53.5% compared to the same quarter last year. Equities research analysts forecast that Accelerant Holdings will post 0.68 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Accelerant news, CFO Jay Michael Green sold 50,000 shares of the business’s stock in a transaction on Monday, March 23rd. The shares were sold at an average price of $12.77, for a total transaction of $638,500.00. Following the transaction, the chief financial officer owned 1,175,589 shares in the company, 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 company insiders.

Institutional Trading of Accelerant

A number of large investors have recently made changes to their positions in ARX. State of Wyoming purchased a new stake in shares of Accelerant during the first quarter valued at $28,000. Quarry LP purchased a new stake in shares of Accelerant during the third quarter valued at $40,000. PNC Financial Services Group Inc. purchased a new stake in shares of Accelerant during the third quarter valued at $42,000. CWM LLC purchased a new stake in shares of Accelerant during the fourth quarter valued at $109,000. Finally, Arcus Capital Partners LLC purchased a new stake in shares of Accelerant during the first quarter valued at $135,000.

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.