Accelerant (NYSE:ARX) CEO Sells 80,000 Shares of Stock

Accelerant Holdings (NYSE:ARX) CEO Jeffrey Radke sold 80,000 shares of the business’s stock in a transaction dated Tuesday, June 23rd. The shares were sold at an average price of $13.11, for a total transaction of $1,048,800.00. Following the completion of the sale, the chief executive officer owned 28,181,939 shares of the company’s stock, valued at approximately $369,465,220.29. This represents a 0.28% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Accelerant Stock Down 2.3%

Shares of NYSE ARX traded down $0.30 during midday trading on Thursday, reaching $13.07. 3,087,372 shares of the company’s stock traded hands, compared to its average volume of 1,333,244. The company has a quick ratio of 1.61, a current ratio of 1.61 and a debt-to-equity ratio of 0.17. The stock’s 50 day simple moving average is $14.39 and its 200-day simple moving average is $13.77. Accelerant Holdings has a one year low of $9.18 and a one year high of $31.18. The company has a market cap of $2.85 billion and a price-to-earnings ratio of -1.88.

Accelerant (NYSE:ARX) last issued its quarterly earnings data on Wednesday, May 13th. The technology company reported $0.17 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.16 by $0.01. The company had revenue of $273.20 million for the quarter. Accelerant had a negative net margin of 135.47% and a positive return on equity of 49.99%. Accelerant’s revenue for the quarter was up 53.5% compared to the same quarter last year. On average, analysts predict that Accelerant Holdings will post 0.73 EPS for the current fiscal year.

Hedge Funds Weigh In On Accelerant

Large investors have recently added to or reduced their stakes in the stock. Security Benefit Life Insurance Co. KS purchased a new position in Accelerant in the 3rd quarter valued at about $80,797,000. Capital World Investors purchased a new stake in shares of Accelerant in the 3rd quarter valued at approximately $85,666,000. Alliancebernstein L.P. acquired a new position in Accelerant during the third quarter worth $41,529,000. Vanguard Group Inc. acquired a new position in Accelerant during the 3rd quarter worth about $33,482,000. Finally, Deer Park Road Corp acquired a new position in shares of Accelerant in the third quarter valued at approximately $29,692,000.

Analysts Set New Price Targets

ARX has been the topic of several recent analyst reports. Piper Sandler upped their target price on Accelerant from $18.00 to $19.00 and gave the company an “overweight” rating in a research report on Tuesday, May 26th. BMO Capital Markets lifted their price objective on shares of Accelerant from $16.50 to $17.00 and gave the company an “outperform” rating in a research note on Tuesday, June 16th. TD Cowen cut their price objective on shares of Accelerant from $36.00 to $30.00 and set a “buy” rating on the stock in a research note on Thursday, March 26th. Wells Fargo & Company raised their target price on shares of Accelerant from $15.00 to $17.00 and gave the stock an “overweight” rating in a report on Monday, May 18th. Finally, Morgan Stanley boosted their target price on shares of Accelerant from $15.00 to $16.00 and gave the company an “equal weight” rating in a research report on Thursday, May 21st. Ten equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $18.90.

Accelerant Company Profile

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.