Insider Selling: Accelerant (NYSE:ARX) CEO Sells $1,066,400.00 in Stock

Accelerant Holdings (NYSE:ARX) CEO Jeffrey Radke sold 80,000 shares of the firm’s stock in a transaction dated Monday, July 6th. The stock was sold at an average price of $13.33, for a total value of $1,066,400.00. Following the sale, the chief executive officer directly owned 28,021,939 shares of the company’s stock, valued at $373,532,446.87. This trade represents a 0.28% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Accelerant Stock Down 2.9%

Shares of Accelerant stock opened at $12.69 on Friday. The firm has a market cap of $2.77 billion and a price-to-earnings ratio of -1.82. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.61 and a quick ratio of 1.61. Accelerant Holdings has a 52-week low of $9.18 and a 52-week high of $31.18. The stock has a 50-day simple moving average of $14.17 and a 200-day simple moving average of $13.60.

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

Analysts Set New Price Targets

ARX has been the topic of a number of recent research reports. Morgan Stanley cut their price target on shares of Accelerant from $16.00 to $14.00 and set an “equal weight” rating on the stock in a report on Monday. Citizens Jmp decreased their price objective on shares of Accelerant from $20.00 to $17.00 and set a “market outperform” rating for the company in a report on Monday, April 13th. Wells Fargo & Company lowered their target price on shares of Accelerant from $17.00 to $16.00 and set an “overweight” rating on the stock in a research report on Thursday. BMO Capital Markets raised their target price on Accelerant from $16.50 to $17.00 and gave the company an “outperform” rating in a report on Tuesday, June 16th. Finally, TD Cowen reduced their price target on Accelerant from $36.00 to $30.00 and set a “buy” rating for the company in a research report on Thursday, March 26th. Ten 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. Based on data from MarketBeat.com, Accelerant currently has a consensus rating of “Moderate Buy” and a consensus target price of $18.60.

Institutional Investors Weigh In On Accelerant

Hedge funds have recently bought and sold shares of the company. Teacher Retirement System of Texas increased its stake in shares of Accelerant by 0.6% in the fourth quarter. Teacher Retirement System of Texas now owns 176,043 shares of the technology company’s stock worth $2,878,000 after purchasing an additional 1,043 shares during the period. State of Wyoming bought a new stake in Accelerant during the 1st quarter valued at approximately $28,000. Royal Bank of Canada grew its holdings in Accelerant by 50.3% in the 1st quarter. Royal Bank of Canada now owns 7,729 shares of the technology company’s stock valued at $103,000 after buying an additional 2,585 shares during the last quarter. PNC Financial Services Group Inc. grew its holdings in Accelerant by 73.6% in the 1st quarter. PNC Financial Services Group Inc. now owns 6,157 shares of the technology company’s stock valued at $82,000 after buying an additional 2,611 shares during the last quarter. Finally, Quarry LP acquired a new stake in Accelerant in the 3rd quarter valued at approximately $40,000.

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.