Accelerant (NYSE:ARX) Stock Price Crosses Above 200-Day Moving Average – What’s Next?
by Jessica Moore · The Cerbat GemShares of Accelerant Holdings (NYSE:ARX – Get Free Report) passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $13.40 and traded as high as $13.65. Accelerant shares last traded at $13.0920, with a volume of 871,716 shares trading hands.
Analysts Set New Price Targets
Several research firms recently issued reports on ARX. Citizens Jmp decreased their target price on shares of Accelerant from $20.00 to $17.00 and set a “market outperform” rating for the company in a research note on Monday, April 13th. Morgan Stanley decreased their target price on shares of Accelerant from $16.00 to $15.00 and set an “equal weight” rating for the company in a research note on Monday, April 6th. The Goldman Sachs Group reiterated a “buy” rating and issued a $20.00 target price on shares of Accelerant in a research note on Wednesday, January 7th. TD Cowen cut their price target on shares of Accelerant from $36.00 to $30.00 and set a “buy” rating for the company in a report on Thursday, March 26th. Finally, Weiss Ratings raised shares of Accelerant from a “sell (d-)” rating to a “sell (d)” rating in a report on Friday, April 24th. Ten analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Accelerant presently has an average rating of “Moderate Buy” and a consensus target price of $18.17.
Read Our Latest Analysis on Accelerant
Accelerant Price Performance
The company has a market cap of $2.91 billion and a price-to-earnings ratio of -1.89. The company’s 50-day simple moving average is $12.43 and its 200-day simple moving average is $13.40. 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 (NYSE:ARX – Get Free Report) last issued its quarterly earnings results on Wednesday, March 18th. The technology company reported $0.23 EPS for the quarter, topping the consensus estimate of $0.22 by $0.01. Accelerant had a negative net margin of 148.33% and a positive return on equity of 67.99%. The firm had revenue of $248.40 million for the quarter. The company’s revenue was up 30.3% compared to the same quarter last year. On average, equities research analysts anticipate that Accelerant Holdings will post 0.68 EPS for the current year.
Insider Activity at Accelerant
In related news, CFO Jay Michael Green sold 50,000 shares of the firm’s stock in a transaction on Monday, March 23rd. The shares were sold at an average price of $12.77, for a total value of $638,500.00. Following the completion of the transaction, the chief financial officer owned 1,175,589 shares of the company’s stock, valued at approximately $15,012,271.53. This trade represents a 4.08% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 66.59% of the stock is currently owned by insiders.
Hedge Funds Weigh In On Accelerant
Several large investors have recently modified their holdings of the stock. Pembroke Management LTD bought a new stake in Accelerant in the 3rd quarter valued at $1,396,000. Teacher Retirement System of Texas bought a new stake in shares of Accelerant during the third quarter worth about $2,606,000. Allianz Asset Management GmbH bought a new stake in Accelerant in the third quarter worth approximately $1,063,000. Envestnet Asset Management Inc. bought a new stake in Accelerant during the 3rd quarter valued at $165,000. Finally, PNC Financial Services Group Inc. bought a new position in shares of Accelerant in the third quarter valued at approximately $42,000.
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.