Credit Acceptance (NASDAQ:CACC) Shares Gap Up – Here’s Why

17 Oct 2024, 13:21 by Jessica Moore · The Cerbat Gem

Credit Acceptance Co. (NASDAQ:CACC – Get Free Report) shares gapped up prior to trading on Thursday . The stock had previously closed at $466.28, but opened at $480.90. Credit Acceptance shares last traded at $480.90, with a volume of 950 shares changing hands.

Analyst Ratings Changes

Separately, TD Cowen cut their target price on shares of Credit Acceptance from $440.00 to $400.00 and set a “sell” rating on the stock in a research note on Thursday, August 1st. One analyst has rated the stock with a sell rating, two have given a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $395.67.

Read Our Latest Stock Analysis on Credit Acceptance

Credit Acceptance Trading Down 0.5 %

The company’s fifty day moving average is $452.52 and its two-hundred day moving average is $495.74. The stock has a market cap of $5.79 billion, a price-to-earnings ratio of 24.50 and a beta of 1.42. The company has a quick ratio of 19.15, a current ratio of 19.15 and a debt-to-equity ratio of 3.77.

Credit Acceptance (NASDAQ:CACC – Get Free Report) last released its quarterly earnings data on Wednesday, July 31st. The credit services provider reported $10.29 earnings per share for the quarter, topping analysts’ consensus estimates of $7.20 by $3.09. Credit Acceptance had a net margin of 9.01% and a return on equity of 30.77%. The company had revenue of $538.20 million for the quarter, compared to analysts’ expectations of $525.03 million. During the same quarter last year, the company earned $10.69 earnings per share. The firm’s revenue for the quarter was up 12.6% on a year-over-year basis. On average, research analysts predict that Credit Acceptance Co. will post 38.87 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Thomas W. Smith sold 1,200 shares of the firm’s stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $451.01, for a total transaction of $541,212.00. Following the transaction, the insider now directly owns 74,450 shares in the company, valued at approximately $33,577,694.50. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 5.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Credit Acceptance

Hedge funds have recently modified their holdings of the business. Dimensional Fund Advisors LP grew its position in Credit Acceptance by 4.1% in the 2nd quarter. Dimensional Fund Advisors LP now owns 179,655 shares of the credit services provider’s stock valued at $92,455,000 after buying an additional 7,064 shares during the last quarter. Alfreton Capital LLP grew its position in Credit Acceptance by 22.7% in the 2nd quarter. Alfreton Capital LLP now owns 98,128 shares of the credit services provider’s stock valued at $50,505,000 after buying an additional 18,128 shares during the last quarter. Quantum Capital Management LLC NJ grew its position in Credit Acceptance by 20.8% in the 1st quarter. Quantum Capital Management LLC NJ now owns 63,920 shares of the credit services provider’s stock valued at $35,255,000 after buying an additional 11,024 shares during the last quarter. Bank of New York Mellon Corp boosted its position in shares of Credit Acceptance by 4.2% during the 2nd quarter. Bank of New York Mellon Corp now owns 23,732 shares of the credit services provider’s stock worth $12,214,000 after purchasing an additional 951 shares in the last quarter. Finally, Quadrature Capital Ltd purchased a new stake in shares of Credit Acceptance during the 1st quarter worth $6,830,000. 81.71% of the stock is currently owned by hedge funds and other institutional investors.

About Credit Acceptance

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