Accelerant (NYSE:ARX) Price Target Raised to $17.00

Accelerant (NYSE:ARX) had its price objective lifted by equities research analysts at Wells Fargo & Company from $15.00 to $17.00 in a report released on Monday,Benzinga reports. The firm presently has an “overweight” rating on the technology company’s stock. Wells Fargo & Company‘s price objective would indicate a potential upside of 9.36% from the stock’s current price.

Other research analysts also recently issued reports about the company. Raymond James Financial reaffirmed an “outperform” rating and set a $13.00 price target on shares of Accelerant in a research note on Tuesday, February 17th. Piper Sandler decreased their price objective on Accelerant from $18.00 to $13.00 and set an “overweight” rating for the company in a report on Monday, February 23rd. Citizens Jmp lowered their target price on Accelerant from $20.00 to $17.00 and set a “market outperform” rating on the stock in a research report on Monday, April 13th. Morgan Stanley reduced their price target on shares of Accelerant from $16.00 to $15.00 and set an “equal weight” rating for the company in a research report on Monday, April 6th. Finally, Weiss Ratings lowered shares of Accelerant from a “sell (d)” rating to a “sell (d-)” rating in a research note on Wednesday. Ten investment 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. Based on data from MarketBeat, Accelerant presently has an average rating of “Moderate Buy” and an average target price of $18.39.

Accelerant Stock Up 0.7%

NYSE:ARX traded up $0.11 during trading hours on Monday, reaching $15.55. The company had a trading volume of 163,571 shares, compared to its average volume of 1,212,920. Accelerant has a twelve month low of $9.18 and a twelve month high of $31.18. 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 firm has a market cap of $3.45 billion and a price-to-earnings ratio of -2.24. The business’s 50-day simple moving average is $12.96 and its two-hundred day simple moving average is $13.43.

Accelerant (NYSE:ARX) last released its quarterly earnings data on Wednesday, May 13th. The technology company reported $0.17 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 was up 53.5% on a year-over-year basis. On average, equities analysts expect that Accelerant will post 0.69 earnings per share for the current year.

Insider Activity at Accelerant

In other news, CFO Jay Michael Green sold 50,000 shares of the company’s stock in a transaction on Monday, March 23rd. The stock was 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 of the company’s stock, valued at $15,012,271.53. This represents a 4.08% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 66.59% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Accelerant

Several institutional investors have recently added to or reduced their stakes in ARX. Teacher Retirement System of Texas bought a new position in Accelerant during the third quarter worth about $2,606,000. Allianz Asset Management GmbH purchased a new stake in shares of Accelerant during the 3rd quarter valued at approximately $1,063,000. Envestnet Asset Management Inc. purchased a new stake in shares of Accelerant during the 3rd quarter valued at approximately $165,000. PNC Financial Services Group Inc. bought a new position in Accelerant in the 3rd quarter worth approximately $42,000. Finally, JPMorgan Chase & Co. purchased a new position in Accelerant in the 3rd quarter valued at approximately $23,986,000.

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.