Accelerant (NYSE:ARX) Trading Down 5.2% – What’s Next?

Accelerant Holdings (NYSE:ARX)’s stock price was down 5.2% during trading on Thursday . The stock traded as low as $12.24 and last traded at $12.3950. 678,944 shares changed hands during trading, a decline of 52% from the average session volume of 1,412,492 shares. The stock had previously closed at $13.07.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on ARX. Wells Fargo & Company upped 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. BMO Capital Markets upped their price target on shares of Accelerant from $16.50 to $17.00 and gave the stock an “outperform” rating in a report on Tuesday, June 16th. Piper Sandler increased their price objective on Accelerant from $18.00 to $19.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 26th. Morgan Stanley dropped their price objective on Accelerant from $16.00 to $14.00 and set an “equal weight” rating for the company in a research note on Monday. Finally, Weiss Ratings upgraded Accelerant from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Tuesday, June 16th. 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’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $18.70.

Accelerant Trading Down 4.4%

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 capitalization of $2.73 billion and a P/E ratio of -1.79. The firm’s 50-day simple moving average is $14.18 and its 200-day simple moving average is $13.62.

Accelerant (NYSE:ARX) last issued its quarterly earnings results on Wednesday, May 13th. The technology company reported $0.17 EPS for the quarter, topping analysts’ consensus estimates of $0.16 by $0.01. Accelerant had a negative net margin of 135.47% and a positive return on equity of 49.99%. The firm had revenue of $273.20 million for the quarter. Accelerant’s revenue for the quarter was up 53.5% on a year-over-year basis. Analysts anticipate that Accelerant Holdings will post 0.73 EPS for the current year.

Insiders Place Their Bets

In other news, Director Nancy Hasley sold 35,000 shares of the stock in a transaction dated Tuesday, June 23rd. The stock was sold at an average price of $13.11, for a total transaction of $458,850.00. Following the transaction, the director directly owned 1,362,323 shares in the company, valued at approximately $17,860,054.53. This represents a 2.50% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Francis James Oneill sold 73,500 shares of the firm’s stock in a transaction dated Thursday, June 25th. The shares were sold at an average price of $13.06, for a total value of $959,910.00. Following the transaction, the insider directly owned 6,976,625 shares in the company, valued at approximately $91,114,722.50. This represents a 1.04% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 495,500 shares of company stock valued at $6,497,784 over the last 90 days. Insiders own 66.59% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in ARX. Teacher Retirement System of Texas boosted its stake in shares of Accelerant by 0.6% in the 4th quarter. Teacher Retirement System of Texas now owns 176,043 shares of the technology company’s stock valued at $2,878,000 after purchasing an additional 1,043 shares in the last quarter. State of Wyoming purchased a new position in Accelerant in the 1st quarter worth $28,000. Royal Bank of Canada raised its position in Accelerant by 50.3% in the 1st quarter. Royal Bank of Canada now owns 7,729 shares of the technology company’s stock worth $103,000 after purchasing an additional 2,585 shares during the period. PNC Financial Services Group Inc. lifted its stake in Accelerant by 73.6% in the first quarter. PNC Financial Services Group Inc. now owns 6,157 shares of the technology company’s stock worth $82,000 after purchasing an additional 2,611 shares during the last quarter. Finally, Quarry LP purchased a new stake in Accelerant during the third quarter valued at about $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.