Accelerant (NYSE:ARX) Stock Price Down 9.3% on Insider Selling

Accelerant Holdings (NYSE:ARX) fell 9.3% during mid-day trading on Wednesday following insider selling activity. The company traded as low as $13.40 and last traded at $13.35. Approximately 871,482 shares traded hands during mid-day trading, a decline of 41% from the average daily volume of 1,466,417 shares. The stock had previously closed at $14.72.

Specifically, CEO Jeffrey L. Radke sold 95,223 shares of the firm’s stock in a transaction dated Monday, July 27th. The stock was sold at an average price of $14.60, for a total value of $1,390,255.80. Following the sale, the chief executive officer owned 27,751,939 shares of the company’s stock, valued at $405,178,309.40. This trade represents a 0.34% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Matthew David Sternberg sold 17,568 shares of the stock in a transaction dated Monday, July 27th. The shares were sold at an average price of $14.64, for a total value of $257,195.52. Following the transaction, the chief operating officer owned 596,482 shares in the company, valued at $8,732,496.48. This trade represents a 2.86% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Wall Street Analyst Weigh In

ARX has been the topic of a number of recent research reports. BMO Capital Markets increased their price target on shares of Accelerant from $16.50 to $17.00 and gave the company an “outperform” rating in a research report on Tuesday, June 16th. Citizens Jmp decreased their target price on shares of Accelerant from $20.00 to $17.00 and set a “market outperform” rating on the stock in a research report on Monday, April 13th. UBS Group set a $16.00 price target on shares of Accelerant in a research note on Thursday, May 21st. Raymond James Financial upped their price target on shares of Accelerant from $16.00 to $19.00 and gave the company an “outperform” rating in a research report on Monday, June 1st. Finally, Wells Fargo & Company decreased their price objective on Accelerant from $17.00 to $16.00 and set an “overweight” rating on the stock in a report on Thursday, July 9th. Ten investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $18.60.

Accelerant Stock Down 9.9%

The company’s fifty day simple moving average is $14.08 and its 200 day simple moving average is $13.34. The company has a current ratio of 1.61, a quick ratio of 1.61 and a debt-to-equity ratio of 0.17. The firm has a market capitalization of $2.90 billion and a P/E ratio of -1.92.

Accelerant (NYSE:ARX) last issued its quarterly earnings results on Wednesday, May 13th. The technology company reported $0.17 earnings per share for the quarter, beating the consensus estimate 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 business had revenue of $273.20 million for the quarter. The firm’s quarterly revenue was up 53.5% compared to the same quarter last year. Research analysts expect that Accelerant Holdings will post 0.73 EPS for the current year.

Hedge Funds Weigh In On Accelerant

A number of institutional investors have recently added to or reduced their stakes in the stock. Teacher Retirement System of Texas grew its holdings 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 valued at $2,878,000 after purchasing an additional 1,043 shares in the last quarter. State of Wyoming acquired a new position in Accelerant during the first quarter worth approximately $28,000. Royal Bank of Canada increased its holdings in shares of 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 acquiring an additional 2,585 shares during the period. PNC Financial Services Group Inc. grew its holdings in shares of Accelerant by 73.6% during the first quarter. PNC Financial Services Group Inc. now owns 6,157 shares of the technology company’s stock worth $82,000 after buying an additional 2,611 shares during the last quarter. Finally, Quarry LP acquired a new stake in Accelerant during the 3rd quarter worth 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.