Accelerant Holdings (NYSE:ARX) Stock Has Consensus Target Price of $17.98

Accelerant Holdings (NYSE:ARX) has received a consensus recommendation of “Hold” from the twelve research firms that are covering the company, MarketBeat reports. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and three have given a buy rating to the company. The average twelve-month price target among analysts that have issued ratings on the stock in the last year is $17.98.

A number of brokerages have issued reports on ARX. Royal Bank Of Canada downgraded Accelerant from a “moderate buy” rating to a “hold” rating and set a $20.25 price target for the company. in a report on Friday, August 14th. Wells Fargo & Company reduced their price objective on shares of Accelerant from $17.00 to $16.00 and set an “overweight” rating for the company in a research report on Thursday, July 9th. Piper Sandler cut shares of Accelerant from an “overweight” rating to a “hold” rating and set a $20.25 price target for the company. in a research report on Thursday, August 13th. BMO Capital Markets upped their price objective on shares of Accelerant from $16.50 to $17.00 and gave the company an “outperform” rating in a research note on Tuesday, June 16th. Finally, TD Cowen lowered Accelerant from a “buy” rating to a “hold” rating and dropped their price objective for the stock from $30.00 to $20.25 in a report on Wednesday, September 30th.

Insider Transactions at Accelerant

In related news, COO Matthew David Sternberg sold 17,568 shares of the stock in a transaction on Monday, July 27th. The shares were sold at an average price of $14.64, for a total transaction of $257,195.52. Following the completion of the sale, the chief operating officer owned 596,482 shares in the company, valued at $8,732,496.48. This represents a 2.86% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 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. Also, Director Nancy Hasley sold 20,489 shares of the firm’s stock in a transaction on Thursday, August 13th. The stock was sold at an average price of $19.56, for a total transaction of $400,764.84. Following the transaction, the director directly owned 1,341,834 shares in the company, valued at $26,246,273.04. The trade was a 1.50% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 741,771 shares of company stock worth $10,060,096. 66.59% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Accelerant

Several institutional investors have recently added to or reduced their stakes in the stock. Versant Capital Management Inc purchased a new stake in shares of Accelerant during the third quarter worth approximately $38,000. State of Wyoming purchased a new position in Accelerant during the 1st quarter worth $28,000. PNC Financial Services Group Inc. lifted its stake in shares of Accelerant by 73.6% in the 1st quarter. PNC Financial Services Group Inc. now owns 6,157 shares of the company’s stock worth $82,000 after acquiring an additional 2,611 shares during the period. Royal Bank of Canada lifted its stake in shares of Accelerant by 50.3% in the 1st quarter. Royal Bank of Canada now owns 7,729 shares of the company’s stock worth $103,000 after acquiring an additional 2,585 shares during the period. Finally, Arcus Capital Partners LLC purchased a new stake in shares of Accelerant in the first quarter valued at about $135,000.

Accelerant Trading Up 0.1%

NYSE:ARX opened at $19.75 on Thursday. Accelerant has a 12-month low of $9.18 and a 12-month high of $19.90. The firm has a market cap of $4.29 billion, a PE ratio of -2.97 and a beta of 0.08. The company has a current ratio of 1.53, a quick ratio of 1.53 and a debt-to-equity ratio of 0.16. The stock has a fifty day moving average price of $18.23 and a 200 day moving average price of $15.39.

Accelerant (NYSE:ARX) last announced its quarterly earnings data on Thursday, August 13th. The company reported $0.32 earnings per share for the quarter, beating analysts’ consensus estimates of $0.16 by $0.16. The business had revenue of $303.90 million for the quarter. Accelerant had a negative net margin of 113.08% and a positive return on equity of 42.79%. Sell-side analysts anticipate that Accelerant will post 0.9 earnings per share for the current fiscal year.

Accelerant Company Profile

Accelerant Holdings is a global specialty insurance platform that connects managing general agents (MGAs) with insurance capacity providers. Through its risk exchange, the company supports the development, underwriting and distribution of specialty insurance products across niche and complex risks.

Accelerant provides participating MGAs with access to underwriting capacity, data and analytics, technology, and other operational resources. Its model is designed to help specialty insurance businesses expand their offerings while giving capacity providers access to a diversified portfolio of insurance risks.

Founded in 2018, Accelerant serves insurance professionals across markets including North America, the United Kingdom, Europe and Australia.