Accelerant (NYSE:ARX) Stock Price Up 9.2% – Here’s Why

Accelerant Holdings (NYSE:ARX)’s stock price shot up 9.2% during mid-day trading on Wednesday . The company traded as high as $12.48 and last traded at $12.7990. 181,508 shares changed hands during mid-day trading, a decline of 87% from the average session volume of 1,386,211 shares. The stock had previously closed at $11.72.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on ARX. TD Cowen lowered their target price on shares of Accelerant from $36.00 to $30.00 and set a “buy” rating for the company in a report on Thursday, March 26th. Raymond James Financial raised their price objective on Accelerant from $16.00 to $19.00 and gave the company an “outperform” rating in a research report on Monday, June 1st. Weiss Ratings upgraded Accelerant from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Tuesday, June 16th. BMO Capital Markets upped their target price on Accelerant from $16.50 to $17.00 and gave the stock an “outperform” rating in a research report on Tuesday, June 16th. Finally, Piper Sandler increased their target price on Accelerant from $18.00 to $19.00 and gave the company an “overweight” rating in a research note on Tuesday, May 26th. Ten 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.com, the company currently has an average rating of “Moderate Buy” and an average price target of $18.90.

Accelerant Stock Up 7.2%

The firm’s 50 day moving average price is $14.25 and its two-hundred day moving average price is $13.68. The firm has a market capitalization of $3.00 billion and a PE ratio of -1.97. The company has a quick ratio of 1.61, a current ratio of 1.61 and a debt-to-equity ratio of 0.17.

Accelerant (NYSE:ARX) last released its quarterly earnings results on Wednesday, May 13th. The technology company reported $0.17 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $273.20 million for the quarter. The firm’s revenue for the quarter was up 53.5% on a year-over-year basis. As a group, research analysts forecast that Accelerant Holdings will post 0.73 EPS for the current fiscal year.

Insider Transactions at Accelerant

In related news, insider Francis James Oneill sold 73,500 shares of the stock in a transaction dated Thursday, June 25th. The stock was sold at an average price of $13.06, for a total value of $959,910.00. Following the completion of the transaction, the insider owned 6,976,625 shares of the company’s stock, valued at approximately $91,114,722.50. This represents a 1.04% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Jeffrey L. Radke sold 80,000 shares of the firm’s stock in a transaction that occurred on Monday, June 29th. The shares were sold at an average price of $12.87, for a total value of $1,029,600.00. Following the sale, the chief executive officer owned 28,101,939 shares of the company’s stock, valued at approximately $361,671,954.93. This trade represents a 0.28% decrease in their position. 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 ninety days, insiders have sold 415,500 shares of company stock valued at $5,431,384. 66.59% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Accelerant

A number of institutional investors have recently made changes to their positions in the business. Capital World Investors purchased a new position in shares of Accelerant during the 3rd quarter valued at approximately $85,666,000. Alliancebernstein L.P. bought a new stake in shares of Accelerant in the third quarter worth $41,529,000. Balyasny Asset Management L.P. increased its stake in shares of Accelerant by 35.4% in the fourth quarter. Balyasny Asset Management L.P. now owns 2,733,595 shares of the technology company’s stock worth $44,694,000 after buying an additional 714,811 shares during the last quarter. Azora Capital LP raised its holdings in Accelerant by 288.9% in the fourth quarter. Azora Capital LP now owns 2,439,094 shares of the technology company’s stock valued at $39,879,000 after acquiring an additional 1,811,976 shares in the last quarter. Finally, Vanguard Group Inc. acquired a new stake in Accelerant in the third quarter valued at $33,482,000.

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.