Accelevation (NASDAQ:ACCV) Shares Gap Up on Strong Earnings

Accelevation Holdings Corp. (NASDAQ:ACCV) shares gapped up before the market opened on Friday following a stronger than expected earnings report. The stock had previously closed at $12.21, but opened at $13.92. Accelevation shares last traded at $13.25, with a volume of 148,101 shares changing hands.

The company reported $0.21 earnings per share for the quarter, beating the consensus estimate of $0.09 by $0.12.

Analyst Ratings Changes

A number of brokerages recently issued reports on ACCV. JPMorgan Chase & Co. assumed coverage on Accelevation in a research note on Monday, October 26th. They issued an “overweight” rating and a $20.00 target price for the company. Wall Street Zen raised Accelevation to a “hold” rating in a report on Saturday, October 10th. William Blair set a $20.00 price objective on Accelevation in a report on Monday, October 26th. Morgan Stanley assumed coverage on Accelevation in a research note on Monday, October 26th. They issued an “equal weight” rating and a $18.00 price objective for the company. Finally, Zacks Research initiated coverage on Accelevation in a report on Tuesday, October 27th. They set a “hold” rating for the company. Seven analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $19.43.

Insider Activity

In other news, Director Ginger Jones bought 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, October 1st. The stock was purchased at an average cost of $18.00 per share, for a total transaction of $180,000.00. Following the purchase, the director directly owned 10,000 shares in the company, valued at approximately $180,000. This trade represents a ? increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Howard Heckes purchased 5,000 shares of the stock in a transaction that occurred on Thursday, October 1st. The shares were purchased at an average cost of $18.00 per share, for a total transaction of $90,000.00. Following the completion of the acquisition, the director directly owned 5,000 shares of the company’s stock, valued at $90,000. This represents a ? increase in their position. The SEC filing for this purchase provides additional information. Over the last 90 days, insiders bought 227,700 shares of company stock worth $4,098,600.

Accelevation Stock Up 4.8%

About Accelevation

Accelevation Holdings Corp. designs, manufactures and installs customized structural, electrical and mechanical systems for mission-critical infrastructure. The company primarily serves data centers, including facilities supporting artificial intelligence, cloud computing, hyperscale computing and other high-density technology applications. The company’s products and solutions include power distribution equipment, modular infrastructure systems, structural support components, thermal management products and related electrical systems.