Jupiter Topco LLC Buys Shares of 2,847 Credit Acceptance Corporation $CACC

Jupiter Topco LLC purchased a new stake in Credit Acceptance Corporation (NASDAQ:CACC) in the second quarter, HoldingsChannel reports. The firm purchased 2,847 shares of the credit services provider’s stock, valued at approximately $1,812,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Bank of New York Mellon Corp purchased a new stake in shares of Credit Acceptance in the 2nd quarter worth about $19,347,000. BlackRock Inc. purchased a new position in Credit Acceptance during the 2nd quarter valued at about $408,849,000. SG Americas Securities LLC increased its holdings in Credit Acceptance by 429.9% during the 1st quarter. SG Americas Securities LLC now owns 12,835 shares of the credit services provider’s stock valued at $5,435,000 after acquiring an additional 10,413 shares in the last quarter. Geo Capital Gestora de Recursos Ltd acquired a new position in Credit Acceptance during the fourth quarter worth about $1,842,000. Finally, Bank of America Corp DE raised its position in Credit Acceptance by 47.9% during the first quarter. Bank of America Corp DE now owns 44,586 shares of the credit services provider’s stock worth $18,880,000 after acquiring an additional 14,439 shares during the last quarter. Institutional investors and hedge funds own 81.71% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. TD Cowen upped their price target on shares of Credit Acceptance from $575.00 to $600.00 and gave the company a “hold” rating in a report on Wednesday, August 5th. Zacks Research cut shares of Credit Acceptance from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, May 13th. Finally, Weiss Ratings upgraded Credit Acceptance from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Thursday, July 16th. One analyst has rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $570.00.

Credit Acceptance Stock Down 1.0%

Shares of NASDAQ:CACC opened at $601.58 on Friday. The company has a quick ratio of 14.89, a current ratio of 14.89 and a debt-to-equity ratio of 3.84. The company has a market capitalization of $6.29 billion, a P/E ratio of 13.23 and a beta of 1.35. Credit Acceptance Corporation has a 52-week low of $401.90 and a 52-week high of $668.86. The stock’s fifty day simple moving average is $602.64 and its 200-day simple moving average is $542.35.

Credit Acceptance (NASDAQ:CACC) last posted its quarterly earnings data on Tuesday, August 4th. The credit services provider reported $12.12 EPS for the quarter, missing analysts’ consensus estimates of $12.20 by ($0.08). The company had revenue of $415.00 million for the quarter, compared to analysts’ expectations of $588.07 million. Credit Acceptance had a return on equity of 31.67% and a net margin of 21.54%.The company’s revenue for the quarter was up .6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $10.05 EPS. As a group, equities research analysts forecast that Credit Acceptance Corporation will post 47.8 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, insider Nicholas J. Elliott sold 3,487 shares of Credit Acceptance stock in a transaction dated Wednesday, June 24th. The shares were sold at an average price of $601.01, for a total transaction of $2,095,721.87. Following the completion of the sale, the insider directly owned 20,897 shares in the company, valued at $12,559,305.97. The trade was a 14.30% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Erin J. Kerber sold 8,656 shares of the business’s stock in a transaction that occurred on Wednesday, June 24th. The shares were sold at an average price of $600.94, for a total transaction of $5,201,736.64. Following the completion of the transaction, the insider directly owned 25,711 shares of the company’s stock, valued at approximately $15,450,768.34. This represents a 25.19% decrease in their position. 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 44,289 shares of company stock worth $27,525,241 in the last 90 days. 6.10% of the stock is currently owned by corporate insiders.

About Credit Acceptance

Credit Acceptance Corporation, founded in 1972 and headquartered in Southfield, Michigan, is a specialty finance company focused on the indirect automotive lending market. The company partners with independent and franchised auto dealers to facilitate purchase financing for consumers who may not qualify for traditional prime auto loans. By purchasing retail installment contracts originated by these dealers, Credit Acceptance provides capital and credit insurance to support vehicle sales, enabling dealers to broaden their customer base and reduce credit risk.

Through its proprietary underwriting platform and risk management strategies, Credit Acceptance evaluates borrower applications, structures credit plans, and retains servicing rights on the acquired contracts.