Renaissance Technologies LLC Grows Stock Holdings in Accelerant Holdings $ARX

Renaissance Technologies LLC boosted its stake in shares of Accelerant Holdings (NYSE:ARX) by 280.5% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 276,600 shares of the technology company’s stock after buying an additional 203,900 shares during the quarter. Renaissance Technologies LLC’s holdings in Accelerant were worth $3,695,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently added to or reduced their stakes in the company. Teacher Retirement System of Texas boosted its stake in shares of Accelerant by 0.6% during the 4th quarter. Teacher Retirement System of Texas now owns 176,043 shares of the technology company’s stock worth $2,878,000 after acquiring an additional 1,043 shares in the last quarter. State of Wyoming purchased a new position in Accelerant in the 1st quarter valued at approximately $28,000. PNC Financial Services Group Inc. increased its stake in Accelerant by 73.6% in the 1st quarter. PNC Financial Services Group Inc. now owns 6,157 shares of the technology company’s stock valued at $82,000 after purchasing an additional 2,611 shares in the last quarter. Quarry LP acquired a new position in Accelerant during the third quarter worth $40,000. Finally, CWM LLC acquired a new position in Accelerant during the fourth quarter worth $109,000.

Accelerant Price Performance

Shares of NYSE:ARX opened at $12.44 on Friday. The business’s fifty day moving average price is $13.33 and its two-hundred day moving average price is $13.16. The stock has a market cap of $2.72 billion and a PE ratio of -1.79. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.61 and a current ratio of 1.61. Accelerant Holdings has a one year low of $9.18 and a one year high of $30.48.

Accelerant (NYSE:ARX) last released its quarterly earnings results on Wednesday, May 13th. The technology company reported $0.17 earnings per share for the quarter, topping the consensus estimate of $0.16 by $0.01. Accelerant had a positive return on equity of 49.99% and a negative net margin of 135.47%.The company had revenue of $273.20 million during the quarter. Accelerant’s revenue for the quarter was up 53.5% compared to the same quarter last year. On average, analysts forecast that Accelerant Holdings will post 0.73 EPS for the current fiscal year.

Analysts Set New Price Targets

ARX has been the topic of a number of research analyst reports. BMO Capital Markets boosted 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. Citizens Jmp cut their price target on Accelerant from $20.00 to $17.00 and set a “market outperform” rating for the company in a research note on Monday, April 13th. Wells Fargo & Company cut their price target on Accelerant from $17.00 to $16.00 and set an “overweight” rating for the company in a research note on Thursday, July 9th. Piper Sandler boosted their price objective on shares of Accelerant from $18.00 to $19.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 26th. Finally, Weiss Ratings raised shares of Accelerant from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Tuesday. Ten analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $18.60.

Insider Activity at Accelerant

In related news, insider Francis James Oneill sold 104,647 shares of Accelerant stock in a transaction dated Tuesday, July 28th. The stock was sold at an average price of $14.56, for a total transaction of $1,523,660.32. Following the completion of the sale, the insider owned 6,522,125 shares in the company, valued at approximately $94,962,140. This trade represents a 1.58% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Jeffrey L. Radke sold 80,000 shares of the business’s stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $12.06, for a total transaction of $964,800.00. Following the completion of the transaction, the chief executive officer directly owned 27,671,939 shares of the company’s stock, valued at $333,723,584.34. The trade was a 0.29% decrease in their position. 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. Insiders have sold a total of 983,405 shares of company stock valued at $13,304,227 over the last quarter. Insiders own 66.59% of the company’s stock.

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.