Accelerant (NYSE:ARX) Shares Down 5.2% – Here’s Why

Shares of Accelerant Holdings (NYSE:ARX) were down 5.2% during trading on Thursday . The stock traded as low as $13.45 and last traded at $13.3790. Approximately 1,788,181 shares traded hands during mid-day trading, an increase of 42% from the average daily volume of 1,258,998 shares. The stock had previously closed at $14.12.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. UBS Group set a $16.00 price objective on Accelerant in a report on Thursday, May 21st. Piper Sandler increased their target price on shares of Accelerant from $18.00 to $19.00 and gave the company an “overweight” rating in a research report on Tuesday, May 26th. Citizens Jmp dropped their target price on shares of Accelerant from $20.00 to $17.00 and set a “market outperform” rating on the stock in a research report on Monday, April 13th. Morgan Stanley increased their target price on shares of Accelerant from $15.00 to $16.00 and gave the company an “equal weight” rating in a research report on Thursday, May 21st. Finally, Weiss Ratings downgraded shares of Accelerant from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Wednesday, May 27th. Ten analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $19.45.

Accelerant Stock Down 7.0%

The firm’s fifty day simple moving average is $14.40 and its 200-day simple moving average is $13.85. The company has a quick ratio of 1.61, a current ratio of 1.61 and a debt-to-equity ratio of 0.17. The company has a market cap of $2.87 billion and a PE ratio of -1.91.

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

Insider Transactions at Accelerant

In other news, CFO Jay Michael Green sold 50,000 shares of the firm’s stock in a transaction dated Monday, March 23rd. The shares were sold at an average price of $12.77, for a total value of $638,500.00. Following the transaction, the chief financial officer directly owned 1,175,589 shares in the company, valued at approximately $15,012,271.53. This trade represents a 4.08% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 66.59% of the stock is owned by insiders.

Institutional Trading of Accelerant

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. State of Wyoming acquired a new position in shares of Accelerant in the 1st quarter worth $28,000. Quarry LP bought a new stake in shares of Accelerant during the 3rd quarter worth $40,000. PNC Financial Services Group Inc. acquired a new position in Accelerant during the 3rd quarter valued at $42,000. Royal Bank of Canada lifted its stake in Accelerant by 50.3% during the first quarter. Royal Bank of Canada now owns 7,729 shares of the technology company’s stock worth $103,000 after purchasing an additional 2,585 shares during the period. Finally, CWM LLC bought a new position in Accelerant during the 4th quarter valued at about $109,000.

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.