Accelerant (NYSE:ARX) Stock Crosses Above 200 Day Moving Average – Here’s What Happened

Accelerant Holdings (NYSE:ARX)’s share price crossed above its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of $14.56 and traded as high as $19.85. Accelerant shares last traded at $19.8350, with a volume of 746,816 shares changing hands.

Wall Street Analysts Forecast Growth

Several research firms have commented on ARX. BMO Capital Markets upped their target price on shares of Accelerant from $16.50 to $17.00 and gave the stock an “outperform” rating in a research report on Tuesday, June 16th. Citizens Jmp downgraded Accelerant from a “market outperform” rating to a “hold” rating in a research report on Friday, August 14th. Piper Sandler lowered Accelerant from an “overweight” rating to a “hold” rating and set a $20.25 price objective for the company. in a report on Thursday, August 13th. Wells Fargo & Company lowered their target price on Accelerant from $17.00 to $16.00 and set an “overweight” rating on the stock in a research report on Thursday, July 9th. Finally, Raymond James Financial downgraded Accelerant from a “moderate buy” rating to a “hold” rating in a research note on Monday, August 17th. Four research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $18.95.

Accelerant Price Performance

The business has a 50-day moving average price of $16.62 and a 200 day moving average price of $14.59. The company has a market cap of $4.27 billion, a price-to-earnings ratio of -2.96 and a beta of 0.08. The company has a current ratio of 1.53, a quick ratio of 1.53 and a debt-to-equity ratio of 0.16.

Accelerant (NYSE:ARX) last announced its earnings results on Thursday, August 13th. The company reported $0.32 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.16 by $0.16. The company had revenue of $356.90 million for the quarter. Accelerant had a positive return on equity of 42.79% and a negative net margin of 113.08%. As a group, research analysts expect that Accelerant Holdings will post 0.91 earnings per share for the current fiscal year.

Insider Activity

In other news, COO Matthew David Sternberg sold 17,568 shares of the stock in a transaction on Monday, July 27th. The stock was sold at an average price of $14.64, for a total value of $257,195.52. Following the completion of the sale, the chief operating officer owned 596,482 shares in the company, valued at $8,732,496.48. This represents a 2.86% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Francis Oneill sold 89,219 shares of the firm’s stock in a transaction on Tuesday, August 11th. The stock was sold at an average price of $12.41, for a total value of $1,107,207.79. Following the completion of the sale, the insider directly owned 6,369,290 shares of the company’s stock, valued at approximately $79,042,888.90. This trade represents a 1.38% 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 have sold a total of 1,237,271 shares of company stock worth $16,557,879 in the last quarter. Insiders own 66.59% of the company’s stock.

Institutional Trading of Accelerant

A number of hedge funds have recently made changes to their positions in ARX. WINTON GROUP Ltd boosted its holdings in shares of Accelerant by 59.4% during the second quarter. WINTON GROUP Ltd now owns 22,000 shares of the company’s stock worth $258,000 after purchasing an additional 8,200 shares during the period. Engineers Gate Manager LP lifted its position in Accelerant by 123.5% in the 2nd quarter. Engineers Gate Manager LP now owns 98,354 shares of the company’s stock worth $1,153,000 after buying an additional 54,338 shares in the last quarter. Arizona State Retirement System lifted its position in Accelerant by 48.6% in the 2nd quarter. Arizona State Retirement System now owns 16,108 shares of the company’s stock worth $189,000 after buying an additional 5,270 shares in the last quarter. Militia Capital Management LLC acquired a new stake in shares of Accelerant during the 1st quarter valued at $2,004,000. Finally, Royal Bank of Canada grew its holdings in shares of Accelerant by 50.3% during the 1st quarter. Royal Bank of Canada now owns 7,729 shares of the company’s stock valued at $103,000 after acquiring an additional 2,585 shares in the last quarter.

About Accelerant

Accelerant Holdings is a technology-enabled specialty insurance platform that connects managing general agents (MGAs) with insurance capacity providers. The company supports the development, underwriting and distribution of specialty insurance products, helping MGAs access capacity while giving insurers and other capital providers access to a broader portfolio of specialty risks.

Accelerant combines underwriting expertise, insurance data and technology through its platform, which is designed to improve risk selection, portfolio management and collaboration among insurance-market participants.