Accelerant (NYSE:ARX) Sees Unusually-High Trading Volume – Still a Buy?

Accelerant Holdings (NYSE:ARX) shares saw unusually-strong trading volume on Tuesday . 1,466,115 shares were traded during trading, an increase of 4% from the previous session’s volume of 1,412,458 shares.The stock last traded at $14.3670 and had previously closed at $14.61.

Wall Street Analyst Weigh In

ARX has been the topic of a number of recent research reports. Citizens Jmp reduced their price target 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. Piper Sandler increased their price objective on shares of Accelerant from $18.00 to $19.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 26th. Weiss Ratings cut shares of Accelerant from a “sell (d-)” rating to a “sell (e+)” rating in a report on Monday, July 20th. BMO Capital Markets lifted their target price on Accelerant from $16.50 to $17.00 and gave the company an “outperform” rating in a research note on Tuesday, June 16th. Finally, Wells Fargo & Company lowered their target price on Accelerant from $17.00 to $16.00 and set an “overweight” rating for the company in a report on Thursday, July 9th. Ten investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Accelerant presently has an average rating of “Moderate Buy” and a consensus target price of $18.60.

Accelerant Price Performance

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 capitalization of $3.19 billion and a P/E ratio of -2.10. The business has a 50 day simple moving average of $14.12 and a 200-day simple moving average of $13.35.

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

Insider Activity

In other news, insider Francis James Oneill sold 76,464 shares of Accelerant stock in a transaction that occurred on Tuesday, June 23rd. The stock was sold at an average price of $13.11, for a total transaction of $1,002,443.04. Following the sale, the insider owned 7,050,125 shares of the company’s stock, valued at approximately $92,427,138.75. The trade was a 1.07% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Matthew David Sternberg sold 17,568 shares of Accelerant stock in a transaction that occurred on Monday, July 27th. The shares were sold at an average price of $14.64, for a total value of $257,195.52. Following the sale, the chief operating officer directly owned 596,482 shares in the company, valued at approximately $8,732,496.48. This trade represents a 2.86% 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last 90 days, insiders sold 593,068 shares of company stock valued at $7,809,379. Company insiders own 66.59% of the company’s stock.

Hedge Funds Weigh In On Accelerant

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Teacher Retirement System of Texas increased its position in Accelerant by 0.6% in the 4th quarter. Teacher Retirement System of Texas now owns 176,043 shares of the technology company’s stock valued at $2,878,000 after acquiring an additional 1,043 shares during the period. State of Wyoming bought a new position in shares of Accelerant in the first quarter worth $28,000. Royal Bank of Canada grew its stake in shares of Accelerant by 50.3% in 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 in the last quarter. PNC Financial Services Group Inc. increased its holdings in shares of Accelerant by 73.6% during the first 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 during the period. Finally, Quarry LP acquired a new position in shares of Accelerant during the third quarter valued at $40,000.

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.