Accel Entertainment (NYSE:ACEL) Reaches New 52-Week High – Here’s Why

Shares of Accel Entertainment, Inc. (NYSE:ACEL) hit a new 52-week high on Thursday . The stock traded as high as $13.38 and last traded at $13.3450, with a volume of 44822 shares. The stock had previously closed at $13.16.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on ACEL. Citizens Jmp upped their price target on Accel Entertainment from $13.00 to $14.00 and gave the stock a “market outperform” rating in a research note on Wednesday, March 4th. Zacks Research cut Accel Entertainment from a “strong-buy” rating to a “hold” rating in a research note on Friday, May 22nd. Wall Street Zen cut Accel Entertainment from a “strong-buy” rating to a “buy” rating in a research note on Saturday, May 2nd. Weiss Ratings cut Accel Entertainment from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Monday, May 11th. Finally, Truist Financial upped their price target on Accel Entertainment from $13.00 to $14.00 and gave the stock a “hold” rating in a research note on Wednesday, March 4th. Three analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $14.67.

Accel Entertainment Stock Down 1.4%

The company has a quick ratio of 2.64, a current ratio of 2.71 and a debt-to-equity ratio of 2.02. The company has a fifty day simple moving average of $11.90 and a 200 day simple moving average of $11.41. The firm has a market capitalization of $1.08 billion, a P/E ratio of 22.04 and a beta of 1.01.

Accel Entertainment (NYSE:ACEL) last released its earnings results on Tuesday, May 5th. The company reported $0.17 EPS for the quarter, topping the consensus estimate of $0.16 by $0.01. Accel Entertainment had a return on equity of 25.70% and a net margin of 3.79%.The business had revenue of $351.56 million for the quarter, compared to the consensus estimate of $342.88 million. On average, equities analysts expect that Accel Entertainment, Inc. will post 0.7 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Gordon Rubenstein sold 46,346 shares of the company’s stock in a transaction on Thursday, May 7th. The stock was sold at an average price of $11.34, for a total transaction of $525,563.64. Following the transaction, the director directly owned 4,946 shares of the company’s stock, valued at $56,087.64. This represents a 90.36% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Bruce D. Wardinski purchased 50,000 shares of the stock in a transaction dated Monday, May 11th. The shares were acquired at an average cost of $11.55 per share, for a total transaction of $577,500.00. Following the completion of the acquisition, the director owned 50,000 shares of the company’s stock, valued at approximately $577,500. This represents a ? increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Corporate insiders own 14.47% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of ACEL. Arrowstreet Capital Limited Partnership lifted its holdings in shares of Accel Entertainment by 63.6% during the first quarter. Arrowstreet Capital Limited Partnership now owns 1,082,891 shares of the company’s stock valued at $11,814,000 after purchasing an additional 421,047 shares in the last quarter. CIBC Bancorp USA Inc. bought a new position in shares of Accel Entertainment during the third quarter valued at $4,368,000. Millennium Management LLC lifted its holdings in shares of Accel Entertainment by 252.5% during the first quarter. Millennium Management LLC now owns 502,521 shares of the company’s stock valued at $4,985,000 after purchasing an additional 359,948 shares in the last quarter. Goldman Sachs Group Inc. lifted its holdings in Accel Entertainment by 177.3% in the fourth quarter. Goldman Sachs Group Inc. now owns 548,952 shares of the company’s stock valued at $6,264,000 after acquiring an additional 351,012 shares during the period. Finally, Visualize Group LP bought a new position in Accel Entertainment in the third quarter valued at about $2,280,000. 55.39% of the stock is owned by institutional investors.

Accel Entertainment Company Profile

Accel Entertainment, Inc is a Chicago-based gaming and entertainment company specializing in the provision of regulated electronic gaming terminals and related management services to licensed establishments across the United States. The company’s core offerings include video gaming terminals (VGTs), digital payment solutions, player loyalty programs and compliance support, all designed to enhance customer engagement and operational efficiency for bars, restaurants, truck stops and convenience stores.

Founded in 2005, Accel Entertainment has built a network that spans multiple states, including Illinois, Pennsylvania, Ohio, and Iowa.