Accelerant (NYSE:ARX) Stock Price Down 6.6% – What’s Next?

Accelerant Holdings (NYSE:ARX) shares were down 6.6% during trading on Monday . The stock traded as low as $12.86 and last traded at $12.8350. Approximately 430,312 shares were traded during trading, a decline of 69% from the average session volume of 1,379,681 shares. The stock had previously closed at $13.74.

Wall Street Analyst Weigh In

Several brokerages have issued reports on ARX. Weiss Ratings raised shares of Accelerant from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Tuesday, June 16th. UBS Group set a $16.00 price target on shares of Accelerant in a research note on Thursday, May 21st. Piper Sandler boosted their price target 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. BMO Capital Markets upped their price objective on shares of 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 increased their price objective on shares of Accelerant from $15.00 to $17.00 and gave the company an “overweight” rating in a report on Monday, May 18th. Ten equities research 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. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $18.90.

Accelerant Price Performance

The firm has a market cap of $2.79 billion and a price-to-earnings ratio of -1.84. The stock’s fifty day moving average price is $14.39 and its 200-day moving average price is $13.75. The company has a current ratio of 1.61, a quick ratio of 1.61 and a debt-to-equity ratio of 0.17.

Accelerant (NYSE:ARX) last issued its quarterly earnings data 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. The company’s revenue for the quarter was up 53.5% compared to the same quarter last year. As a group, equities research analysts forecast that Accelerant Holdings will post 0.73 earnings per share for the current fiscal year.

Insider Activity at Accelerant

In other Accelerant news, insider Francis James Oneill sold 76,464 shares of Accelerant stock in a transaction dated Tuesday, June 23rd. The shares were sold at an average price of $13.11, for a total transaction of $1,002,443.04. Following the completion of the sale, the insider directly owned 7,050,125 shares in the company, valued at $92,427,138.75. This trade represents a 1.07% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 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 that occurred on Tuesday, June 23rd. The shares were sold at an average price of $13.11, for a total transaction of $1,048,800.00. Following the completion of the sale, the chief executive officer directly owned 28,181,939 shares in the company, valued at $369,465,220.29. This trade represents a 0.28% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 262,000 shares of company stock worth $3,441,874. Company insiders own 66.59% of the company’s stock.

Hedge Funds Weigh In On Accelerant

A number of hedge funds have recently made changes to their positions in the stock. Security Benefit Life Insurance Co. KS acquired a new stake in Accelerant in the 3rd quarter valued at approximately $80,797,000. Capital World Investors acquired a new position in Accelerant during the third quarter worth $85,666,000. Alliancebernstein L.P. purchased a new position in shares of Accelerant during the third quarter worth $41,529,000. Balyasny Asset Management L.P. boosted its position in shares of Accelerant by 35.4% during the fourth quarter. Balyasny Asset Management L.P. now owns 2,733,595 shares of the technology company’s stock worth $44,694,000 after buying an additional 714,811 shares during the period. Finally, Azora Capital LP grew its stake in shares of Accelerant by 288.9% in the fourth quarter. Azora Capital LP now owns 2,439,094 shares of the technology company’s stock valued at $39,879,000 after buying an additional 1,811,976 shares in the last quarter.

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.