AlphaQuest LLC Reduces Holdings in Credit Acceptance Corporation $CACC

AlphaQuest LLC lowered its stake in Credit Acceptance Corporation (NASDAQ:CACC) by 45.5% during the third quarter, Holdings Channel.com reports. The institutional investor owned 1,200 shares of the credit services provider’s stock after selling 1,001 shares during the period. AlphaQuest LLC’s holdings in Credit Acceptance were worth $560,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of CACC. Farther Finance Advisors LLC raised its holdings in shares of Credit Acceptance by 20,200.0% in the third quarter. Farther Finance Advisors LLC now owns 203 shares of the credit services provider’s stock worth $95,000 after acquiring an additional 202 shares during the last quarter. Raymond James Financial Inc. purchased a new stake in Credit Acceptance during the 2nd quarter worth about $150,000. CFC Planning Co LLC acquired a new position in Credit Acceptance in the 3rd quarter valued at about $209,000. Prudential Financial Inc. purchased a new position in Credit Acceptance in the 2nd quarter valued at about $215,000. Finally, SG Americas Securities LLC lifted its holdings in Credit Acceptance by 64.0% in the 2nd quarter. SG Americas Securities LLC now owns 456 shares of the credit services provider’s stock valued at $232,000 after purchasing an additional 178 shares in the last quarter. Institutional investors and hedge funds own 81.71% of the company’s stock.

Credit Acceptance Stock Up 2.3%

CACC opened at $507.26 on Thursday. Credit Acceptance Corporation has a 12 month low of $401.90 and a 12 month high of $549.75. The business has a 50-day moving average of $462.71 and a two-hundred day moving average of $474.72. The company has a debt-to-equity ratio of 3.94, a current ratio of 15.81 and a quick ratio of 15.81. The stock has a market capitalization of $5.60 billion, a price-to-earnings ratio of 13.90 and a beta of 1.27.

Credit Acceptance (NASDAQ:CACC) last announced its quarterly earnings data on Thursday, January 29th. The credit services provider reported $11.35 earnings per share for the quarter, topping the consensus estimate of $10.30 by $1.05. Credit Acceptance had a net margin of 18.29% and a return on equity of 28.46%. The business had revenue of $408.20 million for the quarter, compared to analyst estimates of $582.63 million. During the same period in the prior year, the firm posted $10.17 EPS. The company’s revenue was up 2.5% on a year-over-year basis. On average, research analysts expect that Credit Acceptance Corporation will post 53.24 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on CACC shares. TD Cowen lifted their price target on shares of Credit Acceptance from $460.00 to $470.00 and gave the stock a “hold” rating in a report on Friday, January 30th. Weiss Ratings restated a “hold (c)” rating on shares of Credit Acceptance in a research report on Wednesday, January 21st. Two investment analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, Credit Acceptance currently has an average rating of “Hold” and a consensus target price of $470.00.

Insiders Place Their Bets

In other Credit Acceptance news, insider Wendy A. Rummler sold 5,236 shares of the stock in a transaction that occurred on Friday, January 30th. The shares were sold at an average price of $493.44, for a total transaction of $2,583,651.84. Following the transaction, the insider owned 20,772 shares of the company’s stock, valued at $10,249,735.68. This trade represents a 20.13% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 6.60% of the stock is currently owned by corporate insiders.

Credit Acceptance Profile

Credit Acceptance Corporation, founded in 1972 and headquartered in Southfield, Michigan, is a specialty finance company focused on the indirect automotive lending market. The company partners with independent and franchised auto dealers to facilitate purchase financing for consumers who may not qualify for traditional prime auto loans. By purchasing retail installment contracts originated by these dealers, Credit Acceptance provides capital and credit insurance to support vehicle sales, enabling dealers to broaden their customer base and reduce credit risk.

Through its proprietary underwriting platform and risk management strategies, Credit Acceptance evaluates borrower applications, structures credit plans, and retains servicing rights on the acquired contracts.