Accelerant Holdings (NYSE:ARX) Short Interest Up 42.6% in March

Accelerant Holdings (NYSE:ARX) was the recipient of a large growth in short interest in the month of March. As of March 31st, there was short interest totaling 3,312,521 shares, a growth of 42.6% from the March 15th total of 2,322,898 shares. Based on an average daily volume of 1,485,897 shares, the short-interest ratio is currently 2.2 days. Approximately 1.6% of the shares of the company are sold short.

Accelerant Stock Performance

NYSE ARX traded up $0.47 on Tuesday, reaching $13.30. 2,970,514 shares of the stock were exchanged, compared to its average volume of 1,288,362. Accelerant has a one year low of $9.18 and a one year high of $31.18. The firm has a market capitalization of $2.95 billion and a PE ratio of -1.92. The company’s 50-day simple moving average is $11.77 and its two-hundred day simple moving average is $13.44. 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 released its earnings results on Wednesday, March 18th. The technology company reported $0.23 EPS for the quarter, topping analysts’ consensus estimates of $0.22 by $0.01. Accelerant had a negative net margin of 148.33% and a positive return on equity of 67.99%. The company had revenue of $248.40 million for the quarter. The business’s revenue for the quarter was up 30.3% on a year-over-year basis.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the stock. Citizens Jmp lowered their price objective on shares of Accelerant from $20.00 to $17.00 and set a “market outperform” rating on the stock in a research note on Monday. Wells Fargo & Company upgraded shares of Accelerant from an “equal weight” rating to an “overweight” rating and lowered their price objective for the stock from $17.00 to $15.00 in a research note on Friday, March 20th. Raymond James Financial reiterated an “outperform” rating and issued a $13.00 price objective on shares of Accelerant in a research note on Tuesday, February 17th. TD Cowen lowered their price objective on shares of Accelerant from $36.00 to $30.00 and set a “buy” rating on the stock in a research note on Thursday, March 26th. Finally, The Goldman Sachs Group restated a “buy” rating and set a $20.00 target price on shares of Accelerant in a research note on Wednesday, January 7th. Ten equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $18.17.

Insider Buying and Selling at Accelerant

In other news, CFO Jay Michael Green sold 50,000 shares of the stock in a transaction that occurred on Monday, March 23rd. The shares were sold at an average price of $12.77, for a total value of $638,500.00. Following the transaction, the chief financial officer owned 1,175,589 shares in the company, valued at $15,012,271.53. This represents a 4.08% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 66.59% of the stock is owned by company insiders.

Institutional Investors Weigh In On Accelerant

A number of institutional investors have recently added to or reduced their stakes in the stock. Teacher Retirement System of Texas grew its holdings in Accelerant by 0.6% during 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 buying an additional 1,043 shares in the last quarter. Quarry LP purchased a new stake in Accelerant during the 3rd quarter valued at approximately $40,000. PNC Financial Services Group Inc. purchased a new stake in Accelerant during the 3rd quarter valued at approximately $42,000. CWM LLC purchased a new stake in Accelerant during the 4th quarter valued at approximately $109,000. Finally, Wesbanco Bank Inc. purchased a new stake in Accelerant during the 4th quarter valued at approximately $164,000.

Accelerant Company Profile

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.