Accelerant (NYSE:ARX) Shares Up 5.1% – Here’s Why

Accelerant Holdings (NYSE:ARX) shares were up 5.1% during mid-day trading on Friday . The company traded as high as $14.96 and last traded at $15.3490. Approximately 189,893 shares were traded during trading, a decline of 84% from the average daily volume of 1,201,989 shares. The stock had previously closed at $14.61.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on ARX shares. Piper Sandler lowered their price objective on shares of Accelerant from $18.00 to $13.00 and set an “overweight” rating for the company in a research note on Monday, February 23rd. Wells Fargo & Company raised 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. TD Cowen lowered their price objective on shares of Accelerant from $36.00 to $30.00 and set a “buy” rating for the company in a research note on Thursday, March 26th. Raymond James Financial reaffirmed an “outperform” rating and issued a $13.00 price objective on shares of Accelerant in a research note on Tuesday, February 17th. Finally, Citizens Jmp lowered their price objective on shares of Accelerant from $20.00 to $17.00 and set a “market outperform” rating for the company in a research note on Monday, April 13th. 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 company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $18.17.

Accelerant Trading Up 5.4%

The firm has a market capitalization of $3.42 billion and a PE ratio of -2.21. The company’s 50-day simple moving average is $12.88 and its 200 day simple moving average is $13.41. The company has a quick ratio of 1.61, a current ratio of 1.61 and a debt-to-equity ratio of 0.17.

Accelerant (NYSE:ARX) last released its quarterly earnings results on Wednesday, May 13th. The technology company reported $0.17 EPS for the quarter, beating the consensus estimate of $0.16 by $0.01. The business had revenue of $273.20 million during the quarter. Accelerant had a negative net margin of 135.47% and a positive return on equity of 56.42%. Accelerant’s revenue for the quarter was up 53.5% compared to the same quarter last year. As a group, sell-side analysts expect that Accelerant Holdings will post 0.68 EPS for the current year.

Insider Activity at Accelerant

In related 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 completion of the transaction, the chief financial officer directly owned 1,175,589 shares of the company’s stock, valued at $15,012,271.53. This trade represents a 4.08% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 66.59% of the stock is owned by insiders.

Hedge Funds Weigh In On Accelerant

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Security Benefit Life Insurance Co. KS purchased a new position in shares of Accelerant in the 3rd quarter valued at approximately $80,797,000. Capital World Investors purchased a new position in shares of Accelerant in the 3rd quarter valued at approximately $85,666,000. Barings LLC purchased a new position in shares of Accelerant in the 3rd quarter valued at approximately $46,370,000. Alliancebernstein L.P. purchased a new position in shares of Accelerant in the 3rd quarter valued at approximately $41,529,000. Finally, Balyasny Asset Management L.P. grew its stake in shares of Accelerant by 35.4% during the 4th quarter. Balyasny Asset Management L.P. now owns 2,733,595 shares of the technology company’s stock worth $44,694,000 after purchasing an additional 714,811 shares during the period.

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.