Insider Selling: Accelerant (NYSE:ARX) CEO Sells $1,029,600.00 in Stock

Accelerant Holdings (NYSE:ARX) CEO Jeffrey Radke sold 80,000 shares of the stock in a transaction dated Monday, June 29th. The stock was sold at an average price of $12.87, for a total value of $1,029,600.00. Following the completion of the sale, the chief executive officer owned 28,101,939 shares of the company’s stock, valued at $361,671,954.93. This trade represents a 0.28% decrease in their ownership of the stock. The sale was disclosed in a 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.

Accelerant Trading Up 7.2%

NYSE ARX opened at $13.76 on Friday. Accelerant Holdings has a one year low of $9.18 and a one year high of $31.18. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.61 and a quick ratio of 1.61. The firm has a market cap of $3.00 billion and a P/E ratio of -1.97. The stock’s 50-day moving average is $14.25 and its 200-day moving average is $13.68.

Accelerant (NYSE:ARX) last issued its quarterly earnings data on Wednesday, May 13th. The technology company reported $0.17 earnings per share (EPS) for the quarter, beating 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 business had revenue of $273.20 million during the quarter. The company’s revenue was up 53.5% on a year-over-year basis. Sell-side analysts anticipate that Accelerant Holdings will post 0.73 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Accelerant

A number of large investors have recently bought and sold shares of the company. Envestnet Asset Management Inc. acquired a new position in Accelerant during the third quarter worth $165,000. PNC Financial Services Group Inc. acquired a new stake in Accelerant in the 3rd quarter valued at $42,000. JPMorgan Chase & Co. acquired a new stake in Accelerant in the 3rd quarter valued at $23,986,000. Vanguard Group Inc. bought a new stake in Accelerant during the 3rd quarter worth about $33,482,000. Finally, TD Asset Management Inc bought a new stake in Accelerant during the 3rd quarter worth about $597,000.

Wall Street Analysts Forecast Growth

ARX has been the subject of several research analyst reports. TD Cowen reduced their price target on shares of Accelerant from $36.00 to $30.00 and set a “buy” rating for the company in a report on Thursday, March 26th. Citizens Jmp dropped their price objective on shares of Accelerant from $20.00 to $17.00 and set a “market outperform” rating on the stock in a report on Monday, April 13th. Piper Sandler boosted their price objective on shares of Accelerant from $18.00 to $19.00 and gave the company an “overweight” rating in a research report on Tuesday, May 26th. BMO Capital Markets boosted their price objective on shares of Accelerant from $16.50 to $17.00 and gave the company an “outperform” rating in a research report on Tuesday, June 16th. Finally, Wells Fargo & Company upped their target price on shares of Accelerant from $15.00 to $17.00 and gave the stock an “overweight” rating in a research note on Monday, May 18th. Ten investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Accelerant has an average rating of “Moderate Buy” and an average target price of $18.90.

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.